Finland vs Sweden development indicators, 2024

Indicator	Finland, Value	Sweden, Value	Finland, Rank	Sweden, Rank	Finland as % of Sweden
Current account balance (% of GDP)	0.31	7.42	50	13	4.18 %
Exports of goods and services (% of GDP)	41.6	54.6	59	34	76.1 %
Foreign direct investment, net inflows (% of GDP)	0.661	4.37	81	22	15.1 %
GDP per capita (current US$)	53,189	57,723	21	14	92.1 %
GDP per capita, PPP (current international US$)	64,091	71,030	27	23	90.2 %
Imports of goods and services (% of GDP)	40.9	50.2	70	56	81.5 %
Inflation, consumer prices (annual %)	1.57	2.84	125	88	55.2 %
Net migration	26,894	50,115	32	24	53.7 %
Population, total	5,637,214	10,569,709	116	92	53.3 %

Demography and Health

Finland has a birth rate of 7.8 per 1,000 people, compared to Sweden's 9.5, indicating a slightly lower fertility rate. In terms of mortality, Finland's death rate is 11 per 1,000 people, while Sweden's is lower at 9 per 1,000 people. When examining life expectancy, Finland ranks 30th globally with an average of 81.7 years, whereas Sweden ranks 5th with 83.3 years, showcasing Sweden's better health outcomes. The under-5 mortality rate in Finland is 2.3 per 1,000 live births, which is marginally better than Sweden's 2.5. Additionally, both countries report a prevalence of undernourishment at 2.5%, indicating sufficient food security across both nations. Net migration figures show Finland attracting about 26,894 migrants, whereas Sweden has a much higher intake of 50,115, reflecting Sweden's more open migration policy.

Economy

In terms of economic performance, Finland has a GDP per capita of $53,189, placing it 28th globally, while Sweden leads with a GDP per capita of $57,723, holding the 18th rank. When assessed for purchasing power parity (PPP), Finland's GDP per capita is $64,091 against Sweden's $71,030, suggesting that Sweden has a stronger economy adjusted for cost of living. Employment conditions are reflected in the unemployment rate, where Finland stands at 7.2% compared to Sweden's 7.6%, indicating slightly better labor market performance for Finland. Furthermore, Finland's inflation rate is lower at 1.6% versus Sweden’s 2.8%, showing better price stability in Finland's economy.

Trade and Investment

When analyzing trade, Finland has exports of goods and services making up 41.6% of its GDP, whereas Sweden has a significantly higher percentage at 54.6%. This suggests Sweden is more export-oriented. On the import side, Finland stands at 40.9% of GDP in imports, compared to Sweden's 50.2%. Finland also experiences lower foreign direct investment (FDI) inflows at 0.7% of GDP compared to Sweden's 4.4%. Sweden's current account balance is also more favorable at 7.4% of GDP versus Finland's 0.3%, indicating a stronger position in international trade and investment dynamics.

Governance and Institutions

In terms of governance, Finland excels in controlling corruption with a score of 2.2, ranked 6th globally, while Sweden ranks 9th with a score of 2.0. Finland also shows slightly higher government effectiveness at 1.7 compared to Sweden's 1.6, reflecting efficient public administration and governance. Rule of law is another strong point for Finland, ranking 2nd with a score of 2, while Sweden ranks lower at 19 with a score of 1.6. Political stability is relatively high in both countries, with Finland scoring 0.7 and Sweden 0.8. Regulatory quality is another strength for Finland, ranked 10th with a score of 1.8, outperforming Sweden's 14th position.

Infrastructure and Technology

Both Finland and Sweden have shown comparable performance in logistics, with both achieving a score of 4.2 in the logistics performance index. This suggests that the trade and transport-related infrastructure in both countries is of high quality. In technology exports, Finland's high-technology exports total $5.3 billion, a fraction of Sweden's $25.2 billion, indicating Sweden's leadership in high-tech innovation. Furthermore, the percentage of individuals using the Internet is slightly higher in Sweden at 95.7% compared to Finland's 93.5%, though both numbers indicate high levels of digital connectivity.

Environment and Sustainability

Both nations have made strides in renewable energy, with Finland using 50.2% of its total final energy consumption from renewable sources, while Sweden leads at 57.9%. In terms of greenhouse gas emissions, Finland's per capita emissions are 7.8 tons of CO2, higher than Sweden's 4.7 tons, suggesting that Sweden has more effective carbon reduction strategies. Additionally, Finland's water stress is relatively concerning at 7.1% of freshwater withdrawal against Sweden's more sustainable rate of 3.6%. Both countries have invested in research and development, with Finland contributing 3% of its GDP and Sweden slightly more at 3.4%, showcasing a commitment to innovation and sustainability.