Austria vs Latvia: Economic Indicators Comparison

Austria with a GDP of $455.3B ranked the 28th largest economy in the world, while Latvia ranked 100th with $34.4B. By GDP 5-years average growth and GDP per capita, Austria and Latvia ranked 139th vs 74th and 16th vs 51st, respectively.

Gross Domestic Product & Income

Stat	Austria	Latvia
GDP	$455.3B	$34.4B
GDP growth, 1 year	2.7%	4.8%
GDP growth, 5-years average	1.8%	3.3%
Population	8.8M	1.9M
GDP per capita	$51k	$18k
GDP per capita growth	1.85%	5.47%
Purchasing Power Parity conversion factor	0.79	0.5
Price level ratio of PPP conversion factor GDP to market exchange rate	0.93	0.59
GDP per capita, PPP adjusted	$52k	$30k
GNI, Atlas method	$436.3B	$31.8B
GNI per capita	$49k	$17k
GNI, PPP adjusted	$489.3B	$57.4B
GNI per capita, PPP adjusted	$55k	$30k

Financial system and Human development

Stat	Austria	Latvia
Income Tax Rate	50%	31.4%
Corporate Tax Rate	25%	20%
Inflation, consumer prices	2.1%	2.6%
Inflation, GDP deflator	1.7%	4%
Unemployment	4.8%	7.9%
Economic Freedom Index	73.3	71.9
Personal Freedom Index	9.02	8.65
Human Freedom Index	8.42	8.16
Property Rights Index	87.3	72.3
Judical Effectiveness Index	73.2	51.1
Business Freedom Index	73	77
Fiscal Health Index	87.9	96.5
Labor Freedom Index	68.3	72.4
Investment Freedom Index	90	85
Financial Freedom Index	70	60
Trade Freedom Index	86.4	86.4
Monetary Freedom Index	81	80.2
Government Spending Index	27.2	58.3
Tax Burden Index	51.3	76.9
Government Integrity Index	84	46.4
Corruption Perceptions Index	76	58
Life expectancy at birth, years	81.6	74.7
Suicide mortality rate, per 100,000 people	15.6	21.2
Mortality caused by road traffic injury, per 100,000 people	5.2	9.3
Intentional homicides, per 100,000 people	0.7	4.2
International tourism, number of arrivals	30.8M	1.9M

Government debt & reserves

Stat	Austria	Latvia
Central government debt, % of GDP	74.2%	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	14.1%	6%
Gross savings, % of GDP	27.6%	22.8%
Gross capital formation, % of GDP	25.1%	23.5%
Total reserves including gold	$23.2B	$4.4B
Foreign direct investment net inflows	$4.2B	$447M

Exports, imports and economic structure

Stat	Austria	Latvia
Exports of goods and services, % of GDP	55.8%	61.3%
Imports of goods and services, % of GDP	52%	61.5%
Current account balance (balance of payments)	$10.8B	-$211M
Revenue excluding grants, % of GDP	43.4%	41.4%
Grants excluding technical cooperation, BoP	N/A	$148.1M
Personal remittances received	$3.1B	$1.2B
Industry including construction value added, % of GDP	25.7%	19.5%
Agriculture, forestry and fishing value added, % of GDP	1.1%	3.6%
Charges for the use of intellectual property, payments BoP	$2B	$64.6M
Charges for the use of intellectual property, receipts BoP	$1.4B	$10.6M
Expense, % of GDP	44.2%	43%
Government Expenditure, % of GDP	49.3%	37.3%