Finland Finland vs Slovakia Slovakia development indicators, 2024

Indicator
Finland
Finland, Value
Slovakia
Slovakia, Value
Finland
Finland, Rank
Slovakia
Slovakia, Rank
Finland Finland as % of
Slovakia Slovakia
Current account balance (% of GDP) 0.31 -2.75 50 80
Exports of goods and services (% of GDP) 41.6 85.2 59 9 48.8 %
Foreign direct investment, net inflows (% of GDP) 0.661 2.53 81 46 26.2 %
GDP per capita (current US$) 53,189 26,148 21 46 203 %
GDP per capita, PPP (current international US$) 64,091 47,181 27 49 136 %
Imports of goods and services (% of GDP) 40.9 85 70 11 48.1 %
Inflation, consumer prices (annual %) 1.57 2.76 125 92 56.8 %
Net migration 26,894 -21,027 32 170
Population, total 5,637,214 5,422,069 116 119 104 %

Demography and Health

Finland and Slovakia exhibit differences in key demographic and health indicators. The crude birth rate in Finland is 7.8 per 1,000 people compared to Slovakia's 9 per 1,000, placing Slovakia ranked higher at 40th compared to Finland's 68th. In terms of the crude death rate, Finland has a rate of 11 per 1,000, ranking 41st, whereas Slovakia's rate of 10 per 1,000 places it at 51st. Life expectancy in Finland is notably higher at 81.7 years (30th rank) compared to Slovakia's 78 years (57th rank), which indicates better health outcomes. The under-5 mortality rate also reflects this difference, with Finland at 2.3 deaths per 1,000 live births (72nd rank) versus Slovakia's higher rate of 6.1 (6th rank). Moreover, Finland has a lower prevalence of undernourishment at 2.5% compared to Slovakia's 3.6%, highlighting better nutrition security in Finland.

Economy

Finland's economy exhibits a higher GDP per capita, valued at $53,189, ranking 28th compared to Slovakia's $26,148 which ranks 73rd. When adjusted for purchasing power parity (PPP), Finland's figure is $64,091 (30th rank) versus Slovakia's $47,181 (74th rank). However, Slovakia has a much greater reliance on exports, with exports of goods and services comprising 85.2% of GDP (29th rank), contrasted with Finland's 41.6% (90th rank). Inflation rates reveal Finland's economy is relatively stable at 1.6%, while Slovakia's inflation is higher at 2.8%, indicating different economic pressures. Additionally, Finland benefits from significant research and development expenditure at 3% of GDP (10th rank), reinforcing its innovation capabilities, while Slovakia trails with only 1% (41st rank).

Trade and Investment

In terms of trade and investment, Finland shows a net foreign direct investment inflow of 0.7% of GDP (87th rank), while Slovakia has a higher rate of 2.5% (67th rank), indicating more attractive investment conditions for foreign investors in Slovakia. Nevertheless, Finland has a positive current account balance at 0.3% of GDP (52nd rank), whereas Slovakia struggles with a negative balance of -2.7% (83rd rank). Finland's high-technology exports amount to $5.3 billion (49th rank), while Slovakia leads with $10.1 billion (41st rank), reflecting a stronger focus on high-tech sectors in Slovakia.

Governance and Institutions

Government effectiveness and control of corruption are areas where Finland significantly outperforms Slovakia. Finland scores 1.7 (8th rank) in government effectiveness compared to Slovakia's 0.2 (74th rank), and its control of corruption score is 2.2 (6th rank) versus Slovakia's 0.3 (62nd rank). The rule of law is also markedly stronger in Finland, with a score of 2 (2nd rank), while Slovakia scores only 0.6 (59th rank). Political stability is relatively comparable, with Finland scoring 0.7 (36th rank) and Slovakia at 0.6 (56th rank). These indicators are crucial as they affect business environments and societal trust in institutions.

Infrastructure and Technology

Finland excels in infrastructure quality, evidenced by a logistics performance index of 4.2 (2nd rank), indicating high-quality trade and transport-related facilities, compared to Slovakia's lower score of 3.3 (20th rank). Additionally, Finland demonstrates a strong focus on innovation, with 1,557 patent applications in 2021 (8th rank) as opposed to Slovakia's 146 (19th rank), reflecting a robust research and development framework.

Environment and Sustainability

In terms of environmental sustainability, Finland leads with a renewable energy consumption rate of 50.2% of total final energy consumption (2nd rank), while Slovakia lags at 17.9% (16th rank). Additionally, Finland's level of water stress is moderated at 7.1%, suggesting sustainable management of water resources, compared to Slovakia's 2.4%. Furthermore, Finland emits 7.8 tons of greenhouse gases per capita (39th rank), which is slightly lower than Slovakia's 8.3 tons (34th rank), highlighting ongoing challenges in emissions reduction for both countries.