Australia vs Latvia: Economic Indicators Comparison

Australia with a GDP of $1.4T ranked the 13th largest economy in the world, while Latvia ranked 100th with $34.4B. By GDP 5-years average growth and GDP per capita, Australia and Latvia ranked 111th vs 74th and 13th vs 51st, respectively.

Gross Domestic Product & Income

StatAustraliaLatvia
GDP$1.4T$34.4B
GDP growth, 1 year2.8%4.8%
GDP growth, 5-years average2.6%3.3%
Population24.5M1.9M
GDP per capita$57k$18k
GDP per capita growth1.33%5.47%
Purchasing Power Parity conversion factor1.430.5
Price level ratio of PPP conversion factor GDP to market exchange rate1.110.59
GDP per capita, PPP adjusted$52k$30k
GNI, Atlas method$1.3T$31.8B
GNI per capita$53k$17k
GNI, PPP adjusted$1.3T$57.4B
GNI per capita, PPP adjusted$50k$30k

Financial system and Human development

StatAustraliaLatvia
Income Tax Rate45%31.4%
Corporate Tax Rate30%20%
Inflation, consumer prices2%2.6%
Inflation, GDP deflator1.9%4%
Unemployment5.4%7.9%
Economic Freedom Index82.671.9
Personal Freedom Index9.298.65
Human Freedom Index8.738.16
Property Rights Index82.872.3
Judical Effectiveness Index86.151.1
Business Freedom Index87.877
Fiscal Health Index91.896.5
Labor Freedom Index8472.4
Investment Freedom Index8085
Financial Freedom Index9060
Trade Freedom Index88.286.4
Monetary Freedom Index86.280.2
Government Spending Index61.658.3
Tax Burden Index6376.9
Government Integrity Index89.346.4
Corruption Perceptions Index7758
Life expectancy at birth, years82.574.7
Suicide mortality rate, per 100,000 people13.221.2
Mortality caused by road traffic injury, per 100,000 people5.69.3
Intentional homicides, per 100,000 people0.84.2
International tourism, number of arrivals9.2M1.9M

Government debt & reserves

StatAustraliaLatvia
Central government debt, % of GDP40.7%37.6%
External debt stocks, % of GNIN/AN/A
External debt stocksN/AN/A
Short-term debt, % of total reservesN/AN/A
Total debt service, % of exports and primary incomeN/AN/A
Adjusted net savings including particulate emission damage, % of GNI5.6%6%
Gross savings, % of GDP21.7%22.8%
Gross capital formation, % of GDP24.5%23.5%
Total reserves including gold$53.9B$4.4B
Foreign direct investment net inflows$60.3B$447M

Exports, imports and economic structure

StatAustraliaLatvia
Exports of goods and services, % of GDP21.8%61.3%
Imports of goods and services, % of GDP21.4%61.5%
Current account balance (balance of payments)-$29.7B-$211M
Revenue excluding grants, % of GDP25.7%41.4%
Grants excluding technical cooperation, BoPN/A$148.1M
Personal remittances received$1.9B$1.2B
Industry including construction value added, % of GDP24.1%19.5%
Agriculture, forestry and fishing value added, % of GDP2.5%3.6%
Charges for the use of intellectual property, payments BoP$3.6B$64.6M
Charges for the use of intellectual property, receipts BoP$973.4M$10.6M
Expense, % of GDP26.1%43%
Government Expenditure, % of GDP35.8%37.3%

Compare with countries close by GDP per capita

Australia vs

CountryGDP
per capita
Population
Liechtenstein
$165k
37.9k
Luxembourg
$117k
626k
Switzerland
$83k
8.47M
Norway
$82k
5.37M
Cayman Islands
$81k
58.4k
Ireland
$79k
4.76M
Iceland
$73k
357k
Qatar
$69k
2.64M
Singapore
$65k
5.89M
United States
$63k
325M
Denmark
$61k
5.83M
Sweden
$55k
10.3M
Netherlands
$53k
17.3M
Austria
$51k
8.81M
Finland
$50k
5.5M
San Marino
$48k
33.4k
Germany
$48k
83.1M
Belgium
$48k
11.4M
Canada
$46k
37.9M
United Arab Emirates
$43k
9.4M
United Kingdom
$43k
66M
Andorra
$42k
76.2k
New Zealand
$42k
4.94M
Israel
$42k
9.09M
France
$41k
66.6M
Japan
$39k
127M
Italy
$34k
60.3M
Kuwait
$34k
4.6M
Bahamas
$32k
395k
Brunei
$32k
429k

Latvia vs

CountryGDP
per capita
Population
Cyprus
$28k
1.14M
Slovenia
$26k
2.07M
Taiwan
$25k
23.6M
Bahrain
$24k
1.49M
Portugal
$23k
10.6M
Saudi Arabia
$23k
33M
Estonia
$23k
1.32M
Czech Republic
$23k
10.7M
Vatican City
$21k
1k
Greece
$20k
10.8M
Curacao
$20k
160k
Slovakia
$19k
5.4M
Saint Kitts and Nevis
$19k
55.3k
Lithuania
$19k
2.79M
Barbados
$18k
286k
Uruguay
$17k
3.46M
Trinidad and Tobago
$17k
1.37M
Antigua and Barbuda
$17k
102k
Seychelles
$16k
95.8k
Oman
$16k
4.83M
Hungary
$16k
9.94M
Venezuela
$16k
28.5M
Chile
$16k
18.1M
Palau
$16k
21.7k
Panama
$16k
4.1M
Poland
$15k
38.4M
Croatia
$15k
4.11M
Romania
$12k
19.6M
Costa Rica
$12k
4.91M
Argentina
$12k
44.9M