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Economy of El Salvador vs Latvia compared: GDP & Debt

Updated on by Georank

El Salvador has a GDP of $36.7B compared to $48.6B for Latvia, ranking 108/197 and 99/197 by economy size, respectively.

El Salvador has $32B in government debt (87.2% of GDP), compared to $22.8B (46.9% of GDP) in Latvia.

El Salvador vs Latvia GDP by year

El Salvador
Latvia
1x
Year GDP, current $
El Salvador Latvia
2025 $36,708,110,000 $48,618,869,160
2024 $34,879,730,000 $44,001,275,013
2023 $33,565,430,000 $42,779,550,937
2022 $31,870,110,000 $38,003,198,509
2021 $29,043,140,000 $38,183,326,785
2020 $24,921,190,000 $33,379,927,435
2019 $26,881,140,000 $33,099,503,951
2018 $26,020,850,000 $33,247,935,477
2017 $24,979,190,000 $29,391,059,767
2016 $24,191,430,000 $27,117,105,060
2015 $23,438,240,000 $26,344,565,877
2014 $22,593,470,000 $30,277,203,767
2013 $21,990,960,000 $29,152,128,168
2012 $21,386,150,000 $27,116,149,949
2011 $20,283,780,000 $26,575,547,901
2010 $18,447,920,000 $23,468,324,572
2009 $17,601,620,000 $25,691,530,442
2008 $17,986,890,000 $34,135,200,994
2007 $17,011,750,000 $29,420,499,248
2006 $15,999,890,000 $20,434,922,247
2005 $14,698,000,000 $16,306,935,905
2004 $13,724,810,900 $13,827,070,379
2003 $13,243,892,200 $11,244,337,720
2002 $12,664,190,300 $9,249,030,241
2001 $12,282,533,600 $8,190,888,740
2000 $11,784,927,700 $7,761,252,607
1999 $11,284,197,000 $7,324,192,890
1998 $10,936,669,900 $6,974,112,951
1997 $10,221,705,900 $6,349,481,007
1996 $9,586,327,800 $5,799,465,288
1995 $8,921,947,100 $5,608,208,785
1994 $7,679,384,000 -
1993 $6,680,269,200 -
1992 $5,813,399,300 -
1991 $5,252,342,400 -
1990 $4,817,542,204 -
1989 $4,372,215,300 -
1988 $4,189,880,000 -
1987 $3,958,045,800 -
1986 $3,771,663,200 -
1985 $3,800,368,600 -
1984 $3,661,683,400 -
1983 $3,506,347,800 -
1982 $3,399,189,100 -
1981 $3,437,200,200 -
1980 $3,573,959,900 -
1979 $3,463,639,900 -
1978 $3,127,960,000 -
1977 $2,941,640,100 -
1976 $2,328,280,100 -
1975 $1,884,120,100 -
1974 $1,665,880,000 -
1973 $1,442,320,000 -
1972 $1,263,720,000 -
1971 $1,186,120,000 -
1970 $1,132,920,000 -
1969 $1,049,400,000 -
1968 $1,009,760,100 -
1967 $976,200,000 -
1966 $929,520,000 -
1965 $877,720,000 -

Data sources: World Bank | Economy & Growth (1965–2025, retrieved 2026-07-08).

GeoRank.org/economy/el-salvador/latvia | CC BY

GDP per capita in El Salvador vs Latvia by year

El Salvador
GDP per capita

GDP per capita, PPP
Latvia
GDP per capita

GDP per capita, PPP
1x
Year Current $
El Salvador Latvia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $5,767 - $26,312 -
2024 $5,503 $13,264 $23,579 $43,394
2023 $5,320 $12,680 $22,710 $42,576
2022 $5,075 $11,876 $20,221 $40,559
2021 $4,643 $10,810 $20,262 $36,912
2020 $3,997 $9,393 $17,564 $32,741
2019 $4,320 $9,757 $17,295 $32,199
2018 $4,184 $9,204 $17,252 $29,818
2017 $4,020 $8,965 $15,132 $25,764
2016 $3,901 $8,456 $13,839 $24,063
2015 $3,790 $7,934 $13,322 $22,544
2014 $3,666 $7,504 $15,186 $21,554
2013 $3,582 $7,093 $14,484 $20,474
2012 $3,498 $6,708 $13,329 $19,417
2011 $3,331 $6,594 $12,903 $17,680
2010 $3,040 $6,248 $11,188 $16,373
2009 $2,910 $6,063 $11,996 $15,545
2008 $2,983 $6,175 $15,678 $17,443
2007 $2,831 $5,949 $13,371 $16,246
2006 $2,666 $5,695 $9,212 $14,180
2005 $2,447 $5,292 $7,284 $12,826
2004 $2,286 $4,998 $6,110 $11,319
2003 $2,208 $4,829 $4,915 $10,193
2002 $2,115 $4,672 $4,004 $9,569
2001 $2,058 $4,543 $3,505 $8,808
2000 $1,983 $4,422 $3,278 $7,849
1999 $1,908 $4,298 $3,064 $7,256
1998 $1,860 $4,171 $2,894 $6,922
1997 $1,749 $4,043 $2,610 $6,366
1996 $1,651 $3,880 $2,360 $5,688
1995 $1,548 $3,808 $2,257 $5,391
1994 $1,344 $3,591 - $5,012
1993 $1,180 $3,390 - $4,722
1992 $1,041 $3,171 - $4,760
1991 $956 $2,945 - $6,762
1990 $892 $2,856 - $7,448
1989 $825 - - -
1988 $806 - - -
1987 $777 - - -
1986 $755 - - -
1985 $776 - - -
1984 $763 - - -
1983 $745 - - -
1982 $735 - - -
1981 $752 - - -
1980 $787 - - -
1979 $773 - - -
1978 $712 - - -
1977 $684 - - -
1976 $553 - - -
1975 $457 - - -
1974 $413 - - -
1973 $366 - - -
1972 $329 - - -
1971 $316 - - -
1970 $309 - - -
1969 $293.4 - - -
1968 $290.1 - - -
1967 $288.4 - - -
1966 $282.4 - - -
1965 $274.3 - - -

Data sources: World Bank | Economy & Growth (1965–2025, retrieved 2026-07-08).

GeoRank.org/economy/el-salvador/latvia | CC BY

El Salvador's GDP per capita is $5,767, ranking 117/197, compared to $26,312 in Latvia, ranking 51/197. Adjusted for purchasing power (GDP per capita PPP), El Salvador ranks 120th at $13,264, while Latvia ranks 53rd at $43,394.

Economic indicators

El Salvador Latvia
Gross domestic product
$36.7B
2025
$48.6B
2025
GDP rank
108/197
2025
99/197
2025
GDP growth
3.91%
2024-2025
2.14%
2024-2025
GDP per capita
$5,767
2025
$26,312
2025
GDP per capita rank
117/197
2025
51/197
2025
GDP per capita, PPP
$13,264
2024
$43,394
2024
GDP per capita PPP rank
120/197
2024
53/197
2024
Government debt
$32B
2025
$22.8B
2025
Debt-to-GDP ratio
87.2%
2025
46.9%
2025
Government debt per person
$5,030
2025
$12,353
2025
Government debt per person rank
86/185
2025
50/185
2025
Average annual personal income after taxes
$5,010
2026
$16,702
2026
Income share by richest 10%
29.7%
2023
26.2%
2023
Income share by poorest 10%
1.9%
2023
2.6%
2023
Government expenditure, % of GDP
30.2%
2025
45.4%
2025
Consumer prices inflation
0.26%
2024-2025
3.75%
2024-2025
Unemployment rate
2.71%
2024
6.9%
2025
Population
6404781
1826986

Spending and national debt comparison by year

El Salvador
Spending

Debt
Latvia
Spending

Debt
1x
Year % of GDP
El Salvador Latvia
Government spending Government debt Government spending Government debt
2025 30.2% 87.2% 45.4% 46.9%
2024 31.4% 87.4% 44% 46.2%
2023 30.5% 85% 42.9% 44.4%
2022 28.7% 83.7% 43.6% 44.4%
2021 31.1% 88% 44.6% 45.9%
2020 32.7% 95.4% 42.6% 44%
2019 27.8% 77.9% 39% 37.9%
2018 27.6% 77% 39.4% 38.3%
2017 28.1% 77.1% 37.8% 40.3%
2016 27.5% 75.2% 37.4% 41.7%
2015 27.1% 73.5% 38.7% 38.3%
2014 27.6% 71.8% 39.2% 43.1%
2013 28.5% 69.7% 38.7% 41.8%
2012 27.4% 70% 38.6% 44.4%
2011 25.3% 65.6% 41.2% 46.8%
2010 25.6% 66.8% 43.6% 48.2%
2009 26% 65.8% 43.6% 37.6%
2008 24.5% 54.2% 38.2% 19.3%
2007 22.8% 52.2% 34.8% 9%
2006 23.4% 52.6% 35.5% 10.7%
2005 22.4% 46.3% 35.8% 12.5%
2004 21.5% 46.8% 34.8% 15.3%
2003 22.6% 46% 34.4% 15.4%
2002 22.5% 43.8% 35.4% 15.4%
2001 21.7% 37.8% 35% 17.8%
2000 21% 29.6% 37% 15.1%
1999 19.7% 28% 40.4% 14.8%
1998 19.3% 25.7% 38.1% 9.81%
1997 18.6% 27.8% - -
1996 21% 28.5% - -
1995 18.6% 28% - -
1994 18.9% 30.5% - -
1993 18.5% 31.9% - -
1992 20.8% 36.4% - -
1991 18.5% 43.3% - -
1990 15.9% - - -

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

GeoRank.org/economy/el-salvador/latvia | CC BY

In 2025, El Salvador's government spending was $11.1B, accounting for 30.2% of its GDP, while Latvia spent $22.1B, or 45.4% of GDP.

Debt-to-GDP ratio is 87.2% in El Salvador and 46.9% in Latvia, ranking 32/185 and 112/185, respectively.

Government deficit by year

Deficit/surplus
El Salvador

Latvia
1x
Year Deficit/surplus, % of GDP
El Salvador Latvia
2025 -2.82% -4.05%
2024 -4.55% -1.72%
2023 -4.69% -3.36%
2022 -2.68% -3.95%
2021 -5.53% -5.71%
2020 -8.14% -3.85%
2019 -3.07% -0.39%
2018 -2.71% -0.77%
2017 -2.53% -0.85%
2016 -3.1% -0.41%
2015 -3.63% -1.57%
2014 -4.02% -1.74%
2013 -4.46% -0.58%
2012 -3.81% 0.18%
2011 -4.47% -3.38%
2010 -4.97% -6.56%
2009 -6.65% -7.14%
2008 -3.8% -3.29%
2007 -2.32% 0.63%
2006 -3.42% -0.48%
2005 -3.47% -1.06%
2004 -2.76% -1.04%
2003 -4.23% -1.67%
2002 -5.5% -2.59%
2001 -4.95% -2.03%
2000 -3.45% -2.57%
1999 -3.08% -3.54%
1998 -2.94% -0.66%
1997 -1.97% -
1996 -2.7% -
1995 -0.18% -
1994 -0.94% -
1993 -1.42% -
1992 -4.29% -
1991 -2.3% -
1990 -0.61% -

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

GeoRank.org/economy/el-salvador/latvia | CC BY

In 2025, El Salvador's government deficit, the difference between spending and revenue, was $1.03B, equivalent to 2.82% of GDP. This compares to Latvia's deficit of $1.97B, or 4.05% of GDP.

Over the past 28 years, El Salvador recorded a fiscal deficit in 28 of those years, while Latvia ran a deficit in 26 years. On average, El Salvador posted an annual deficit equal to 3.99% of GDP, compared to deficit of 2.29% of GDP for Latvia.

Inflation comparison by year

Inflation
El Salvador

Latvia
1x
Year Consumer prices inflation
El Salvador Latvia
2025 0.26% 3.75%
2024 0.85% 1.27%
2023 4.05% 8.94%
2022 7.2% 17.3%
2021 3.47% 3.28%
2020 -0.37% 0.22%
2019 0.08% 2.81%
2018 1.09% 2.53%
2017 1.01% 2.93%
2016 0.6% 0.14%
2015 -0.73% 0.17%
2014 1.14% 0.62%
2013 0.76% -0.03%
2012 1.73% 2.26%
2011 5.13% 4.37%
2010 1.18% -1.08%
2009 1.06% 3.53%
2008 6.71% 15.4%
2007 4.58% 10.1%
2006 4.04% 6.54%
2005 4.69% 6.75%
2004 4.45% 6.19%
2003 2.12% 2.94%
2002 1.87% 1.94%
2001 3.75% 2.49%
2000 2.27% 2.65%
1999 0.51% 2.36%
1998 2.55% 4.64%
1997 4.49% 8.45%

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

GeoRank.org/economy/el-salvador/latvia | CC BY

Over the past 29 years, El Salvador has recorded an average annual inflation rate of 2.43%, compared with 4.26% in Latvia. In 2025, inflation was 0.26% in El Salvador and 3.75% in Latvia.

Top exports between countries

El Salvador
Export category Export value
Raw agricultural goods $177K
Processed food, beverages & tobacco $60K
Machinery & equipment $9K
Latvia
Export category Export value
Machinery & equipment $376K
Chemicals & pharma $272K
Raw materials & minerals $176K
Processed food, beverages & tobacco $43K
Textiles & consumer goods $6K
Miscellaneous $4K
Wood & paper products $4K

Balance of trade

El Salvador Latvia
Current account balance
-$1.3B
2025
-$1.64B
2025
Current account balance ranking
125/190
2025
133/190
2025
Current account balance, % of GDP
-3.54%
2025
-3.38%
2025
Goods imports
$16.7B
2025
$25.6B
2025
Goods exports
$5.55B
2025
$21.1B
2025
Service imports
$3.94B
2025
$7.07B
2025
Service exports
$6.21B
2025
$9.33B
2025
Imports of goods and services, % of GDP
56.1%
2025
67.2%
2025
Exports of goods and services, % of GDP
32%
2025
62.6%
2025

Economic freedom indices

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

El Salvador Latvia
Economic freedom 57.7 71.6
Economic freedom ranking 114/197 31/197
Property rights 42.7 88.8
Government integrity 31.5 67.7
Judicial effectiveness 15.3 70.9
Tax burden 76.8 70.9
Government spending 72.7 42.7
Fiscal health 59.4 80.8
Business freedom 65.7 80.7
Labor freedom 51.6 60.5
Monetary freedom 70.6 76.3
Trade freedom 76.4 79.4
Investment freedom 70 80
Financial freedom 60 60

Economic freedom comparison by year

El Salvador
Latvia
1x
Year Economic freedom index
El Salvador Latvia
2026 57.7 71.6
2025 56.6 71.4
2024 54.4 71.5
2023 56 72.8
2022 59.6 74.8
2021 61 72.3
2020 61.6 71.9
2019 61.8 70.4
2018 63.2 73.6
2017 64.1 74.8
2016 65.1 70.4
2015 65.7 69.7
2014 66.2 68.7
2013 66.7 66.5
2012 68.7 65.2
2011 68.8 65.8
2010 69.9 66.2
2009 69.8 66.6
2008 68.5 68.3
2007 68.9 67.9
2006 69.6 66.9
2005 71.5 66.3
2004 71.2 67.4
2003 71.5 66
2002 73 65
2001 73 66.4
2000 76.3 63.4
1999 75.1 64.2
1998 70.2 63.4
1997 70.5 62.4
1996 70.1 55
1995 69.1 -

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

GeoRank.org/economy/el-salvador/latvia | CC BY

The Economic Freedom Index for El Salvador is 57.7, ranking 114/197, 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

El Salvador Latvia
Services, % of GDP
58.9%
2025
64.2%
2025
Industry, % of GDP
24.5%
2025
18.7%
2025
Agriculture, forestry, and fishing, % of GDP
4.4%
2025
4.01%
2025
GNI, Atlas method
$34.4B
2025
$46.1B
2025
GNI per capita, PPP
$13,140
2025
$45,740
2025
Total reserves including gold
$4.82B
2025
$6.1B
2025
Total reserves ranking
107/177
2025
95/177
2025
Net foreign direct investment
-$445M
2025
$72.5M
2025
Net inflows of foreign direct investment
$1.05B
2024
$1.51B
2024
Net outflows of foreign direct investment
$310M
2024
$257M
2024
Servicing debt to the IMF, % of GNI
35.5%
2024
n/a
Poverty at national poverty lines
27.2%
2023
22.5%
2022
Gross capital formation, % of GDP
26.3%
2025
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/el-salvador/latvia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1965–2025, 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 (2021–2025, 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.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

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.