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Economy of Bahrain vs Latvia compared: GDP & Debt

Updated on by Georank

Bahrain has a GDP of $49B compared to $48.6B for Latvia, ranking 98/197 and 99/197 by economy size, respectively.

Bahrain has $72.3B in government debt (147.6% of GDP), compared to $22.8B (46.9% of GDP) in Latvia.

Bahrain vs Latvia GDP by year

Bahrain
Latvia
1x
Year GDP, current $
Bahrain Latvia
2025 $48,965,725,532 $48,618,869,160
2024 $47,210,732,713 $44,001,275,013
2023 $46,192,260,638 $42,779,550,937
2022 $46,458,191,489 $38,003,198,509
2021 $40,840,212,766 $38,183,326,785
2020 $35,837,632,979 $33,379,927,435
2019 $40,446,808,511 $33,099,503,951
2018 $39,567,978,723 $33,247,935,477
2017 $37,204,813,830 $29,391,059,767
2016 $33,884,680,851 $27,117,105,060
2015 $32,523,297,872 $26,344,565,877
2014 $34,772,526,596 $30,277,203,767
2013 $33,823,324,468 $29,152,128,168
2012 $31,963,404,255 $27,116,149,949
2011 $29,914,680,851 $26,575,547,901
2010 $26,805,984,043 $23,468,324,572
2009 $22,938,218,085 $25,691,530,442
2008 $25,710,904,255 $34,135,200,994
2007 $21,730,000,000 $29,420,499,248
2006 $18,504,760,638 $20,434,922,247
2005 $15,968,723,404 $16,306,935,905
2004 $13,150,159,574 $13,827,070,379
2003 $11,074,813,830 $11,244,337,720
2002 $9,593,510,638 $9,249,030,241
2001 $8,976,196,809 $8,190,888,740
2000 $9,062,898,936 $7,761,252,607
1999 $7,528,469,149 $7,324,192,890
1998 $7,031,309,043 $6,974,112,951
1997 $7,219,407,713 $6,349,481,007
1996 $6,938,166,755 $5,799,465,288
1995 $6,651,180,851 $5,608,208,785
1994 $6,330,627,926 -
1993 $5,913,001,064 -
1992 $5,402,232,447 -
1991 $5,248,911,170 -
1990 $4,809,511,005 -
1989 $4,393,093,963 -
1988 $4,209,834,173 -
1987 $3,856,922,694 -
1986 $3,470,746,843 -
1985 $4,152,376,484 -
1984 $4,440,874,566 -
1983 $4,247,030,468 -
1982 $4,145,421,080 -
1981 $3,943,109,532 -
1980 $3,493,834,468 -
1979 $2,710,160,739 -
1978 $2,272,042,965 -
1977 $1,989,060,283 -
1976 $1,581,709,519 -
1975 $1,099,107,601 -
1974 $1,042,176,884 -
1973 $761,132,545 -
1972 $534,081,184 -
1971 $422,181,562 -
1970 $391,577,364 -

Data sources: World Bank | Economy & Growth (1970–2025, retrieved 2026-07-08).

GeoRank.org/economy/bahrain/latvia | CC BY

GDP per capita in Bahrain vs Latvia by year

Bahrain
GDP per capita

GDP per capita, PPP
Latvia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bahrain Latvia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $30,597 - $26,312 -
2024 $29,717 $66,941 $23,579 $43,394
2023 $29,290 $64,171 $22,710 $42,576
2022 $30,471 $61,678 $20,221 $40,559
2021 $27,148 $54,955 $20,262 $36,912
2020 $24,343 $53,436 $17,564 $32,741
2019 $27,260 $56,600 $17,295 $32,199
2018 $26,324 $51,993 $17,252 $29,818
2017 $24,785 $50,185 $15,132 $25,764
2016 $23,800 $47,429 $13,839 $24,063
2015 $23,734 $48,034 $13,322 $22,544
2014 $26,452 $54,299 $15,186 $21,554
2013 $26,990 $56,310 $14,484 $20,474
2012 $26,439 $56,713 $13,329 $19,417
2011 $25,033 $52,677 $12,903 $17,680
2010 $21,819 $49,255 $11,188 $16,373
2009 $19,465 $48,626 $11,996 $15,545
2008 $23,299 $50,330 $15,678 $17,443
2007 $20,908 $49,347 $13,371 $16,246
2006 $19,267 $48,009 $9,212 $14,180
2005 $17,966 $47,268 $7,284 $12,826
2004 $15,964 $46,317 $6,110 $11,319
2003 $14,486 $45,427 $4,915 $10,193
2002 $13,501 $45,091 $4,004 $9,569
2001 $13,573 $46,162 $3,505 $8,808
2000 $14,214 $45,688 $3,278 $7,849
1999 $12,123 $43,561 $3,064 $7,256
1998 $11,625 $42,281 $2,894 $6,922
1997 $12,255 $40,965 $2,610 $6,366
1996 $12,092 $40,106 $2,360 $5,688
1995 $11,901 $38,839 $2,257 $5,391
1994 $11,629 $37,579 - $5,012
1993 $11,152 $37,870 - $4,722
1992 $10,460 $33,648 - $4,760
1991 $10,434 $31,657 - $6,762
1990 $9,343 $26,902 - $7,448
1989 $8,833 - - -
1988 $8,772 - - -
1987 $8,333 - - -
1986 $7,777 - - -
1985 $9,649 - - -
1984 $10,697 - - -
1983 $10,599 - - -
1982 $10,712 - - -
1981 $10,557 - - -
1980 $9,733 - - -
1979 $7,891 - - -
1978 $6,926 - - -
1977 $6,358 - - -
1976 $5,310 - - -
1975 $3,880 - - -
1974 $3,874 - - -
1973 $2,981 - - -
1972 $2,206 - - -
1971 $1,830 - - -
1970 $1,742 - - -

Data sources: World Bank | Economy & Growth (1970–2025, retrieved 2026-07-08).

GeoRank.org/economy/bahrain/latvia | CC BY

Bahrain's GDP per capita is $30,597, ranking 44/197, compared to $26,312 in Latvia, ranking 51/197. Adjusted for purchasing power (GDP per capita PPP), Bahrain ranks 26th at $66,941, while Latvia ranks 53rd at $43,394.

Economic indicators

Bahrain Latvia
Gross domestic product
$49B
2025
$48.6B
2025
GDP rank
98/197
2025
99/197
2025
GDP growth
3.48%
2024-2025
2.14%
2024-2025
GDP per capita
$30,597
2025
$26,312
2025
GDP per capita rank
44/197
2025
51/197
2025
GDP per capita, PPP
$66,941
2024
$43,394
2024
GDP per capita PPP rank
26/197
2024
53/197
2024
Government debt
$72.3B
2025
$22.8B
2025
Debt-to-GDP ratio
147.6%
2025
46.9%
2025
Government debt per person
$45,165
2025
$12,353
2025
Government debt per person rank
13/185
2025
50/185
2025
Average annual personal income after taxes
$23,191
2026
$16,702
2026
Market capitalization of domestic companies
$21.3B
2025
n/a
Income share by richest 10% n/a
26.2%
2023
Income share by poorest 10% n/a
2.6%
2023
Government expenditure, % of GDP
29.4%
2025
45.4%
2025
Consumer prices inflation
-0.14%
2024-2025
3.75%
2024-2025
Central bank interest rate
4.25%
2025
n/a
Unemployment rate
0.89%
2015
6.9%
2025
Population
1649267
1826986

Spending and national debt comparison by year

Bahrain
Spending

Debt
Latvia
Spending

Debt
1x
Year % of GDP
Bahrain Latvia
Government spending Government debt Government spending Government debt
2025 29.4% 147.6% 45.4% 46.9%
2024 28.9% 133.7% 44% 46.2%
2023 29% 123% 42.9% 44.4%
2022 28.4% 111.6% 43.6% 44.4%
2021 30.6% 122.3% 44.6% 45.9%
2020 34.6% 125.7% 42.6% 44%
2019 31.2% 97.1% 39% 37.9%
2018 32.1% 90.4% 39.4% 38.3%
2017 30.7% 84% 37.8% 40.3%
2016 33.3% 77.4% 37.4% 41.7%
2015 34.8% 63.2% 38.7% 38.3%
2014 27.3% 42.6% 39.2% 43.1%
2013 32% 42.3% 38.7% 41.8%
2012 31.1% 34.8% 38.6% 44.4%
2011 30.2% 31.6% 41.2% 46.8%
2010 31.1% 28.8% 43.6% 48.2%
2009 24.6% 20.5% 43.6% 37.6%
2008 22.7% 12.1% 38.2% 19.3%
2007 22.4% 15.7% 34.8% 9%
2006 23.1% 19.4% 35.5% 10.7%
2005 23.9% 23.2% 35.8% 12.5%
2004 25% 28.2% 34.8% 15.3%
2003 28.1% 31.1% 34.4% 15.4%
2002 30.6% 27.2% 35.4% 15.4%
2001 26.5% 25% 35% 17.8%
2000 22.2% 24.7% 37% 15.1%
1999 27.1% 24.7% 40.4% 14.8%
1998 25.7% 20% 38.1% 9.81%
1997 31% 14.8% - -
1996 22.7% 13.1% - -
1995 25.1% 13.6% - -
1994 26.1% 5.62% - -
1993 26.7% 5.95% - -
1992 29.4% 6.45% - -
1991 28.5% 6.71% - -
1990 32.4% 7.24% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

GeoRank.org/economy/bahrain/latvia | CC BY

In 2025, Bahrain's government spending was $14.4B, accounting for 29.4% of its GDP, while Latvia spent $22.1B, or 45.4% of GDP.

Debt-to-GDP ratio is 147.6% in Bahrain and 46.9% in Latvia, ranking 6/185 and 112/185, respectively.

Government deficit by year

Deficit/surplus
Bahrain

Latvia
1x
Year Deficit/surplus, % of GDP
Bahrain Latvia
2025 -13% -4.05%
2024 -11% -1.72%
2023 -9.66% -3.36%
2022 -6.03% -3.95%
2021 -10.6% -5.71%
2020 -17.3% -3.85%
2019 -8.57% -0.39%
2018 -11.3% -0.77%
2017 -13.4% -0.85%
2016 -16.6% -0.41%
2015 -17.5% -1.57%
2014 -3.32% -1.74%
2013 -8.55% -0.58%
2012 -5.77% 0.18%
2011 -4.9% -3.38%
2010 -9.29% -6.56%
2009 -5.36% -7.14%
2008 4.08% -3.29%
2007 1.52% 0.63%
2006 2.24% -0.48%
2005 2.8% -1.06%
2004 0.24% -1.04%
2003 -1.7% -1.67%
2002 -3.27% -2.59%
2001 0.7% -2.03%
2000 7.33% -2.57%
1999 -4.85% -3.54%
1998 -5.49% -0.66%
1997 -6.39% -
1996 0.24% -
1995 -3.99% -
1994 -5.18% -
1993 -2.77% -
1992 -5.41% -
1991 -3.47% -
1990 -6.79% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

GeoRank.org/economy/bahrain/latvia | CC BY

In 2025, Bahrain's government deficit, the difference between spending and revenue, was $6.35B, equivalent to 13% of GDP. This compares to Latvia's deficit of $1.97B, or 4.05% of GDP.

Over the past 28 years, Bahrain recorded a fiscal deficit in 21 of those years, while Latvia ran a deficit in 26 years. On average, Bahrain posted an annual deficit equal to 6.01% of GDP, compared to deficit of 2.29% of GDP for Latvia.

Inflation comparison by year

Inflation
Bahrain

Latvia
1x
Year Consumer prices inflation
Bahrain Latvia
2025 -0.14% 3.75%
2024 0.92% 1.27%
2023 0.07% 8.94%
2022 3.63% 17.3%
2021 -0.61% 3.28%
2020 -2.32% 0.22%
2019 1.01% 2.81%
2018 2.09% 2.53%
2017 1.39% 2.93%
2016 2.79% 0.14%
2015 1.85% 0.17%
2014 2.65% 0.62%
2013 3.3% -0.03%
2012 2.76% 2.26%
2011 -0.4% 4.37%
2010 1.96% -1.08%
2009 2.8% 3.53%
2008 3.53% 15.4%
2007 3.26% 10.1%
2006 2.01% 6.54%
2005 2.59% 6.75%
2004 2.35% 6.19%
2003 1.59% 2.94%
2002 -0.5% 1.94%
2001 -1.21% 2.49%
2000 -0.7% 2.65%
1999 -1.29% 2.36%
1998 -0.37% 4.64%
1997 2.43% 8.45%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/bahrain/latvia | CC BY

Over the past 29 years, Bahrain has recorded an average annual inflation rate of 1.29%, compared with 4.26% in Latvia. In 2025, inflation was -0.14% in Bahrain and 3.75% in Latvia.

Top exports between countries

Bahrain
Export category Export value
Textiles & consumer goods $173K
Chemicals & pharma $172K
Miscellaneous $3K
Machinery & equipment $2K
Latvia
Export category Export value
Chemicals & pharma $359K
Machinery & equipment $247K
Processed food, beverages & tobacco $237K
Wood & paper products $235K
Raw materials & minerals $229K
Textiles & consumer goods $172K
Miscellaneous $87K
Animal & marine products $9K
Precious metals & jewellery $9K
Metals $4K

Balance of trade

Bahrain Latvia
Current account balance
$2.28B
2024
-$1.64B
2025
Current account balance ranking
43/190
2024
133/190
2025
Current account balance, % of GDP
+4.83%
2024
-3.38%
2025
Goods imports
$20.7B
2024
$25.6B
2025
Goods exports
$24.3B
2024
$21.1B
2025
Service imports
$12.4B
2024
$7.07B
2025
Service exports
$17B
2024
$9.33B
2025
Imports of goods and services, % of GDP
70%
2024
67.2%
2025
Exports of goods and services, % of GDP
87.5%
2024
62.6%
2025

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Bahrain Latvia
Economic freedom 65.7 71.6
Economic freedom ranking 63/197 31/197
Property rights 60.9 88.8
Government integrity 45.9 67.7
Judicial effectiveness 30 70.9
Tax burden 99.9 70.9
Government spending 75 42.7
Fiscal health 0 80.8
Business freedom 75.9 80.7
Labor freedom 55.5 60.5
Monetary freedom 88.8 76.3
Trade freedom 86.8 79.4
Investment freedom 90 80
Financial freedom 80 60

Economic freedom comparison by year

Bahrain
Latvia
1x
Year Economic freedom index
Bahrain Latvia
2026 65.7 71.6
2025 65.6 71.4
2024 63.4 71.5
2023 62.5 72.8
2022 62 74.8
2021 69.9 72.3
2020 66.3 71.9
2019 66.4 70.4
2018 67.7 73.6
2017 68.5 74.8
2016 74.3 70.4
2015 73.4 69.7
2014 75.1 68.7
2013 75.5 66.5
2012 75.2 65.2
2011 77.7 65.8
2010 76.3 66.2
2009 74.8 66.6
2008 72.2 68.3
2007 71.2 67.9
2006 71.6 66.9
2005 71.2 66.3
2004 75.1 67.4
2003 76.3 66
2002 75.6 65
2001 75.9 66.4
2000 75.7 63.4
1999 75.2 64.2
1998 75.6 63.4
1997 76.1 62.4
1996 76.4 55
1995 76.2 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

GeoRank.org/economy/bahrain/latvia | CC BY

The Economic Freedom Index for Bahrain is 65.7, ranking 63/197, compared to 71.6 for Latvia, ranking 31/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bahrain Latvia
Services, % of GDP
54.3%
2025
64.2%
2025
Industry, % of GDP
41.2%
2025
18.7%
2025
Agriculture, forestry, and fishing, % of GDP
0.24%
2025
4.01%
2025
GNI, Atlas method
$46.1B
2025
$46.1B
2025
GNI per capita, PPP
$65,500
2025
$45,740
2025
Total reserves including gold
$5.27B
2025
$6.1B
2025
Total reserves ranking
101/177
2025
95/177
2025
Net foreign direct investment
-$2.43B
2024
$72.5M
2025
Net inflows of foreign direct investment
$2.7B
2024
$1.51B
2024
Net outflows of foreign direct investment
$275M
2024
$257M
2024
Poverty at national poverty lines n/a
22.5%
2022
Gross capital formation, % of GDP
28.4%
2024
24.1%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/bahrain/latvia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1970–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2020–2025, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.