Spain Spain vs Finland Finland development indicators, 2024

Indicator
Spain
Spain, Value
Finland
Finland, Value
Spain
Spain, Rank
Finland
Finland, Rank
Spain Spain as % of
Finland Finland
Current account balance (% of GDP) 3.03 0.31 32 50 976 %
Exports of goods and services (% of GDP) 37.3 41.6 66 59 89.8 %
Foreign direct investment, net inflows (% of GDP) 1.89 0.661 58 81 286 %
GDP per capita (current US$) 35,297 53,189 34 21 66.4 %
GDP per capita, PPP (current international US$) 56,926 64,091 32 27 88.8 %
Imports of goods and services (% of GDP) 33 40.9 87 70 80.7 %
Inflation, consumer prices (annual %) 2.77 1.57 90 125 177 %
Net migration 111,674 26,894 18 32 415 %
Population, total 48,807,137 5,637,214 32 116 866 %

Demography and Health

Spain has a total population of 48.8 million compared to Finland's 5.6 million. The crude birth rate in Spain is 6.7 per 1,000 people, slightly lower than Finland's 7.8. Conversely, Spain's crude death rate stands at 9 per 1,000 people, while Finland has a higher rate of 11, indicating demographic pressures in Spain. Life expectancy in Spain is 83.9 years, which is higher than Finland's 81.7 years. The mortality rate for children under five is also better in Spain, at 3.1 per 1,000 live births compared to Finland's 2.3. Regarding health expenditure, both countries allocate 9.7% of their GDP to health, yet Spain's per capita health expenditure (PPP) is $3,535, whereas Finland's is notably higher at $4,943. Suicide rates in Finland are concerning at 14.6 per 100,000 people compared to Spain's 8.7, reflecting potential mental health issues in Finland.

Economy

In terms of economic output, Spain's GDP per capita stands at $35,297, significantly lower than Finland's $53,189. Adjusting for purchasing power parity (PPP), Spain's GDP per capita is $56,926, versus Finland’s $64,091. In the employment landscape, Spain faces a higher unemployment rate of 12.2%, while Finland enjoys a lower rate of 7.2%. Spain's consumer price inflation is also higher at 2.8% compared to Finland's more stable rate of 1.6%, indicating a more turbulent economic environment in Spain. This combination of higher unemployment and inflation potentially reflects broader economic challenges in Spain.

Trade and Investment

Spain's exports of goods and services account for 37.3% of its GDP, lower than Finland's 41.6%. The imports also share a similar trend, with Spain at 33% and Finland at 40.9%, indicating Finland's greater integration into the global market. High-technology exports reveal a stark contrast, with Spain exporting $25.8 billion compared to Finland's $5.3 billion, suggesting Spain's competitive advantage in high-tech sectors. In terms of foreign direct investment (FDI) net inflows as a percentage of GDP, Spain's rate stands at 1.9%, while Finland's is 0.7%, which could indicate a more attractive investment climate in Spain.

Governance and Institutions

Governance indicators show varying strengths between the two nations. Spain's control of corruption score is 0.6, compared to Finland's strong score of 2.2, indicating lower levels of corruption in Finland. Similarly, Finland performs better in terms of government effectiveness (1.7) and regulatory quality (1.8), compared to Spain's scores of 0.8 for both indicators. The rule of law is much stronger in Finland (2) than in Spain (0.8), highlighting the efficiency and reliability of Finland's legal framework. Additionally, political stability in Finland is better, with a score of 0.7 compared to Spain's 0.3, which may influence investment and economic forecasts.

Infrastructure and Technology

Both nations demonstrate impressive levels of technology adoption, with 95.4% of Spain's population using the Internet compared to 93.5% in Finland. However, Finland excels in logistics performance, scoring 4.2, compared to Spain's 3.8, suggesting that Finland has better trade and transport-related infrastructure. In the realm of patents, Finland surpasses Spain with a total of 1,557 patent applications compared to Spain's 1,308 in 2021, which might point to a more innovative environment in Finland.

Environment and Sustainability

Spain’s renewable energy consumption is at 19%, which falls short of Finland's impressive 50.2%. This difference highlights Finland's commitment to sustainable energy practices. Moreover, Spain is facing greater water stress, with freshwater withdrawals at 43.3% of available resources, compared to just 7.1% in Finland. The total greenhouse gas emissions in Spain are 5.9 tons CO2e per capita, lower than Finland's 7.8 tons, indicating a more pressing need for Spain to address emissions. Both countries showcase a low prevalence of undernourishment, consistent at 2.5%, indicating food security is manageable in both regions.