Azerbaijan vs Latvia: Economic Indicators Comparison

Azerbaijan with a GDP of $46.9B ranked the 88th largest economy in the world, while Latvia ranked 100th with $34.4B. By GDP 5-years average growth and GDP per capita, Azerbaijan and Latvia ranked 164th vs 74th and 110th vs 51st, respectively.

Gross Domestic Product & Income

StatAzerbaijanLatvia
GDP$46.9B$34.4B
GDP growth, 1 year1.4%4.8%
GDP growth, 5-years average0.4%3.3%
Population10M1.9M
GDP per capita$4.7k$18k
GDP per capita growth0.51%5.47%
Purchasing Power Parity conversion factor0.440.5
Price level ratio of PPP conversion factor GDP to market exchange rate0.260.59
GDP per capita, PPP adjusted$18k$30k
GNI, Atlas method$40.3B$31.8B
GNI per capita$4.1k$17k
GNI, PPP adjusted$170B$57.4B
GNI per capita, PPP adjusted$17k$30k

Financial system and Human development

StatAzerbaijanLatvia
Income Tax Rate25%31.4%
Corporate Tax Rate20%20%
Inflation, consumer prices2.3%2.6%
Inflation, GDP deflator11.9%4%
Unemployment5.2%7.9%
Economic Freedom Index69.371.9
Personal Freedom Index6.738.65
Human Freedom Index6.448.16
Property Rights Index67.172.3
Judical Effectiveness Index53.951.1
Business Freedom Index80.877
Fiscal Health Index99.296.5
Labor Freedom Index66.272.4
Investment Freedom Index7085
Financial Freedom Index6060
Trade Freedom Index74.686.4
Monetary Freedom Index69.880.2
Government Spending Index6358.3
Tax Burden Index8876.9
Government Integrity Index38.746.4
Corruption Perceptions Index2558
Life expectancy at birth, years72.774.7
Suicide mortality rate, per 100,000 people2.621.2
Mortality caused by road traffic injury, per 100,000 people8.79.3
Intentional homicides, per 100,000 people24.2
International tourism, number of arrivals2.6M1.9M

Government debt & reserves

StatAzerbaijanLatvia
Central government debt, % of GDP19.4%37.6%
External debt stocks, % of GNI36.4%N/A
External debt stocks$16.2BN/A
Short-term debt, % of total reserves8.5%N/A
Total debt service, % of exports and primary income10.5%N/A
Adjusted net savings including particulate emission damage, % of GNI9.5%6%
Gross savings, % of GDP33%22.8%
Gross capital formation, % of GDP20.1%23.5%
Total reserves including gold$6.7B$4.4B
Foreign direct investment net inflows$1.4B$447M

Exports, imports and economic structure

StatAzerbaijanLatvia
Exports of goods and services, % of GDP54.3%61.3%
Imports of goods and services, % of GDP37.7%61.5%
Current account balance (balance of payments)$6.1B-$211M
Revenue excluding grants, % of GDP35.1%41.4%
Grants excluding technical cooperation, BoP$45.7M$148.1M
Personal remittances received$1.2B$1.2B
Industry including construction value added, % of GDP52.2%19.5%
Agriculture, forestry and fishing value added, % of GDP5.3%3.6%
Charges for the use of intellectual property, payments BoP$28.2M$64.6M
Charges for the use of intellectual property, receipts BoP$28k$10.6M
Expense, % of GDP28%43%
Government Expenditure, % of GDP35.1%37.3%

Compare with countries close by GDP per capita

Azerbaijan vs

CountryGDP
per capita
Population
South Africa
$6.4k
57.7M
Ecuador
$6.3k
16.6M
Belarus
$6.3k
9.41M
Fiji
$6.3k
906k
Suriname
$6.2k
563k
North Macedonia
$6.1k
2.08M
Bosnia and Herzegovina
$6.1k
3.51M
Namibia
$5.9k
2.53M
Iraq
$5.8k
38.3M
Paraguay
$5.8k
6.81M
Iran
$5.6k
80M
Jamaica
$5.4k
2.89M
Albania
$5.3k
3.02M
Guyana
$5k
778k
Belize
$4.9k
375k
Georgia
$4.7k
3.72M
Guatemala
$4.5k
17.3M
Tonga
$4.4k
108k
Jordan
$4.2k
10.4M
Armenia
$4.2k
2.93M
Samoa
$4.2k
196k
Eswatini
$4.1k
1.37M
Mongolia
$4.1k
3.08M
Algeria
$4.1k
41.3M
Sri Lanka
$4.1k
21.4M
El Salvador
$4.1k
6.42M
Indonesia
$3.9k
264M
Marshall Islands
$3.8k
53.1k
Tuvalu
$3.7k
11.2k
Cape Verde
$3.6k
546k

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