Hungary Hungary vs Italy Italy development indicators, 2024

Indicator
Hungary
Hungary, Value
Italy
Italy, Value
Hungary
Hungary, Rank
Italy
Italy, Rank
Hungary Hungary as % of
Italy Italy
Current account balance (% of GDP) 2.28 1.13 37 45 202 %
Exports of goods and services (% of GDP) 74.7 32.7 17 77 228 %
Foreign direct investment, net inflows (% of GDP) -14.7 0.918 107 74
GDP per capita (current US$) 23,311 40,226 54 28 57.9 %
GDP per capita, PPP (current international US$) 47,636 60,847 47 30 78.3 %
Imports of goods and services (% of GDP) 69.1 30.4 23 96 227 %
Inflation, consumer prices (annual %) 3.7 0.982 58 141 377 %
Net migration 16,223 95,246 41 19 17 %
Population, total 9,562,314 58,986,023 96 25 16.2 %

Demography and Health

Hungary has a higher birth rate (9.1 per 1,000 people) compared to Italy (6.4 per 1,000 people) and ranks 38th globally while Italy ranks 81st. However, Hungary also has a higher death rate at 13.4 per 1,000 people versus Italy's 11.2, positioning Hungary at 19th while Italy stands at 38th. In terms of life expectancy, Hungarians live an average of 76.8 years, significantly lower than Italians, who enjoy a life expectancy of 83.7 years, ranking Italy second globally while Hungary ranks 65th. It is worth noting that both countries have a similar prevalence of undernourishment at 2.5% of the population. However, Hungary faces higher numbers regarding under-5 mortality, with 3.8 per 1,000 live births compared to Italy's 2.8, which indicates a better health outcome for young children in Italy.

Economy

As of 2024, Hungary's GDP per capita is $23,311, which is much lower than Italy's GDP per capita of $40,226, ranking Hungary 84th and Italy 42nd respectively. Hungary's economy is significantly impacted by its exports, which account for 74.7% of GDP, compared to Italy's 32.7% and ranks Hungary 44th against Italy at 106th. The inflation rate in Hungary (3.7%) is higher than Italy's (1.0%), positioned at 59th and 107th respectively. Notably, Hungary has a negative net foreign direct investment at -14.7%, while Italy enjoys positive inflows, ranking 100th and 86th respectively.

Trade and Investment

Exports of goods and services constitute a substantial portion of Hungary's GDP, standing at 74.7%, indicating a strong reliance on external markets. In stark contrast, Italy's exports contribute only 32.7% to its GDP. On the other hand, Hungary's imports are also significantly higher at 69.1% of GDP, ranking 47th, compared to Italy's significantly lower figure of 30.4%, where it ranks 107th. While Hungary exports around $24.4 billion in high-technology products, Italy leads with $52.2 billion, indicating a more advanced position in high-tech industries for Italy.

Governance and Institutions

In terms of governance, Hungary's Control of Corruption score is -0, significantly lower than Italy's 0.6, indicating higher perceived corruption in Hungary, ranking it 76th versus Italy's 53rd. Hungary's Government Effectiveness score is 0.4, also lagging behind Italy's 0.6, suggesting better governance in Italy. Both countries face challenges in regulating quality, where Hungary’s score of 0.3 ranks 80th compared to Italy's 0.6 at 63rd. Political stability is relatively comparable between the two nations, with Hungary at 0.7 and Italy at 0.6, though Hungary ranks better at 31st compared to Italy's 53rd.

Infrastructure and Technology

The logistics performance index indicates that Hungary’s quality of trade and transport-related infrastructure ranks at 3.1, while Italy is better positioned at 3.8. This serves to highlight a critical area where Italy has a competitive edge over Hungary, likely influencing trade capabilities. Additionally, Hungary has made strides in innovation, securing 433 patent applications as of 2021, but Italy stands far ahead with 10,281, illustrating a broader capacity for technological advancement and innovation.

Environment and Sustainability

Both Hungary and Italy have similar levels of greenhouse gas emissions per capita at 6.4 and 6.3 tons respectively, indicating comparable environmental impacts per individual. However, Hungary has a considerably lower renewable energy consumption (15.3% of total final energy consumption) compared to Italy’s 17.5%, showing Italy’s stronger commitment towards sustainable energy sources. In terms of water stress, Hungary enjoys a favorable position with only 8.1% of freshwater resources withdrawn, ranking 18th globally, while Italy faces 29.6% withdrawal, ranking 8th, suggesting a more substantial challenge in managing freshwater resources.