Hungary Hungary vs Portugal Portugal development indicators, 2024

Indicator
Hungary
Hungary, Value
Portugal
Portugal, Value
Hungary
Hungary, Rank
Portugal
Portugal, Rank
Hungary Hungary as % of
Portugal Portugal
Current account balance (% of GDP) 2.28 2.17 37 40 105 %
Exports of goods and services (% of GDP) 74.7 46.5 17 44 161 %
Foreign direct investment, net inflows (% of GDP) -14.7 4.27 107 23
GDP per capita (current US$) 23,311 28,844 54 45 80.8 %
GDP per capita, PPP (current international US$) 47,636 50,617 47 41 94.1 %
Imports of goods and services (% of GDP) 69.1 44.7 23 61 155 %
Inflation, consumer prices (annual %) 3.7 2.42 58 99 153 %
Net migration 16,223 20,648 41 37 78.6 %
Population, total 9,562,314 10,701,636 96 89 89.4 %

Demography and Health

Hungary has a crude birth rate of 9.1 per 1,000 people, which is higher than Portugal's rate of 8.1, ranking Hungary 38th compared to Portugal's 59th. However, the death rate in Hungary is significantly higher at 13.4 per 1,000 people versus Portugal's 11.2, placing Hungary in 19th and Portugal in 38th. Life expectancy at birth is also lower in Hungary, at 76.8 years compared to Portugal's 82.3 years. Additionally, Hungary has a higher under-5 mortality rate of 3.8 per 1,000 live births compared to Portugal's 3.2. Overall, both countries have similar undernourishment prevalence at 2.5% of the population, but health indicators reveal challenges in Hungary’s health system, reflected in its higher death rates and lower life expectancy.

Economy

Hungary's GDP per capita stands at $23,311, noticeably lower than Portugal’s $28,844. In terms of purchasing power parity (PPP), Hungary is at $47,636 compared to Portugal's $50,617. Poverty rates in Hungary show a headcount ratio of 12.1%, better than Portugal's 16.4%, indicating relative economic hardship in Portugal. The nation also faces greater inflation, with an annual rate of 3.7% compared to Portugal’s 2.4%. Notably, high-technology exports in Hungary significantly surpass Portugal's, at $24.4 billion compared to $4.2 billion, highlighting Hungary's stronger position in high-tech sectors.

Trade and Investment

Hungary has a much higher reliance on external trade, with exports of goods and services accounting for 74.7% of its GDP, compared to Portugal's 46.5%. Its imports are also high at 69.1% of GDP, which, while indicative of trade activity, positions Hungary 44th for exports and 47th for imports in the global rankings. Conversely, Portugal ranks lower in trade efficiency. Foreign direct investment (FDI) inflows present a stark contrast, with Hungary experiencing net outflows of -14.7% of GDP, contrasting with Portugal, which sees a positive 4.3%. This disparity illustrates a crucial barrier to economic growth in Hungary.

Governance and Institutions

In terms of governance, Hungary's scores reveal significant challenges, particularly in regulatory quality (0.3) and control of corruption (-0.0), ranking 80th and 76th respectively, trailing behind Portugal's scores of 0.8 and 0.7, which rank 55th and 45th. Hungary's overall government effectiveness score of 0.4 places it at a lower position compared to Portugal’s score of 1.0. Both countries maintain similar levels of political stability and absence of violence, with scores of 0.7. These governance indicators shed light on potential risks for investment in Hungary.

Infrastructure and Technology

On the infrastructure front, both countries exhibit differing performance, with Hungary achieving a logistics performance index score of 3.1 versus Portugal's 3.6. This suggests that Portugal's trade and transport-related infrastructure is generally of higher quality. In terms of innovation, Hungary leads in patent applications with 433 versus Portugal's 711, which indicates a more robust government investment in research and technology development relative to GDP. However, investment in research and development in Hungary (1.4% of GDP) lags slightly behind Portugal's 1.7%, reflecting varying priorities in fostering innovation.

Environment and Sustainability

Environmentally, Hungary has a higher level of total greenhouse gas emissions per capita (6.4 t CO2e/capita) compared to Portugal’s 5 t CO2e. This indicates a need for Hungary to improve its sustainability practices. Regarding renewable energy, Hungary’s consumption at 15.3% is significantly lower than Portugal’s impressive 32.3%, indicating Portugal's stronger commitment to sustainable energy solutions. Water stress statistics also show that Hungary has a lower proportion of freshwater withdrawal (8.1%) compared to Portugal’s 12.3%. These factors shine a light on sustainable practices and environmental management, showcasing Portugal’s strengths in renewable energy consumption and overall environmental stewardship.