Latvia vs the Marshall Islands: Economic Indicators Comparison

Latvia with a GDP of $34.4B ranked the 100th largest economy in the world, while the Marshall Islands ranked 193rd with $221.3M. By GDP per capita, Latvia and the Marshall Islands ranked 51st vs 123rd, respectively.

Gross Domestic Product & Income

Stat	Latvia	Marshall Islands
GDP	$34.4B	$221.3M
GDP growth, 1 year	4.8%	3.62%
GDP growth, 5-years average	3.3%	N/A
Population	1.9M	53k
GDP per capita	$18k	$3.8k
GDP per capita growth	5.47%	2.99%
Purchasing Power Parity conversion factor	0.5	0.95
Price level ratio of PPP conversion factor GDP to market exchange rate	0.59	0.95
GDP per capita, PPP adjusted	$30k	$4k
GNI, Atlas method	$31.8B	$283.7M
GNI per capita	$17k	$4.9k
GNI, PPP adjusted	$57.4B	$297.6M
GNI per capita, PPP adjusted	$30k	$5.1k

Financial system and Human development

Stat	Latvia	Marshall Islands
Income Tax Rate	31.4%	N/A
Corporate Tax Rate	20%	N/A
Inflation, consumer prices	2.6%	N/A
Inflation, GDP deflator	4%	0.3%
Unemployment	7.9%	4.7%
Economic Freedom Index	71.9	58
Personal Freedom Index	8.65	6.2
Human Freedom Index	8.16	6.2
Property Rights Index	72.3	N/A
Judical Effectiveness Index	51.1	N/A
Business Freedom Index	77	N/A
Fiscal Health Index	96.5	N/A
Labor Freedom Index	72.4	N/A
Investment Freedom Index	85	N/A
Financial Freedom Index	60	N/A
Trade Freedom Index	86.4	N/A
Monetary Freedom Index	80.2	N/A
Government Spending Index	58.3	N/A
Tax Burden Index	76.9	N/A
Government Integrity Index	46.4	N/A
Corruption Perceptions Index	58	64
Life expectancy at birth, years	74.7	65.2
Suicide mortality rate, per 100,000 people	21.2	1
Mortality caused by road traffic injury, per 100,000 people	9.3	5.7
Intentional homicides, per 100,000 people	4.2	4
International tourism, number of arrivals	1.9M	6.8k

Government debt & reserves

Stat	Latvia	Marshall Islands
Central government debt, % of GDP	37.6%	48.9%
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%	N/A
Gross savings, % of GDP	22.8%	17.2%
Gross capital formation, % of GDP	23.5%	23.4%
Total reserves including gold	$4.4B	N/A
Foreign direct investment net inflows	$447M	$9.8M

Exports, imports and economic structure

Stat	Latvia	Marshall Islands
Exports of goods and services, % of GDP	61.3%	40.4%
Imports of goods and services, % of GDP	61.5%	85.3%
Current account balance (balance of payments)	-$211M	$53M
Revenue excluding grants, % of GDP	41.4%	32.2%
Grants excluding technical cooperation, BoP	$148.1M	$50.6M
Personal remittances received	$1.2B	$31.5M
Industry including construction value added, % of GDP	19.5%	12.8%
Agriculture, forestry and fishing value added, % of GDP	3.6%	15.2%
Charges for the use of intellectual property, payments BoP	$64.6M	N/A
Charges for the use of intellectual property, receipts BoP	$10.6M	N/A
Expense, % of GDP	43%	57.9%
Government Expenditure, % of GDP	37.3%	N/A