Greece Greece vs Sweden Sweden development indicators, 2024

Indicator
Greece
Greece, Value
Sweden
Sweden, Value
Greece
Greece, Rank
Sweden
Sweden, Rank
Greece Greece as % of
Sweden Sweden
Current account balance (% of GDP) -6.38 7.42 95 13
Exports of goods and services (% of GDP) 42 54.6 54 34 76.9 %
Foreign direct investment, net inflows (% of GDP) 2.51 4.37 47 22 57.4 %
GDP per capita (current US$) 24,752 57,723 49 14 42.9 %
GDP per capita, PPP (current international US$) 44,074 71,030 50 23 62 %
Imports of goods and services (% of GDP) 47.3 50.2 59 56 94.3 %
Inflation, consumer prices (annual %) 2.74 2.84 93 88 96.7 %
Net migration -122,772 50,115 202 24
Population, total 10,388,805 10,569,709 93 92 98.3 %

Demography and Health

Greece has a crude birth rate of 6.8 per 1,000 people, significantly lower than Sweden's 9.5, reflecting the demographic challenges Greece faces, such as an aging population. The death rate is higher in Greece (12.2) compared to Sweden (9), indicating differences in public health outcomes. Life expectancy at birth is also lower in Greece at 81.5 years, compared to Sweden's 83.3 years, highlighting disparities in healthcare. The under-5 mortality rate is significantly better in Sweden (2.5 per 1,000 live births) than in Greece (3.7), indicating better child health outcomes. Both countries report a prevalence of undernourishment at 2.5% of the population, suggesting similar food security levels. Moreover, net migration in Greece is negative (-122,772), whereas Sweden experiences positive net migration (50,115), impacting population growth and diversity.

Economy

In terms of economic performance, Greece's GDP per capita stands at $24,752, markedly lower than Sweden's $57,723, indicating a significant disparity in individual economic prosperity. The GDP per capita in purchasing power parity (PPP) shows a similar trend: Greece at $44,074 compared to Sweden's $71,030. Greece's economy is also marked by a substantial trade deficit, with exports constituting 42% of GDP and imports at 47.3%, in contrast to Sweden's exports at 54.6% and imports at 50.2% of GDP. Inflation rates are comparatively stable in both nations, with Greece at 2.7% and Sweden at 2.8%. The unemployment rate in Greece (11%) is considerably higher than in Sweden (7.6%), indicating challenges in the labor market.

Trade and Investment

When assessing trade and investment, Greece's foreign direct investment (FDI) net inflows amount to 2.5% of GDP, which is lower than Sweden's 4.4%. This reflects greater attractiveness and stability in Sweden's investment climate. Moreover, the current account balance presents a worrying picture for Greece, indicating a deficit of -6.4% of GDP, contrasting Sweden's positive balance of 7.4%. Both countries demonstrate similar levels of trade openness with exports of goods and services being essential components of their economies, yet the higher dependency on exports in Sweden signals a more diversified economic structure.

Governance and Institutions

Governance and institutional quality exhibit considerable disparity. Sweden performs significantly better on indices such as Control of Corruption (2 for Sweden vs. 0.1 for Greece) and Government Effectiveness (1.6 for Sweden vs. 0.1 for Greece). This illustrates the strengths of Swedish institutions in ensuring transparency and efficient governance. The stability in Sweden, with a Political Stability score of 0.8 compared to Greece's 0.2, reveals a more secure political environment. In terms of regulatory quality and the rule of law, Sweden again surpasses Greece, indicating stronger frameworks supporting economic and social stability.

Infrastructure and Technology

Infrastructure and technology reveal Sweden's advancements, particularly regarding logistics performance where Sweden scores 4.2, outperforming Greece's 3.7. This indicates more efficient transport and trade-related infrastructure in Sweden. Furthermore, the percentage of individuals using the Internet is higher in Sweden (95.7%) compared to Greece (85%), reflecting better digital infrastructure and access to technology. The emphasis on research and development in Sweden is stark with expenditures reaching 3.4% of GDP compared to Greece’s 1.5%, suggesting a stronger focus on innovation in the Swedish economy.

Environment and Sustainability

Environmental sustainability shows both countries grapple with different challenges. Greece has a higher level of water stress at 20.7% of freshwater withdrawal compared to Sweden's 3.6%, indicating greater pressure on water resources. Sweden leads in renewable energy consumption, achieving 57.9% compared to Greece's 21.5%, reflecting a stronger commitment to sustainable energy solutions. Additionally, Sweden's total greenhouse gas emissions per capita (4.7 tons CO2e) are lower than Greece's (6.7 tons CO2e), suggesting that Sweden is more efficient in managing its environmental footprint. These findings underline the contrasting approaches and outcomes of both countries in terms of environmental sustainability and climate action.