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

Stat	Australia	Latvia
GDP	$1.4T	$34.4B
GDP growth, 1 year	2.8%	4.8%
GDP growth, 5-years average	2.6%	3.3%
Population	24.5M	1.9M
GDP per capita	$57k	$18k
GDP per capita growth	1.33%	5.47%
Purchasing Power Parity conversion factor	1.43	0.5
Price level ratio of PPP conversion factor GDP to market exchange rate	1.11	0.59
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

Stat	Australia	Latvia
Income Tax Rate	45%	31.4%
Corporate Tax Rate	30%	20%
Inflation, consumer prices	2%	2.6%
Inflation, GDP deflator	1.9%	4%
Unemployment	5.4%	7.9%
Economic Freedom Index	82.6	71.9
Personal Freedom Index	9.29	8.65
Human Freedom Index	8.73	8.16
Property Rights Index	82.8	72.3
Judical Effectiveness Index	86.1	51.1
Business Freedom Index	87.8	77
Fiscal Health Index	91.8	96.5
Labor Freedom Index	84	72.4
Investment Freedom Index	80	85
Financial Freedom Index	90	60
Trade Freedom Index	88.2	86.4
Monetary Freedom Index	86.2	80.2
Government Spending Index	61.6	58.3
Tax Burden Index	63	76.9
Government Integrity Index	89.3	46.4
Corruption Perceptions Index	77	58
Life expectancy at birth, years	82.5	74.7
Suicide mortality rate, per 100,000 people	13.2	21.2
Mortality caused by road traffic injury, per 100,000 people	5.6	9.3
Intentional homicides, per 100,000 people	0.8	4.2
International tourism, number of arrivals	9.2M	1.9M

Government debt & reserves

Stat	Australia	Latvia
Central government debt, % of GDP	40.7%	37.6%
External debt stocks, % of GNI	N/A	N/A
External debt stocks	N/A	N/A
Short-term debt, % of total reserves	N/A	N/A
Total debt service, % of exports and primary income	N/A	N/A
Adjusted net savings including particulate emission damage, % of GNI	5.6%	6%
Gross savings, % of GDP	21.7%	22.8%
Gross capital formation, % of GDP	24.5%	23.5%
Total reserves including gold	$53.9B	$4.4B
Foreign direct investment net inflows	$60.3B	$447M

Exports, imports and economic structure

Stat	Australia	Latvia
Exports of goods and services, % of GDP	21.8%	61.3%
Imports of goods and services, % of GDP	21.4%	61.5%
Current account balance (balance of payments)	-$29.7B	-$211M
Revenue excluding grants, % of GDP	25.7%	41.4%
Grants excluding technical cooperation, BoP	N/A	$148.1M
Personal remittances received	$1.9B	$1.2B
Industry including construction value added, % of GDP	24.1%	19.5%
Agriculture, forestry and fishing value added, % of GDP	2.5%	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 GDP	26.1%	43%
Government Expenditure, % of GDP	35.8%	37.3%