Hungary Hungary vs Luxembourg Luxembourg development indicators, 2024

Indicator
Hungary
Hungary, Value
Luxembourg
Luxembourg, Value
Hungary
Hungary, Rank
Luxembourg
Luxembourg, Rank
Hungary Hungary as % of
Luxembourg Luxembourg
Current account balance (% of GDP) 2.28 13.8 37 7 16.5 %
Exports of goods and services (% of GDP) 74.7 216 17 1 34.6 %
GDP per capita (current US$) 23,311 137,517 54 2 17 %
GDP per capita, PPP (current international US$) 47,636 150,772 47 1 31.6 %
Imports of goods and services (% of GDP) 69.1 183 23 1 37.8 %
Individuals using the Internet (% of population) 91.5 98.8 6 2 92.6 %
Inflation, consumer prices (annual %) 3.7 2.05 58 112 181 %
Net migration 16,223 5,677 41 53 286 %
Population, total 9,562,314 677,717 96 167 1,411 %

Demography and Health

In 2023, Hungary reported a crude birth rate of 9.1 per 1,000 people, slightly lower than Luxembourg's rate of 9.5, ranking Hungary 38th globally compared to Luxembourg's 28th. However, Hungary's crude death rate of 13.4 per 1,000 people is significantly higher than Luxembourg's 6.6, positioning Hungary at 19th rank while Luxembourg sits at 80th. Life expectancy at birth indicates a stark disparity, with Hungarians living, on average, 76.8 years, against 83.4 years in Luxembourg. Hungary's under-five mortality rate stands at 3.8 per 1,000 live births, higher than Luxembourg's 2.3. The country also has a net migration figure of 16,223, which suggests a moderate level of immigration, compared to Luxembourg's lower figure of 5,677. While both countries have a prevalence of undernourishment at 2.5%, Hungary's suicide mortality rate is notably higher at 16.4 per 100,000 people, compared to Luxembourg's rate of 8.2.

Economy

In terms of GDP per capita for 2024, Hungary stands at $23,311, considerably lower than Luxembourg's astounding $137,517, which places Hungary in 84th rank versus Luxembourg's rank of 1. A similar trend is observed in GDP per capita based on purchasing power parity (PPP): Hungary at $47,636 contrasts sharply with Luxembourg's $150,772, reinforcing Luxembourg’s economic dominance. However, Hungary's economy exhibits significant export activity, with exports accounting for 74.7% of GDP, compared to Luxembourg's staggering 216%, highlighting Luxembourg's role as a global financial hub. Inflation rates also differ, with Hungary at 3.7% and Luxembourg at 2.1%, indicating better inflation control in Luxembourg.

Trade and Investment

Hungary's economy relies heavily on the trade of goods and services, with imports comprising 69.1% of its GDP. In contrast, Luxembourg maintains an even higher dependency on trade, with imports constituting 183% of GDP. Hungary's high-technology exports in 2023 reached $24.4 billion, ranking it 29th globally, while Luxembourg's high-tech exports are significantly less at $801.2 million, ranking 79th. The current account balance reflects Hungary's position at 2.3% of GDP, whereas Luxembourg boasts a healthy 13.8%, indicating stronger external trade performance.

Governance and Institutions

In governance metrics, Hungary faces challenges, with a control of corruption score of -0 and government effectiveness rated at 0.4, ranking it 76th and 70th respectively. These figures contrast sharply with Luxembourg’s strong governance indicators: a control of corruption score of 1.9 (11th) and government effectiveness score of 1.9 (5th). Hungary also struggles in regulatory quality (0.3), placing it at 80th, while Luxembourg stands out at 1.9 (1st). Political stability and absence of violence score Hungary at 0.7 (31st) compared to Luxembourg's 1.1 (3rd), indicating more favorable conditions in Luxembourg.

Infrastructure and Technology

Regarding infrastructure, Hungary's logistics performance index stands at 3.1 (22nd), while Luxembourg reports a better score of 3.6 (13th), suggesting that Luxembourg has more efficient trade and transport infrastructure. In terms of internet access, Hungary has 91.5% of its population online, which is notably lower than Luxembourg's 98.8%, indicating advanced connectivity in Luxembourg. Patent applications reveal Hungary's stronger innovation capacity with 433 applications compared to Luxembourg's 112, ranking Hungary at 15th and Luxembourg at 20th.

Environment and Sustainability

Hungary shows a renewable energy consumption rate of 15.3%, while Luxembourg leads with 20.5%, indicating a stronger commitment to sustainable energy. However, Hungary faces higher greenhouse gas emissions, reported at 6.4 tons per capita, compared to Luxembourg's 11.8 tons per capita, indicating a significant environmental footprint. Water stress levels are more concerning in Hungary, with freshwater withdrawal proportion reaching 8.1%, ranking it 18th, while Luxembourg is at a more manageable 4% (22nd). Both countries share a prevalence of undernourishment at 2.5%.