Portugal Portugal vs Slovakia Slovakia development indicators, 2024

Indicator
Portugal
Portugal, Value
Slovakia
Slovakia, Value
Portugal
Portugal, Rank
Slovakia
Slovakia, Rank
Portugal Portugal as % of
Slovakia Slovakia
Current account balance (% of GDP) 2.17 -2.75 40 80
Exports of goods and services (% of GDP) 46.5 85.2 44 9 54.5 %
Foreign direct investment, net inflows (% of GDP) 4.27 2.53 23 46 169 %
GDP per capita (current US$) 28,844 26,148 45 46 110 %
GDP per capita, PPP (current international US$) 50,617 47,181 41 49 107 %
Imports of goods and services (% of GDP) 44.7 85 61 11 52.5 %
Inflation, consumer prices (annual %) 2.42 2.76 99 92 87.6 %
Net migration 20,648 -21,027 37 170
Population, total 10,701,636 5,422,069 89 119 197 %

Demography and Health

In terms of demography, Portugal has a total population of approximately 10.7 million, whereas Slovakia's population is around 5.4 million. The crude birth rate in Portugal stands at 8.1 per 1,000 people, which is lower than Slovakia's rate of 9. This indicates a slower population growth in Portugal. However, the crude death rate in Portugal (11.2) is higher compared to Slovakia (10), reflecting potential challenges in health and longevity. Life expectancy at birth is notably better in Portugal at 82.3 years compared to Slovakia's 78 years. Further, the under-5 mortality rate is significantly lower in Portugal (3.2 per 1,000 live births) than in Slovakia (6.1), indicating better healthcare outcomes for children. Additionally, Portugal has a lower prevalence of undernourishment (2.5%) compared to Slovakia (3.6%) and a higher number of physicians per 1,000 people (5.8 in Portugal and 3.7 in Slovakia).

Economy

When examining economic indicators, Portugal's GDP per capita (current US$) is $28,844, which is higher than Slovakia's $26,148, placing Portugal at 65th and Slovakia at 73rd globally. In terms of purchasing power parity (PPP), Portugal also outperforms Slovakia with $50,617 versus $47,181. The foreign direct investment (FDI) net inflows as a percentage of GDP are higher in Portugal (4.3%) compared to Slovakia (2.5%), suggesting a more attractive environment for foreign investors. However, Portugal's economy relies heavily on exports, which account for 46.5% of GDP, significantly lower than Slovakia's 85.2%. Conversely, Portugal's inflation rate is slightly better, recorded at 2.4%, compared to Slovakia's 2.8%.

Trade and Investment

In terms of trade, Slovakia has a distinct advantage with its exports of goods and services making up an impressive 85.2% of its GDP, compared to 46.5% for Portugal. This suggests that Slovakia's economy is more integrated into global markets, which can be beneficial for growth and resilience. However, Portugal has a more favorable balance in current account (2.2% versus Slovakia's -2.7%), indicating a healthier financial position. Furthermore, Portugal's net inflows from foreign direct investment (4.3%) indicate a stronger capability to attract international capital compared to Slovakia's 2.5%, highlighting its potential as an investment destination.

Governance and Institutions

Portugal scores significantly higher than Slovakia in governance metrics. It holds a Control of Corruption score of 0.7 compared to Slovakia's 0.3, indicating better management of corruption. The Government Effectiveness index also sees Portugal outperforming Slovakia with a score of 1.0 against Slovakia's 0.2. Political stability is similar between the two, with Portugal slightly leading (0.7) over Slovakia (0.6). Further, the Rule of Law is stronger in Portugal (1.1) compared to Slovakia's 0.6, indicating better enforcement of laws and legal frameworks. Unemployment rates are slightly higher in Portugal at 6.5%, whereas Slovakia has rates of 5.8%, showcasing a relatively healthier job market in Slovakia compared to Portugal.

Infrastructure and Technology

In terms of infrastructure and technology, Portugal has a Logistics Performance Index (LPI) score of 3.6, superior to Slovakia’s 3.3, reflecting better quality of trade and transport-related infrastructure. In the realm of innovation, Portugal leads in patent applications with 711 applications against Slovakia's 146, showcasing a more active engagement in research and technology. Furthermore, Portugal invests more in research and development as a percentage of GDP (1.7%) compared to Slovakia's 1%, which is crucial for technological advancement and economic innovation.

Environment and Sustainability

Regarding environmental sustainability, Portugal excels with renewable energy consumption constituting 32.3% of its total final energy consumption, a remarkable figure compared to Slovakia's 17.9%. This suggests a more proactive approach in using renewable energy sources. However, Slovakia faces higher total greenhouse gas emissions per capita (8.3 t CO2e/capita) than Portugal (5 t CO2e/capita), highlighting Portugal's better performance in maintaining lower carbon emissions. Additionally, Portugal experiences a lower level of water stress at 12.3%, while Slovakia's level is significantly lower at 2.4%, indicating better management of water resources in Portugal.