The Czech Republic has a GDP of $345B compared to $43.5B for Latvia, ranking 45/197 and 100/197 by economy size, respectively.
The Czech Republic has $148B in government debt (44.2% of GDP), compared to $20.6B (48.3% of GDP) in Latvia.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Czech Republic
|
Latvia
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1990 | $41,016,881,802 | $122,972,963,913 | - | $20,300,396,491 |
| 1991 | $30,071,014,282 | $108,689,725,031 | - | $17,743,516,528 |
| 1992 | $35,051,065,440 | $108,139,165,551 | - | $12,044,552,669 |
| 1993 | $41,155,654,032 | $108,206,108,282 | - | $11,444,375,037 |
| 1994 | $48,188,478,339 | $111,354,158,853 | - | $11,694,996,755 |
| 1995 | $60,572,381,311 | $118,281,953,160 | $5,608,208,785 | $11,584,507,030 |
| 1996 | $67,804,105,330 | $123,212,636,053 | $5,799,465,288 | $11,850,946,178 |
| 1997 | $62,539,765,163 | $122,478,487,836 | $6,349,481,007 | $12,937,852,903 |
| 1998 | $67,187,217,328 | $121,996,963,424 | $6,974,112,951 | $13,785,282,610 |
| 1999 | $65,586,562,605 | $123,678,521,512 | $7,324,192,890 | $14,173,807,644 |
| 2000 | $62,175,642,238 | $128,638,858,401 | $7,761,252,607 | $15,001,703,494 |
| 2001 | $68,135,304,464 | $132,391,536,300 | $8,190,888,740 | $15,970,900,289 |
| 2002 | $82,607,869,610 | $134,395,228,572 | $9,249,030,241 | $17,195,147,700 |
| 2003 | $100,435,924,705 | $138,831,395,778 | $11,244,337,720 | $18,644,549,496 |
| 2004 | $120,147,899,984 | $145,406,922,288 | $13,827,070,379 | $20,271,313,179 |
| 2005 | $137,264,185,596 | $154,676,655,550 | $16,306,935,905 | $22,625,890,638 |
| 2006 | $156,236,258,387 | $164,921,158,025 | $20,434,922,247 | $25,527,665,150 |
| 2007 | $190,040,702,287 | $173,973,393,346 | $29,420,499,248 | $28,186,253,354 |
| 2008 | $236,506,264,754 | $178,518,044,754 | $34,135,200,994 | $27,231,101,091 |
| 2009 | $206,971,882,705 | $169,952,170,271 | $25,691,530,442 | $22,863,227,157 |
| 2010 | $211,168,667,286 | $174,565,802,522 | $23,468,324,572 | $22,026,145,288 |
| 2011 | $231,429,378,717 | $177,659,773,383 | $26,575,547,901 | $22,694,935,011 |
| 2012 | $210,363,223,088 | $176,290,606,022 | $27,116,149,949 | $24,352,854,611 |
| 2013 | $213,024,360,541 | $176,216,894,660 | $29,152,128,168 | $24,863,312,430 |
| 2014 | $210,911,285,078 | $180,173,337,875 | $30,277,203,767 | $25,384,188,823 |
| 2015 | $189,107,698,562 | $189,107,698,562 | $26,344,565,877 | $26,344,565,877 |
| 2016 | $198,160,659,304 | $193,988,322,685 | $27,117,105,060 | $27,016,796,481 |
| 2017 | $221,563,575,696 | $204,024,435,233 | $29,391,059,767 | $27,935,083,541 |
| 2018 | $251,992,360,762 | $209,798,950,825 | $33,247,935,477 | $29,139,005,430 |
| 2019 | $256,794,209,029 | $217,279,912,682 | $33,099,503,951 | $29,335,802,339 |
| 2020 | $251,109,660,603 | $205,753,475,018 | $33,379,927,435 | $28,318,076,614 |
| 2021 | $290,972,714,482 | $214,043,320,221 | $38,183,326,785 | $30,284,070,900 |
| 2022 | $301,831,228,326 | $220,137,498,831 | $38,014,713,596 | $30,831,235,008 |
| 2023 | $343,206,568,135 | $220,015,846,842 | $42,572,151,720 | $31,711,225,667 |
| 2024 | $345,036,675,975 | $222,480,870,567 | $43,520,773,851 | $31,570,906,308 |
Economic indicators
|
Czech Republic
|
Latvia
|
|
|---|---|---|
| Gross domestic product |
$345B
2024 |
$43.5B
2024 |
| GDP rank |
45/197
2024 |
100/197
2024 |
| GDP growth |
0.53%
2023-2024 |
2.23%
2023-2024 |
| GDP per capita |
$31,707
2024 |
$23,368
2024 |
| GDP per capita rank |
39/197
2024 |
53/197
2024 |
| GDP per capita, PPP |
$56,806
2024 |
$43,867
2024 |
| Government debt |
$148B
2024 |
$20.6B
2024 |
| Debt-to-GDP ratio |
44.2%
2025 |
48.3%
2025 |
| Government debt per person |
$13,630
2024 |
$11,068
2024 |
| Government debt per person rank |
43/185
2024 |
52/185
2024 |
| Average annual personal income after taxes |
$21,451
2025 |
$15,995
2025 |
| Market capitalization of domestic companies |
$34.6B
2024 |
n/a |
| Number of billionaires |
11
2025 |
n/a |
| Income share by richest 10% |
21.5%
2023 |
26.2%
2023 |
| Income share by poorest 10% |
3.8%
2023 |
2.6%
2023 |
| Government expenditure, % of GDP |
43.3%
2025 |
44.4%
2025 |
| Consumer prices inflation |
2.44%
2023-2024 |
1.27%
2023-2024 |
| Central bank interest rate |
3.5%
2025 |
n/a |
| Unemployment rate |
2.6%
2024 |
6.88%
2024 |
| Population |
10753822
|
1844219
|
GDP per capita in Czech Republic vs Latvia
The Czech Republic's GDP per capita is $31,707, ranking 39/197, compared to $23,368 in Latvia, ranking 53/197. Adjusted for purchasing power (GDP per capita PPP), the Czech Republic ranks 34th at $56,806, while Latvia ranks 53rd at $43,867.
| Year | Current $ | |||
|---|---|---|---|---|
|
Czech Republic
|
Latvia
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1990 | $3,969 | $12,806 | - | $7,448 |
| 1991 | $2,917 | $11,730 | - | $6,762 |
| 1992 | $3,397 | $11,924 | - | $4,760 |
| 1993 | $3,984 | $12,201 | - | $4,722 |
| 1994 | $4,663 | $12,820 | - | $5,012 |
| 1995 | $5,865 | $13,948 | $2,257 | $5,342 |
| 1996 | $6,573 | $14,775 | $2,360 | $5,636 |
| 1997 | $6,069 | $14,908 | $2,610 | $6,309 |
| 1998 | $6,527 | $15,063 | $2,894 | $6,879 |
| 1999 | $6,378 | $15,494 | $3,064 | $7,200 |
| 2000 | $6,063 | $16,329 | $3,278 | $7,841 |
| 2001 | $6,669 | $17,711 | $3,505 | $8,862 |
| 2002 | $8,101 | $18,344 | $4,004 | $9,756 |
| 2003 | $9,852 | $19,607 | $4,915 | $10,566 |
| 2004 | $11,783 | $20,991 | $6,110 | $11,761 |
| 2005 | $13,442 | $22,115 | $7,284 | $13,344 |
| 2006 | $15,259 | $23,919 | $9,212 | $15,025 |
| 2007 | $18,453 | $26,269 | $13,371 | $17,281 |
| 2008 | $22,775 | $27,938 | $15,678 | $18,635 |
| 2009 | $19,817 | $27,699 | $11,996 | $16,560 |
| 2010 | $20,160 | $28,157 | $11,188 | $17,343 |
| 2011 | $22,049 | $29,237 | $12,903 | $18,619 |
| 2012 | $20,014 | $29,466 | $13,329 | $20,494 |
| 2013 | $20,260 | $31,013 | $14,484 | $21,850 |
| 2014 | $20,038 | $32,743 | $15,186 | $22,974 |
| 2015 | $17,932 | $34,102 | $13,322 | $24,138 |
| 2016 | $18,754 | $36,445 | $13,839 | $25,802 |
| 2017 | $20,913 | $39,346 | $15,132 | $27,646 |
| 2018 | $23,706 | $41,638 | $17,252 | $29,818 |
| 2019 | $24,063 | $45,614 | $17,295 | $32,199 |
| 2020 | $23,473 | $44,839 | $17,564 | $32,741 |
| 2021 | $27,696 | $47,796 | $20,262 | $36,912 |
| 2022 | $28,282 | $51,710 | $20,227 | $39,961 |
| 2023 | $31,591 | $53,217 | $22,676 | $41,810 |
| 2024 | $31,707 | $56,806 | $23,368 | $43,867 |
Spending and national debt comparison
In 2024, the Czech Republic's government spending was $148B, accounting for 43.3% of its GDP, while Latvia's spent $19.4B, or 44.4% of GDP.
Debt-to-GDP ratio is 44.2% in the Czech Republic and 48.3% in Latvia, ranking 119/185 and 114/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Czech Republic
|
Latvia
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1995 | 52.8% | 13.5% | - | - |
| 1996 | 41.4% | 11.5% | - | - |
| 1997 | 41.3% | 12.1% | - | - |
| 1998 | 41.6% | 13.9% | 38.1% | 9.81% |
| 1999 | 40.9% | 15.1% | 40.4% | 14.8% |
| 2000 | 40.6% | 16.9% | 37% | 15.1% |
| 2001 | 43.1% | 22.6% | 35% | 17.8% |
| 2002 | 44.4% | 25.7% | 35.4% | 15.4% |
| 2003 | 49% | 28.1% | 34.4% | 15.4% |
| 2004 | 42.2% | 28.3% | 34.8% | 15.3% |
| 2005 | 42.3% | 27.7% | 35.8% | 12.5% |
| 2006 | 41.5% | 27.6% | 35.5% | 10.7% |
| 2007 | 40.5% | 27.3% | 34.8% | 9% |
| 2008 | 40.9% | 28.2% | 38.2% | 19.3% |
| 2009 | 44.5% | 33.4% | 43.6% | 37.6% |
| 2010 | 43.2% | 36.7% | 43.6% | 48.2% |
| 2011 | 42.8% | 39.4% | 41.2% | 46.8% |
| 2012 | 44.4% | 43.8% | 38.6% | 44.4% |
| 2013 | 42.4% | 44.1% | 38.7% | 41.8% |
| 2014 | 42.3% | 41.5% | 39.2% | 43.1% |
| 2015 | 41.7% | 39.5% | 38.7% | 38.3% |
| 2016 | 39.4% | 36.2% | 37.4% | 41.7% |
| 2017 | 38.5% | 33.8% | 37.8% | 40.3% |
| 2018 | 40.1% | 31.7% | 39.4% | 38.3% |
| 2019 | 40.4% | 29.6% | 39% | 37.9% |
| 2020 | 46.3% | 36.9% | 42.6% | 44% |
| 2021 | 45% | 40.7% | 44.6% | 45.9% |
| 2022 | 43% | 42.5% | 43.5% | 44.4% |
| 2023 | 43.9% | 42.4% | 43.1% | 44.6% |
| 2024 | 43% | 43% | 44.5% | 47.4% |
| 2025 | 43.3% | 44.2% | 44.4% | 48.3% |
Government deficit by year
In 2024, the Czech Republic's government deficit, the difference between spending and revenue, was -$7.63B, equivalent to -2.21% of GDP. This compares to Latvia's deficit of -$794M, or -1.82% of GDP.
Over the past 27 years, the Czech Republic recorded a fiscal deficit in 23 of those years, while Latvia ran a deficit in 25 years. On average, the Czech Republic posted an annual deficit equal to -2.84% of GDP, compared to deficit of -2.23% of GDP for Latvia.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Czech Republic
|
Latvia
|
|
| 1995 | -12.3% | - |
| 1996 | -2.98% | - |
| 1997 | -3.14% | - |
| 1998 | -4.14% | -0.66% |
| 1999 | -3.08% | -3.54% |
| 2000 | -3.55% | -2.57% |
| 2001 | -5.76% | -2.03% |
| 2002 | -6.34% | -2.59% |
| 2003 | -6.87% | -1.67% |
| 2004 | -2.4% | -1.04% |
| 2005 | -3.06% | -1.06% |
| 2006 | -2.19% | -0.48% |
| 2007 | -0.68% | 0.63% |
| 2008 | -2% | -3.29% |
| 2009 | -5.46% | -7.14% |
| 2010 | -4.14% | -6.56% |
| 2011 | -2.71% | -3.38% |
| 2012 | -3.92% | 0.18% |
| 2013 | -1.3% | -0.58% |
| 2014 | -2.09% | -1.74% |
| 2015 | -0.67% | -1.57% |
| 2016 | 0.68% | -0.51% |
| 2017 | 1.46% | -0.85% |
| 2018 | 0.88% | -0.77% |
| 2019 | 0.28% | -0.39% |
| 2020 | -5.65% | -3.85% |
| 2021 | -4.95% | -5.71% |
| 2022 | -3.07% | -3.94% |
| 2023 | -3.78% | -3.38% |
| 2024 | -2.21% | -1.82% |
| 2025 | -2.56% | -3.63% |
Inflation comparison by year
Over the past 29 years, the Czech Republic has recorded an average annual inflation rate of 3.8%, compared with 4.74% in Latvia. In 2024, inflation was 2.44% in the Czech Republic and 1.27% in Latvia.
| Year | Inflation | ||
|---|---|---|---|
|
Czech Republic
|
Latvia
|
Czech Republic
|
Latvia
|
| 1996 | 8.76% | 17.6% | |
| 1997 | 8.6% | 8.45% | |
| 1998 | 10.7% | 4.64% | |
| 1999 | 2.14% | 2.36% | |
| 2000 | 3.78% | 2.65% | |
| 2001 | 4.66% | 2.49% | |
| 2002 | 1.9% | 1.94% | |
| 2003 | 0.12% | 2.94% | |
| 2004 | 2.76% | 6.19% | |
| 2005 | 1.86% | 6.75% | |
| 2006 | 2.53% | 6.54% | |
| 2007 | 2.85% | 10.1% | |
| 2008 | 6.36% | 15.4% | |
| 2009 | 1.02% | 3.53% | |
| 2010 | 1.47% | -1.08% | |
| 2011 | 1.92% | 4.37% | |
| 2012 | 3.29% | 2.26% | |
| 2013 | 1.44% | -0.03% | |
| 2014 | 0.34% | 0.62% | |
| 2015 | 0.31% | 0.17% | |
| 2016 | 0.68% | 0.14% | |
| 2017 | 2.45% | 2.93% | |
| 2018 | 2.15% | 2.53% | |
| 2019 | 2.85% | 2.81% | |
| 2020 | 3.16% | 0.22% | |
| 2021 | 3.84% | 3.28% | |
| 2022 | 15.1% | 17.3% | |
| 2023 | 10.7% | 8.94% | |
| 2024 | 2.44% | 1.27% | |
Top exports between countries
|
Czech Republic
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $239M |
| Processed food, beverages & tobacco | $89.3M |
| Chemicals & pharma | $66.5M |
| Textiles & consumer goods | $57.6M |
| Transport & tourism services | $33.3M |
| Metals | $21.8M |
| Raw materials & minerals | $10.9M |
| Wood & paper products | $10.1M |
| Miscellaneous | $9.68M |
| IT & IP services | $9.41M |
|
Latvia
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $74.6M |
| Chemicals & pharma | $40.5M |
| Textiles & consumer goods | $35.9M |
| Transport & tourism services | $28.1M |
| Raw materials & minerals | $21.2M |
| Animal & marine products | $19.7M |
| Processed food, beverages & tobacco | $19.7M |
| IT & IP services | $15.1M |
| Wood & paper products | $13M |
| Business & finance services | $10.9M |
Balance of trade
|
Czech Republic
|
Latvia
|
|
|---|---|---|
Current account balance
|
$6.05B
2024 |
-$688M
2024 |
| Current account balance ranking |
31/189
2024 |
113/189
2024 |
| Current account balance, % of GDP |
+1.75%
2024 |
-1.58%
2024 |
| Goods imports |
$179B
2024 |
$23.4B
2024 |
| Goods exports |
$197B
2024 |
$20.1B
2024 |
| Service imports |
$38B
2024 |
$5.86B
2024 |
| Service exports |
$42.5B
2024 |
$8.42B
2024 |
| Imports of goods and services, % of GDP |
62.7%
2024 |
67.2%
2024 |
| Exports of goods and services, % of GDP |
69.2%
2024 |
64.6%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Czech Republic
|
Latvia
|
|
|---|---|---|
| Economic freedom | 72.9 | 71.4 |
| Economic freedom ranking | 25/197 | 30/197 |
| Property rights | 89.9 | 87.8 |
| Government integrity | 62.8 | 66.7 |
| Judicial effectiveness | 92 | 72.3 |
| Tax burden | 78.9 | 76.2 |
| Government spending | 42.2 | 46.9 |
| Fiscal health | 71.5 | 67.2 |
| Business freedom | 81.4 | 81.8 |
| Labor freedom | 57.9 | 64 |
| Monetary freedom | 68.9 | 69.5 |
| Trade freedom | 79.6 | 79.6 |
| Investment freedom | 70 | 85 |
| Financial freedom | 80 | 60 |
Economic freedom by year comparison
The Economic Freedom Index for the Czech Republic is 72.9, ranking 25/197, compared to 71.4 for Latvia, ranking 30/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Czech Republic
|
Latvia
|
|
| 1995 | 67.8 | - |
| 1996 | 68.1 | 55 |
| 1997 | 68.8 | 62.4 |
| 1998 | 68.4 | 63.4 |
| 1999 | 69.7 | 64.2 |
| 2000 | 68.6 | 63.4 |
| 2001 | 70.2 | 66.4 |
| 2002 | 66.5 | 65 |
| 2003 | 67.5 | 66 |
| 2004 | 67 | 67.4 |
| 2005 | 64.6 | 66.3 |
| 2006 | 66.4 | 66.9 |
| 2007 | 67.4 | 67.9 |
| 2008 | 68.1 | 68.3 |
| 2009 | 69.4 | 66.6 |
| 2010 | 69.8 | 66.2 |
| 2011 | 70.4 | 65.8 |
| 2012 | 69.9 | 65.2 |
| 2013 | 70.9 | 66.5 |
| 2014 | 72.2 | 68.7 |
| 2015 | 72.5 | 69.7 |
| 2016 | 73.2 | 70.4 |
| 2017 | 73.3 | 74.8 |
| 2018 | 74.2 | 73.6 |
| 2019 | 73.7 | 70.4 |
| 2020 | 74.8 | 71.9 |
| 2021 | 73.8 | 72.3 |
| 2022 | 74.4 | 74.8 |
| 2023 | 71.9 | 72.8 |
| 2024 | 70.2 | 71.5 |
| 2025 | 72.9 | 71.4 |
More economic indicators
|
Czech Republic
|
Latvia
|
|
|---|---|---|
| Services, % of GDP |
59.5%
2024 |
63.1%
2024 |
| Industry, % of GDP |
30.2%
2024 |
19.9%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
1.5%
2024 |
4.1%
2024 |
|
GNI, Atlas method
|
$317B
2024 |
$40.8B
2024 |
| GNI per capita, PPP |
$54,340
2024 |
$43,130
2024 |
| Total reserves including gold |
$146B
2024 |
$5.14B
2024 |
| Total reserves ranking |
22/177
2024 |
98/177
2024 |
|
Net foreign direct investment
|
-$1.87B
2024 |
-$1.26B
2024 |
|
Net inflows of foreign direct investment
|
$13.1B
2024 |
$1.51B
2024 |
|
Net outflows of foreign direct investment
|
$11.2B
2024 |
$257M
2024 |
| Poverty at national poverty lines |
10.2%
2021 |
22.5%
2022 |
|
Gross capital formation, % of GDP
|
26%
2024 |
21.2%
2024 |
GDP per capita map
GDP per capita
Compare countries by 7 more topics
Relevant pages:
By topic
vs
comparisons:
Economy comparisons
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.