Latvia vs Mongolia: Economic Indicators Comparison
Gross Domestic Product & Income
| Stat |  Latvia |  Mongolia |
|---|---|---|
| GDP | $34.4B | $13.1B |
| GDP growth, 1 year | 4.8% | 6.9% |
| GDP growth, 5-years average | 3.3% | 4.7% |
| Population | 1.9M | 3.1M |
| GDP per capita | $18k | $4.1k |
| GDP per capita growth | 5.47% | 5.32% |
| Purchasing Power Parity conversion factor | 0.5 | 738.48 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 0.59 | 0.3 |
| GDP per capita, PPP adjusted | $30k | $13k |
| GNI, Atlas method | $31.8B | $11.6B |
| GNI per capita | $17k | $3.7k |
| GNI, PPP adjusted | $57.4B | $39.6B |
| GNI per capita, PPP adjusted | $30k | $13k |
Financial system and Human development
| Stat | Latvia | Mongolia |
|---|---|---|
| Income Tax Rate | 31.4% | 10% |
| Corporate Tax Rate | 20% | 25% |
| Inflation, consumer prices | 2.6% | 7.7% |
| Inflation, GDP deflator | 4% | 8.1% |
| Unemployment | 7.9% | 6.3% |
| Economic Freedom Index | 71.9 | 55.9 |
| Personal Freedom Index | 8.65 | 7.63 |
| Human Freedom Index | 8.16 | 7.17 |
| Property Rights Index | 72.3 | 50.3 |
| Judical Effectiveness Index | 51.1 | 23 |
| Business Freedom Index | 77 | 63.6 |
| Fiscal Health Index | 96.5 | 9.3 |
| Labor Freedom Index | 72.4 | 75.7 |
| Investment Freedom Index | 85 | 50 |
| Financial Freedom Index | 60 | 60 |
| Trade Freedom Index | 86.4 | 74 |
| Monetary Freedom Index | 80.2 | 74.2 |
| Government Spending Index | 58.3 | 66.6 |
| Tax Burden Index | 76.9 | 87.4 |
| Government Integrity Index | 46.4 | 36.9 |
| Corruption Perceptions Index | 58 | 37 |
| Life expectancy at birth, years | 74.7 | 69.5 |
| Suicide mortality rate, per 100,000 people | 21.2 | 13 |
| Mortality caused by road traffic injury, per 100,000 people | 9.3 | 16.5 |
| Intentional homicides, per 100,000 people | 4.2 | 6.2 |
| International tourism, number of arrivals | 1.9M | 529k |
Government debt & reserves
| Stat | Latvia | Mongolia |
|---|---|---|
| Central government debt, % of GDP | 37.6% | 73.3% |
| External debt stocks, % of GNI | N/A | 253.9% |
| External debt stocks | N/A | $29.4B |
| Short-term debt, % of total reserves | N/A | 87.3% |
| Total debt service, % of exports and primary income | N/A | 101.6% |
| Adjusted net savings including particulate emission damage, % of GNI | 6% | -10.3% |
| Gross savings, % of GDP | 22.8% | 30.3% |
| Gross capital formation, % of GDP | 23.5% | 43.1% |
| Total reserves including gold | $4.4B | $3.5B |
| Foreign direct investment net inflows | $447M | $2B |
Exports, imports and economic structure
| Stat | Latvia | Mongolia |
|---|---|---|
| Exports of goods and services, % of GDP | 61.3% | 58.7% |
| Imports of goods and services, % of GDP | 61.5% | 64.2% |
| Current account balance (balance of payments) | -$211M | -$1.9B |
| Revenue excluding grants, % of GDP | 41.4% | 24.9% |
| Grants excluding technical cooperation, BoP | $148.1M | $115.6M |
| Personal remittances received | $1.2B | $440.6M |
| Industry including construction value added, % of GDP | 19.5% | 38.7% |
| Agriculture, forestry and fishing value added, % of GDP | 3.6% | 10.8% |
| Charges for the use of intellectual property, payments BoP | $64.6M | $16.1M |
| Charges for the use of intellectual property, receipts BoP | $10.6M | $1.4M |
| Expense, % of GDP | 43% | 23.8% |
| Government Expenditure, % of GDP | 37.3% | 33.4% |
