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Economy of Jordan vs Latvia compared: GDP & Debt

Updated on by Georank team

Jordan has a GDP of $53.4B compared to $43.5B for Latvia, ranking 91/197 and 100/197 by economy size, respectively.

Jordan has $51.2B in government debt (92.6% 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.

Jordan
GDP, current $

GDP, constant 2015 $
Latvia
GDP, current $

GDP, constant 2015 $
Year GDP
Jordan Latvia
Current $ Constant $ Current $ Constant $
1965 $599,759,760 - - -
1966 $657,999,737 - - -
1967 $631,679,747 - - -
1968 $561,119,776 - - -
1969 $698,879,720 - - -
1970 $639,519,744 - - -
1971 $678,159,729 - - -
1972 $788,479,685 - - -
1973 $943,783,840 - - -
1974 $1,197,483,949 - - -
1975 $1,363,073,498 - - -
1976 $1,708,521,219 $5,730,509,541 - -
1977 $2,096,778,602 $6,206,050,653 - -
1978 $2,602,208,589 $7,117,071,955 - -
1979 $3,271,368,781 $8,597,629,976 - -
1980 $3,910,044,474 $9,559,261,689 - -
1981 $4,383,944,703 $11,201,420,243 - -
1982 $4,681,240,993 $11,988,425,688 - -
1983 $4,920,692,191 $11,722,313,981 - -
1984 $4,967,162,160 $12,225,399,096 - -
1985 $4,993,601,520 $11,894,464,002 - -
1986 $6,402,050,485 $12,549,210,740 - -
1987 $6,756,209,762 $12,840,763,338 - -
1988 $6,277,451,829 $13,028,517,104 - -
1989 $4,221,373,674 $11,630,658,935 - -
1990 $4,160,087,508 $11,598,569,492 - $20,300,396,491
1991 $4,344,467,193 $11,785,136,086 - $17,743,516,528
1992 $5,310,833,194 $13,476,276,723 - $12,044,552,669
1993 $5,606,400,222 $14,080,955,882 - $11,444,375,037
1994 $6,236,295,978 $14,780,987,323 - $11,694,996,755
1995 $6,727,597,032 $15,697,537,789 $5,608,208,785 $11,584,507,030
1996 $6,927,503,526 $16,025,148,664 $5,799,465,288 $11,850,946,178
1997 $7,245,839,210 $16,555,336,763 $6,349,481,007 $12,937,852,903
1998 $7,912,270,804 $17,054,012,096 $6,974,112,951 $13,785,282,610
1999 $8,149,929,478 $17,632,063,087 $7,324,192,890 $14,173,807,644
2000 $8,460,789,845 $18,380,669,692 $7,761,252,607 $15,001,703,494
2001 $8,975,814,653 $19,349,323,187 $8,190,888,740 $15,970,900,289
2002 $9,582,510,578 $20,468,450,875 $9,249,030,241 $17,195,147,700
2003 $10,195,627,645 $21,320,279,754 $11,244,337,720 $18,644,549,496
2004 $11,411,706,629 $23,146,833,798 $13,827,070,379 $20,271,313,179
2005 $12,588,998,590 $25,032,512,559 $16,306,935,905 $22,625,890,638
2006 $15,056,981,664 $27,058,387,611 $20,434,922,247 $25,527,665,150
2007 $17,110,437,236 $29,270,727,369 $29,420,499,248 $28,186,253,354
2008 $22,658,715,989 $31,384,186,979 $34,135,200,994 $27,231,101,091
2009 $24,537,876,056 $32,960,837,542 $25,691,530,442 $22,863,227,157
2010 $27,133,804,225 $33,723,826,288 $23,468,324,572 $22,026,145,288
2011 $29,524,149,155 $34,646,908,078 $26,575,547,901 $22,694,935,011
2012 $31,634,561,690 $35,488,605,512 $27,116,149,949 $24,352,854,611
2013 $34,454,440,141 $36,414,839,440 $29,152,128,168 $24,863,312,430
2014 $36,847,643,521 $37,647,146,046 $30,277,203,767 $25,384,188,823
2015 $38,587,017,887 $38,587,017,887 $26,344,565,877 $26,344,565,877
2016 $39,892,551,127 $39,356,512,808 $27,117,105,060 $27,016,796,481
2017 $41,608,435,915 $40,330,034,783 $29,391,059,767 $27,935,083,541
2018 $43,370,860,704 $41,103,996,750 $33,247,935,477 $29,139,005,430
2019 $44,503,006,338 $41,823,826,702 $33,099,503,951 $29,335,802,339
2020 $43,700,383,099 $41,362,613,666 $33,379,927,435 $28,318,076,614
2021 $46,296,100,141 $42,874,683,401 $38,183,326,785 $30,284,070,900
2022 $48,764,963,380 $44,009,762,840 $38,014,713,596 $30,831,235,008
2023 $51,088,476,338 $45,279,041,101 $42,572,151,720 $31,711,225,667
2024 $53,352,289,577 $46,405,988,481 $43,520,773,851 $31,570,906,308

Economic indicators

Jordan Latvia
Gross domestic product
$53.4B
2024
$43.5B
2024
GDP rank
91/197
2024
100/197
2024
GDP growth
4.43%
2023-2024
2.23%
2023-2024
GDP per capita
$4,618
2024
$23,368
2024
GDP per capita rank
124/197
2024
53/197
2024
GDP per capita, PPP
$10,821
2024
$43,867
2024
Government debt
$51.2B
2024
$20.6B
2024
Debt-to-GDP ratio
92.6%
2025
48.3%
2025
Government debt per person
$4,429
2024
$11,068
2024
Government debt per person rank
88/185
2024
52/185
2024
Average annual personal income after taxes
$5,420
2025
$15,995
2025
Market capitalization of domestic companies
$24.9B
2024
n/a
Income share by richest 10%
27.4%
2010
26.2%
2023
Income share by poorest 10%
3.5%
2010
2.6%
2023
Government expenditure, % of GDP
31.3%
2025
44.4%
2025
Consumer prices inflation
1.56%
2023-2024
1.27%
2023-2024
Central bank interest rate
6.25%
2025
n/a
Unemployment rate
16.6%
2023
6.88%
2024
Population
11575983
1844219

GDP per capita in Jordan vs Latvia

Jordan's GDP per capita is $4,618, ranking 124/197, compared to $23,368 in Latvia, ranking 53/197. Adjusted for purchasing power (GDP per capita PPP), Jordan ranks 131st at $10,821, while Latvia ranks 53rd at $43,867.

Jordan
GDP per capita

GDP per capita, PPP
Latvia
GDP per capita

GDP per capita, PPP
Year Current $
Jordan Latvia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1965 $546 - - -
1966 $558 - - -
1967 $497 - - -
1968 $409 - - -
1969 $474 - - -
1970 $409 - - -
1971 $412 - - -
1972 $460 - - -
1973 $531 - - -
1974 $651 - - -
1975 $718 - - -
1976 $873 - - -
1977 $1,039 - - -
1978 $1,249 - - -
1979 $1,519 - - -
1980 $1,750 - - -
1981 $1,885 - - -
1982 $1,929 - - -
1983 $1,939 - - -
1984 $1,871 - - -
1985 $1,797 - - -
1986 $2,200 - - -
1987 $2,217 - - -
1988 $1,966 - - -
1989 $1,260 - - -
1990 $1,149 $4,317 - $7,448
1991 $1,110 $4,195 - $6,762
1992 $1,287 $4,654 - $4,760
1993 $1,289 $4,726 - $4,722
1994 $1,367 $4,830 - $5,012
1995 $1,416 $5,027 $2,257 $5,342
1996 $1,410 $5,055 $2,360 $5,636
1997 $1,436 $5,171 $2,610 $6,309
1998 $1,532 $5,264 $2,894 $6,879
1999 $1,545 $5,402 $3,064 $7,200
2000 $1,571 $5,641 $3,278 $7,841
2001 $1,632 $5,948 $3,505 $8,862
2002 $1,706 $6,256 $4,004 $9,756
2003 $1,776 $6,500 $4,915 $10,566
2004 $1,940 $7,074 $6,110 $11,761
2005 $2,088 $7,697 $7,284 $13,344
2006 $2,343 $8,046 $9,212 $15,025
2007 $2,506 $8,416 $13,371 $17,281
2008 $3,242 $8,983 $15,678 $18,635
2009 $3,436 $9,291 $11,996 $16,560
2010 $3,718 $9,417 $11,188 $17,343
2011 $3,947 $9,632 $12,903 $18,619
2012 $4,170 $9,739 $13,329 $20,494
2013 $4,311 $9,817 $14,484 $21,850
2014 $4,191 $9,145 $15,186 $22,974
2015 $4,043 $8,967 $13,322 $24,138
2016 $3,987 $8,748 $13,839 $25,802
2017 $4,066 $9,266 $15,132 $27,646
2018 $4,145 $9,042 $17,252 $29,818
2019 $4,170 $9,429 $17,295 $32,199
2020 $4,022 $9,579 $17,564 $32,741
2021 $4,183 $9,182 $20,262 $36,912
2022 $4,332 $9,927 $20,227 $39,961
2023 $4,466 $10,412 $22,676 $41,810
2024 $4,618 $10,821 $23,368 $43,867

Spending and national debt comparison

In 2024, Jordan's government spending was $17.8B, accounting for 31.3% of its GDP, while Latvia's spent $19.4B, or 44.4% of GDP.

Debt-to-GDP ratio is 92.6% in Jordan and 48.3% in Latvia, ranking 29/185 and 114/185, respectively.

Jordan
Government spending

Government debt
Latvia
Government spending

Government debt
Year % of GDP
Jordan Latvia
Government spending Government debt Government spending Government debt
1985 42.4% 85.2% - -
1986 33.8% 84.3% - -
1987 42.1% 101.9% - -
1988 44.3% 129.3% - -
1989 42.5% 195.4% - -
1990 44% 227.5% - -
1991 44.9% 207.7% - -
1992 35.5% 155.1% - -
1993 36.4% 140.6% - -
1994 34.3% 129% - -
1995 35.5% 117.8% - -
1996 36.2% 116.5% - -
1997 33.9% 109% - -
1998 34.9% 110.8% 38.1% 9.81%
1999 32.7% 109% 40.4% 14.8%
2000 33.1% 99.3% 37% 15.1%
2001 32.1% 94.4% 35% 17.8%
2002 32.9% 94.9% 35.4% 15.4%
2003 36% 88.8% 34.4% 15.4%
2004 36.6% 81.5% 34.8% 15.3%
2005 37.3% 73% 35.8% 12.5%
2006 34.7% 66.3% 35.5% 10.7%
2007 35.8% 64.3% 34.8% 9%
2008 34% 54.2% 38.2% 19.3%
2009 34.5% 58% 43.6% 37.6%
2010 32% 59.4% 43.6% 48.2%
2011 35.6% 62.1% 41.2% 46.8%
2012 36.8% 70.5% 38.6% 44.4%
2013 33.6% 75.6% 38.7% 41.8%
2014 35.6% 75% 39.2% 43.1%
2015 32.7% 78.4% 38.7% 38.3%
2016 28.4% 77.4% 37.4% 41.7%
2017 28.7% 75.7% 37.8% 40.3%
2018 30.1% 74.3% 39.4% 38.3%
2019 30.1% 78% 39% 37.9%
2020 31.7% 87.9% 42.6% 44%
2021 32.2% 98.2% 44.6% 45.9%
2022 32.6% 97.9% 43.5% 44.4%
2023 32.8% 97% 43.1% 44.6%
2024 33.3% 95.9% 44.5% 47.4%
2025 31.3% 92.6% 44.4% 48.3%

Government deficit by year

In 2024, Jordan's government deficit, the difference between spending and revenue, was -$4.41B, equivalent to -8.26% of GDP. This compares to Latvia's deficit of -$794M, or -1.82% of GDP.

Over the past 27 years, Jordan recorded a fiscal deficit in 27 of those years, while Latvia ran a deficit in 25 years. On average, Jordan posted an annual deficit equal to -6.17% of GDP, compared to deficit of -2.23% of GDP for Latvia.

Deficit/surplus
Jordan

Latvia
Year Deficit/surplus, % of GDP
Jordan Latvia
1985 -6.9% -
1986 -2.39% -
1987 -13.4% -
1988 -13% -
1989 -6.89% -
1990 -7.45% -
1991 -10.2% -
1992 1.87% -
1993 -2.14% -
1994 -2.3% -
1995 -1.72% -
1996 -3.25% -
1997 -2.97% -
1998 -5.4% -0.66%
1999 -2.69% -3.54%
2000 -3.99% -2.57%
2001 -2.77% -2.03%
2002 -4.44% -2.59%
2003 -2.52% -1.67%
2004 -1.09% -1.04%
2005 -5.36% -1.06%
2006 -3.82% -0.48%
2007 -5.03% 0.63%
2008 -4.8% -3.29%
2009 -8.84% -7.14%
2010 -7.81% -6.56%
2011 -9.82% -3.38%
2012 -14.3% 0.18%
2013 -10.1% -0.58%
2014 -8.48% -1.74%
2015 -8.39% -1.57%
2016 -3.66% -0.51%
2017 -3.57% -0.85%
2018 -4.61% -0.77%
2019 -5.83% -0.39%
2020 -9.07% -3.85%
2021 -7.46% -5.71%
2022 -6.95% -3.94%
2023 -7.64% -3.38%
2024 -8.26% -1.82%
2025 -5.32% -3.63%

Inflation comparison by year

Over the past 29 years, Jordan has recorded an average annual inflation rate of 3.03%, compared with 4.74% in Latvia. In 2024, inflation was 1.56% in Jordan and 1.27% in Latvia.

Inflation
Jordan

Latvia
Year Inflation
Jordan Latvia Jordan Latvia
1996 6.5% 17.6%
1997 3.04% 8.45%
1998 3.09% 4.64%
1999 0.61% 2.36%
2000 0.67% 2.65%
2001 1.77% 2.49%
2002 1.83% 1.94%
2003 1.63% 2.94%
2004 3.36% 6.19%
2005 3.49% 6.75%
2006 6.25% 6.54%
2007 4.74% 10.1%
2008 14% 15.4%
2009 -0.74% 3.53%
2010 4.85% -1.08%
2011 4.16% 4.37%
2012 4.52% 2.26%
2013 4.82% -0.03%
2014 2.9% 0.62%
2015 -0.88% 0.17%
2016 -0.78% 0.14%
2017 3.32% 2.93%
2018 4.46% 2.53%
2019 0.76% 2.81%
2020 0.33% 0.22%
2021 1.35% 3.28%
2022 4.23% 17.3%
2023 2.08% 8.94%
2024 1.56% 1.27%

Top exports between countries

Jordan
Export category Export value
Machinery & equipment $124K
Chemicals & pharma $28K
Textiles & consumer goods $7K
Latvia
Export category Export value
Machinery & equipment $855K
Raw materials & minerals $680K
Chemicals & pharma $279K
Processed food, beverages & tobacco $201K
Raw agricultural goods $170K
Textiles & consumer goods $113K
Wood & paper products $112K
Metals $18K
Miscellaneous $1K

Balance of trade

Jordan Latvia
Current account balance
-$3.13B
2024
-$688M
2024
Current account balance ranking
156/189
2024
113/189
2024
Current account balance, % of GDP
-5.86%
2024
-1.58%
2024
Goods imports
$23.9B
2024
$23.4B
2024
Goods exports
$13.3B
2024
$20.1B
2024
Service imports
$6.5B
2024
$5.86B
2024
Service exports
$9.45B
2024
$8.42B
2024
Imports of goods and services, % of GDP
57.1%
2024
67.2%
2024
Exports of goods and services, % of GDP
42.6%
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.

Jordan Latvia
Economic freedom 59.4 71.4
Economic freedom ranking 101/197 30/197
Property rights 54.4 87.8
Government integrity 48.8 66.7
Judicial effectiveness 43.5 72.3
Tax burden 83.9 76.2
Government spending 68.5 46.9
Fiscal health 2.8 67.2
Business freedom 62.4 81.8
Labor freedom 55.6 64
Monetary freedom 79.9 69.5
Trade freedom 82.4 79.6
Investment freedom 70 85
Financial freedom 60 60

Economic freedom by year comparison

The Economic Freedom Index for Jordan is 59.4, ranking 101/197, compared to 71.4 for Latvia, ranking 30/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Jordan
Latvia
Year Economic freedom index
Jordan Latvia
1995 62.7 -
1996 60.8 55
1997 63.6 62.4
1998 66.8 63.4
1999 67.4 64.2
2000 67.5 63.4
2001 68.3 66.4
2002 66.2 65
2003 65.3 66
2004 66.1 67.4
2005 66.7 66.3
2006 63.7 66.9
2007 64.5 67.9
2008 64.1 68.3
2009 65.4 66.6
2010 66.1 66.2
2011 68.9 65.8
2012 69.9 65.2
2013 70.4 66.5
2014 69.2 68.7
2015 69.3 69.7
2016 68.3 70.4
2017 66.7 74.8
2018 64.9 73.6
2019 66.5 70.4
2020 66 71.9
2021 64.6 72.3
2022 60.1 74.8
2023 58.8 72.8
2024 58.3 71.5
2025 59.4 71.4

More economic indicators

Jordan Latvia
Services, % of GDP
60.4%
2024
63.1%
2024
Industry, % of GDP
25.1%
2024
19.9%
2024
Agriculture, forestry, and fishing, % of GDP
5.07%
2024
4.1%
2024
GNI, Atlas method
$51.2B
2024
$40.8B
2024
GNI per capita, PPP
$10,570
2024
$43,130
2024
Total reserves including gold
$21.9B
2024
$5.14B
2024
Total reserves ranking
60/177
2024
98/177
2024
Net foreign direct investment
-$1.58B
2024
-$1.26B
2024
Net inflows of foreign direct investment
$1.63B
2024
$1.51B
2024
Net outflows of foreign direct investment
$54.1M
2024
$257M
2024
Servicing debt to the IMF, % of GNI
7.66%
2023
n/a
Poverty at national poverty lines
14.2%
2020
22.5%
2022
Gross capital formation, % of GDP
25.2%
2021
21.2%
2024

GDP per capita map

GDP per capita

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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.