Belarus vs Latvia: Economic Indicators Comparison

Belarus with a GDP of $59.7B ranked the 78th largest economy in the world, while Latvia ranked 100th with $34.4B. By GDP 5-years average growth and GDP per capita, Belarus and Latvia ranked 167th vs 74th and 97th vs 51st, respectively.

Gross Domestic Product & Income

Stat	Belarus	Latvia
GDP	$59.7B	$34.4B
GDP growth, 1 year	3%	4.8%
GDP growth, 5-years average	0.2%	3.3%
Population	9.4M	1.9M
GDP per capita	$6.3k	$18k
GDP per capita growth	3.19%	5.47%
Purchasing Power Parity conversion factor	0.64	0.5
Price level ratio of PPP conversion factor GDP to market exchange rate	0.31	0.59
GDP per capita, PPP adjusted	$20k	$30k
GNI, Atlas method	$53.8B	$31.8B
GNI per capita	$5.7k	$17k
GNI, PPP adjusted	$182.5B	$57.4B
GNI per capita, PPP adjusted	$19k	$30k

Financial system and Human development

Stat	Belarus	Latvia
Income Tax Rate	13%	31.4%
Corporate Tax Rate	18%	20%
Inflation, consumer prices	4.9%	2.6%
Inflation, GDP deflator	11.6%	4%
Unemployment	5.7%	7.9%
Economic Freedom Index	61.7	71.9
Personal Freedom Index	6.24	8.65
Human Freedom Index	6.16	8.16
Property Rights Index	63.2	72.3
Judical Effectiveness Index	48.4	51.1
Business Freedom Index	76.4	77
Fiscal Health Index	95.4	96.5
Labor Freedom Index	74.8	72.4
Investment Freedom Index	30	85
Financial Freedom Index	20	60
Trade Freedom Index	82	86.4
Monetary Freedom Index	69.8	80.2
Government Spending Index	54.1	58.3
Tax Burden Index	88.8	76.9
Government Integrity Index	37.4	46.4
Corruption Perceptions Index	44	58
Life expectancy at birth, years	74.1	74.7
Suicide mortality rate, per 100,000 people	26.2	21.2
Mortality caused by road traffic injury, per 100,000 people	8.9	9.3
Intentional homicides, per 100,000 people	3.6	4.2
International tourism, number of arrivals	11.5M	1.9M

Government debt & reserves

Stat	Belarus	Latvia
Central government debt, % of GDP	47.8%	37.6%
External debt stocks, % of GNI	67.7%	N/A
External debt stocks	$38.8B	N/A
Short-term debt, % of total reserves	134.2%	N/A
Total debt service, % of exports and primary income	13.5%	N/A
Adjusted net savings including particulate emission damage, % of GNI	21.2%	6%
Gross savings, % of GDP	28.8%	22.8%
Gross capital formation, % of GDP	27.5%	23.5%
Total reserves including gold	$7.2B	$4.4B
Foreign direct investment net inflows	$1.4B	$447M

Exports, imports and economic structure

Stat	Belarus	Latvia
Exports of goods and services, % of GDP	70.2%	61.3%
Imports of goods and services, % of GDP	69.1%	61.5%
Current account balance (balance of payments)	-$34.4M	-$211M
Revenue excluding grants, % of GDP	29.5%	41.4%
Grants excluding technical cooperation, BoP	$56.2M	$148.1M
Personal remittances received	$1.4B	$1.2B
Industry including construction value added, % of GDP	31.5%	19.5%
Agriculture, forestry and fishing value added, % of GDP	6.4%	3.6%
Charges for the use of intellectual property, payments BoP	$178.6M	$64.6M
Charges for the use of intellectual property, receipts BoP	$66.1M	$10.6M
Expense, % of GDP	29.3%	43%
Government Expenditure, % of GDP	39.1%	37.3%