Greece Greece vs Luxembourg Luxembourg development indicators, 2024

Indicator
Greece
Greece, Value
Luxembourg
Luxembourg, Value
Greece
Greece, Rank
Luxembourg
Luxembourg, Rank
Greece Greece as % of
Luxembourg Luxembourg
Current account balance (% of GDP) -6.38 13.8 95 7
Exports of goods and services (% of GDP) 42 216 54 1 19.5 %
GDP per capita (current US$) 24,752 137,517 49 2 18 %
GDP per capita, PPP (current international US$) 44,074 150,772 50 1 29.2 %
Imports of goods and services (% of GDP) 47.3 183 59 1 25.9 %
Inflation, consumer prices (annual %) 2.74 2.05 93 112 134 %
Net migration -122,772 5,677 202 53
Population, total 10,388,805 677,717 93 167 1,533 %

Demography and Health

In terms of demographic indicators, Greece has a crude birth rate of 6.8 per 1,000 people, lower than Luxembourg's 9.5, placing Greece at rank 77 compared to Luxembourg's 28. Conversely, Greece's death rate is significantly higher at 12.2 per 1,000, whereas Luxembourg's is 6.6, showcasing a substantial rank difference (29 for Greece and 80 for Luxembourg). Life expectancy at birth also reflects the general health and well-being, with Greece at 81.5 years (rank 35) compared to Luxembourg's 83.4 years (rank 4). Additionally, the under-5 mortality rate is lower in Luxembourg (2.3 per 1,000) than in Greece (3.7 per 1,000), highlighting the disparities in healthcare outcomes for children. On the other hand, both nations have a similar prevalence of undernourishment at 2.5%, indicating a relatively low level of food insecurity.

Economy

The economic conditions in Greece and Luxembourg show stark contrasts. Greece's GDP per capita is $24,752, ranking 76th, while Luxembourg boasts a robust $137,517, claiming the top position globally. The disparity persists in GDP per capita based on purchasing power parity (PPP), with Greece at $44,074 (rank 86) and Luxembourg at $150,772 (rank 1). Regarding trade, Greece's exports account for 42% of its GDP, in contrast to Luxembourg's remarkable 216% of GDP, indicating Luxembourg's status as a major financial and trading hub. Greece also has a trade deficit reflected in its 47.3% of GDP in imports compared to 183% for Luxembourg. Inflation rates show Greece at 2.7% and Luxembourg at 2.1%, both relatively low but with Greece ranked lower at 78th, highlighting economic challenges.

Trade and Investment

When it comes to trade and investment, Luxembourg exhibits a much higher level of activity. Its total exports of goods and services contribute significantly to the GDP, at 216%, compared to Greece's 42%. This reflects Luxembourg's role as a major player in international finance and trade, attracting substantial foreign investment. Conversely, Greece faces challenges with a current account balance of -6.4% of GDP, indicating a deficit in its international transactions, while Luxembourg's current account balance at 13.8% signifies a surplus, emphasizing its economic stability and strength in trade.

Governance and Institutions

In terms of governance, Luxembourg outshines Greece in several key indicators. The control of corruption index reflects significant differences, with Greece scoring 0.1 (rank 70) and Luxembourg at 1.9 (rank 11). Governance quality is similarly skewed, with Greece again scoring 0.1 and ranking 75th, while Luxembourg ranks much better with a score of 1.9 (rank 5). Political stability is another area where Luxembourg excels, rated at 1.1 with a rank of 3, contrasting sharply with Greece's 0.2 and rank of 79. Issues like unemployment rate also highlight governance challenges in Greece, which stands at 11%, compared to Luxembourg's much lower rate of 5.2%.

Infrastructure and Technology

Infrastructure quality and technology adoption show some positive signs for both nations, but Luxembourg maintains an edge. The logistics performance index rates Greece at 3.7, a slightly better rank (11) compared to Luxembourg's 3.6 (rank 13). This suggests that Greece has relatively strong trade and transport-related infrastructure. However, Greece’s lower investment in research and development (1.5% of GDP) compared to Luxembourg's 1% reveals a gap in innovation capacity, indicating potential long-term economic impacts. The patent applications among residents also demonstrate this trend, with Greece filing 394 patents versus Luxembourg's 112, standing at ranks 16 and 20, respectively.

Environment and Sustainability

In the realm of environmental sustainability, both nations face challenges, but they rank differently regarding greenhouse gas emissions, renewable energy consumption, and water stress. Greece emits 6.7 tons of CO2 equivalent per capita, while Luxembourg's emissions are higher at 11.8 tons. Both countries show similar levels of renewable energy consumption at approximately 21.5% and 20.5%, indicating a commitment to sustainable energy, but Greece’s engagement remains slightly higher. On water stress, Greece faces a significant challenge with a withdrawal rate of 20.7% of available freshwater resources, compared to Luxembourg's 4%, highlighting concerns over water resource management, especially in the face of climate change challenges.