Barbados vs Latvia: Economic Indicators Comparison
Gross Domestic Product & Income
| Stat |  Barbados |  Latvia |
|---|---|---|
| GDP | $5.1B | $34.4B |
| GDP growth, 1 year | -0.5% | 4.8% |
| GDP growth, 5-years average | 0.7% | 3.3% |
| Population | 286k | 1.9M |
| GDP per capita | $18k | $18k |
| GDP per capita growth | -0.64% | 5.47% |
| Purchasing Power Parity conversion factor | 1.93 | 0.5 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 0.97 | 0.59 |
| GDP per capita, PPP adjusted | $19k | $30k |
| GNI, Atlas method | $4.4B | $31.8B |
| GNI per capita | $15k | $17k |
| GNI, PPP adjusted | $4.7B | $57.4B |
| GNI per capita, PPP adjusted | $16k | $30k |
Financial system and Human development
| Stat | Barbados | Latvia |
|---|---|---|
| Income Tax Rate | 40% | 31.4% |
| Corporate Tax Rate | 5.5% | 20% |
| Inflation, consumer prices | 3.6% | 2.6% |
| Inflation, GDP deflator | 3.6% | 4% |
| Unemployment | 9.6% | 7.9% |
| Economic Freedom Index | 61.4 | 71.9 |
| Personal Freedom Index | 8.22 | 8.65 |
| Human Freedom Index | 7.21 | 8.16 |
| Property Rights Index | 56.6 | 72.3 |
| Judical Effectiveness Index | 36.1 | 51.1 |
| Business Freedom Index | 69.4 | 77 |
| Fiscal Health Index | 63.1 | 96.5 |
| Labor Freedom Index | 60 | 72.4 |
| Investment Freedom Index | 70 | 85 |
| Financial Freedom Index | 60 | 60 |
| Trade Freedom Index | 56.6 | 86.4 |
| Monetary Freedom Index | 77.9 | 80.2 |
| Government Spending Index | 69.2 | 58.3 |
| Tax Burden Index | 73.6 | 76.9 |
| Government Integrity Index | 44 | 46.4 |
| Corruption Perceptions Index | 68 | 58 |
| Life expectancy at birth, years | 79 | 74.7 |
| Suicide mortality rate, per 100,000 people | 0.8 | 21.2 |
| Mortality caused by road traffic injury, per 100,000 people | 5.6 | 9.3 |
| Intentional homicides, per 100,000 people | 10.5 | 4.2 |
| International tourism, number of arrivals | 680k | 1.9M |
Government debt & reserves
| Stat | Barbados | Latvia |
|---|---|---|
| Central government debt, % of GDP | 124.5% | 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 | -6.8% | 6% |
| Gross savings, % of GDP | -0.5% | 22.8% |
| Gross capital formation, % of GDP | 11.3% | 23.5% |
| Total reserves including gold | $431.8M | $4.4B |
| Foreign direct investment net inflows | $195.1M | $447M |
Exports, imports and economic structure
| Stat | Barbados | Latvia |
|---|---|---|
| Exports of goods and services, % of GDP | 42% | 61.3% |
| Imports of goods and services, % of GDP | 40.9% | 61.5% |
| Current account balance (balance of payments) | -$248.2M | -$211M |
| Revenue excluding grants, % of GDP | 26.7% | 41.4% |
| Grants excluding technical cooperation, BoP | $13.8M | $148.1M |
| Personal remittances received | $108.3M | $1.2B |
| Industry including construction value added, % of GDP | 14% | 19.5% |
| Agriculture, forestry and fishing value added, % of GDP | 1.3% | 3.6% |
| Charges for the use of intellectual property, payments BoP | $12.1M | $64.6M |
| Charges for the use of intellectual property, receipts BoP | $33.4M | $10.6M |
| Expense, % of GDP | 35.2% | 43% |
| Government Expenditure, % of GDP | 32% | 37.3% |
