Greece vs Italy development indicators, 2024

Demography and Health

Greece has a slightly higher birth rate than Italy, with 6.8 compared to Italy's 6.4 per 1,000 people, ranking 77th and 81st globally, respectively. However, Greece also has a higher crude death rate of 12.2 compared to Italy's 11.2, which positions it 29th against Italy's 38th rank. Life expectancy at birth in Greece is lower at 81.5 years compared to Italy’s 83.7 years, giving Greece a rank of 35th and Italy 2nd. In terms of child mortality, Greece has a rate of 3.7 under-5 deaths per 1,000 live births, better than Italy's 2.8, ranking 32nd against Italy's 62nd. Greece’s poverty headcount ratio stands at 18.8%, slightly better than Italy's 20.1%. Both countries have the same prevalence of undernourishment at 2.5%. Economic and health outcomes suggest that Greece has some strengths, particularly in child mortality, although it struggles with higher death rates and lower life expectancy.

Economy

Italy outpaces Greece significantly in GDP per capita, with $40,226 compared to Greece's $24,752, positioning Italy 42nd and Greece 76th. In terms of purchasing power parity (PPP), Italy leads with $60,847 to Greece's $44,074, again reflecting stronger economic standing with ranks of 39th for Italy and 86th for Greece. Greece’s exports of goods and services represent 42% of its GDP, significantly higher than Italy's 32.7%, though Italy ranks better overall in global trade at 106th versus Greece's 89th for exports. On the import side, Greece also has a higher percentage of 47.3%, compared to Italy's 30.4%, indicating a heavier reliance on foreign goods and services. Inflation in Greece is at 2.7%, notably higher than Italy’s 1%, showcasing varying economic pressures.

Trade and Investment

Foreign direct investment (FDI) net inflows as a percentage of GDP indicate Greece's relative attractiveness at 2.5%, compared to Italy, which falls behind at 0.9%, with rankings of 68th for Greece and 86th for Italy. Current account balances reveal Greece is in a precarious position with a deficit of 6.4% of GDP compared to Italy's 1.1% surplus, ranking 97th for Greece and 43rd for Italy. This data underscores Italy’s stronger position in managing trade balance and attracting investments, both essential for economic growth over the longer term.

Governance and Institutions

In governance, both countries exhibit challenges, but Italy shows a stronger performance in most indicators. Greece's scores for corruption control, government effectiveness, political stability, and rule of law are dismal at 0.1, 0.1, 0.2, and 0.2 respectively, leading to much lower ranks than Italy, which scores 0.6 for corruption control and government effectiveness, and 0.6 and 0.4 in political stability and rule of law, ranking higher at 53rd and 69th respectively. This indicates that Italy potentially enjoys greater public trust and institutional stability compared to Greece.

Infrastructure and Technology

Both countries have comparable performance in internet access, with Greece at 85% and Italy at 87% of the population utilizing the internet. In terms of the logistics performance index, Greece scores 3.7 while Italy scores marginally higher at 3.8, indicating that both countries have similar quality infrastructure related to trade and transportation, with ranks of 11th for Greece and 8th for Italy. However, the patent application data highlights a sharp disparity; Greece files only 394 applications compared to Italy's 10,281 in 2021, ranking Greece 16th and Italy 3rd. This showcases the disparity in innovation and technological development, which can impact long-term economic growth and competitiveness.

Environment and Sustainability

Greece leads in renewable energy consumption with 21.5% compared to Italy’s 17.5%, ranking 12th against Italy's 18th, indicating a stronger commitment towards sustainable energy practices. Regarding water stress, Greece has a level of 20.7%, suggesting more prudent water resource management compared to Italy's 29.6%, where it ranks 8th. Greenhouse gas emissions per capita are relatively close, with Greece at 6.7 tons and Italy at 6.3 tons, highlighting that both countries face environmental challenges. Lastly, both countries exhibit a low level of research and development expenditure as a percentage of GDP, with Greece slightly ahead at 1.5% to Italy's 1.4%.