Latvia vs Mongolia: Economic Indicators Comparison

Latvia with a GDP of $34.4B ranked the 100th largest economy in the world, while Mongolia ranked 134th with $13.1B. By GDP 5-years average growth and GDP per capita, Latvia and Mongolia ranked 74th vs 39th and 51st vs 118th, respectively.

Gross Domestic Product & Income

StatLatviaMongolia
GDP$34.4B$13.1B
GDP growth, 1 year4.8%6.9%
GDP growth, 5-years average3.3%4.7%
Population1.9M3.1M
GDP per capita$18k$4.1k
GDP per capita growth5.47%5.32%
Purchasing Power Parity conversion factor0.5738.48
Price level ratio of PPP conversion factor GDP to market exchange rate0.590.3
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

StatLatviaMongolia
Income Tax Rate31.4%10%
Corporate Tax Rate20%25%
Inflation, consumer prices2.6%7.7%
Inflation, GDP deflator4%8.1%
Unemployment7.9%6.3%
Economic Freedom Index71.955.9
Personal Freedom Index8.657.63
Human Freedom Index8.167.17
Property Rights Index72.350.3
Judical Effectiveness Index51.123
Business Freedom Index7763.6
Fiscal Health Index96.59.3
Labor Freedom Index72.475.7
Investment Freedom Index8550
Financial Freedom Index6060
Trade Freedom Index86.474
Monetary Freedom Index80.274.2
Government Spending Index58.366.6
Tax Burden Index76.987.4
Government Integrity Index46.436.9
Corruption Perceptions Index5837
Life expectancy at birth, years74.769.5
Suicide mortality rate, per 100,000 people21.213
Mortality caused by road traffic injury, per 100,000 people9.316.5
Intentional homicides, per 100,000 people4.26.2
International tourism, number of arrivals1.9M529k

Government debt & reserves

StatLatviaMongolia
Central government debt, % of GDP37.6%73.3%
External debt stocks, % of GNIN/A253.9%
External debt stocksN/A$29.4B
Short-term debt, % of total reservesN/A87.3%
Total debt service, % of exports and primary incomeN/A101.6%
Adjusted net savings including particulate emission damage, % of GNI6%-10.3%
Gross savings, % of GDP22.8%30.3%
Gross capital formation, % of GDP23.5%43.1%
Total reserves including gold$4.4B$3.5B
Foreign direct investment net inflows$447M$2B

Exports, imports and economic structure

StatLatviaMongolia
Exports of goods and services, % of GDP61.3%58.7%
Imports of goods and services, % of GDP61.5%64.2%
Current account balance (balance of payments)-$211M-$1.9B
Revenue excluding grants, % of GDP41.4%24.9%
Grants excluding technical cooperation, BoP$148.1M$115.6M
Personal remittances received$1.2B$440.6M
Industry including construction value added, % of GDP19.5%38.7%
Agriculture, forestry and fishing value added, % of GDP3.6%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 GDP43%23.8%
Government Expenditure, % of GDP37.3%33.4%

Compare with countries close by GDP per capita

Latvia vs

CountryGDP
per capita
Population
Cyprus
$28k
1.14M
Slovenia
$26k
2.07M
Taiwan
$25k
23.6M
Bahrain
$24k
1.49M
Portugal
$23k
10.6M
Saudi Arabia
$23k
33M
Estonia
$23k
1.32M
Czech Republic
$23k
10.7M
Vatican City
$21k
1k
Greece
$20k
10.8M
Curacao
$20k
160k
Slovakia
$19k
5.4M
Saint Kitts and Nevis
$19k
55.3k
Lithuania
$19k
2.79M
Barbados
$18k
286k
Uruguay
$17k
3.46M
Trinidad and Tobago
$17k
1.37M
Antigua and Barbuda
$17k
102k
Seychelles
$16k
95.8k
Oman
$16k
4.83M
Hungary
$16k
9.94M
Venezuela
$16k
28.5M
Chile
$16k
18.1M
Palau
$16k
21.7k
Panama
$16k
4.1M
Poland
$15k
38.4M
Croatia
$15k
4.11M
Romania
$12k
19.6M
Costa Rica
$12k
4.91M
Argentina
$12k
44.9M

Mongolia vs

CountryGDP
per capita
Population
Iraq
$5.8k
38.3M
Paraguay
$5.8k
6.81M
Iran
$5.6k
80M
Jamaica
$5.4k
2.89M
Albania
$5.3k
3.02M
Guyana
$5k
778k
Belize
$4.9k
375k
Azerbaijan
$4.7k
10M
Georgia
$4.7k
3.72M
Guatemala
$4.5k
17.3M
Tonga
$4.4k
108k
Jordan
$4.2k
10.4M
Armenia
$4.2k
2.93M
Samoa
$4.2k
196k
Eswatini
$4.1k
1.37M
Algeria
$4.1k
41.3M
Sri Lanka
$4.1k
21.4M
El Salvador
$4.1k
6.42M
Indonesia
$3.9k
264M
Marshall Islands
$3.8k
53.1k
Tuvalu
$3.7k
11.2k
Cape Verde
$3.6k
546k
Bolivia
$3.5k
11.1M
Tunisia
$3.4k
11.6M
Angola
$3.4k
29.8M
Bhutan
$3.2k
808k
Morocco
$3.2k
36M
Moldova
$3.2k
2.55M
Palestine
$3.2k
4.68M
Vanuatu
$3.1k
276k