Latvia vs Montenegro: Economic Indicators Comparison

Latvia with a GDP of $34.4B ranked the 100th largest economy in the world, while Montenegro ranked 153rd with $5.5B. By GDP 5-years average growth and GDP per capita, Latvia and Montenegro ranked 74th vs 67th and 51st vs 81st, respectively.

Gross Domestic Product & Income

StatLatviaMontenegro
GDP$34.4B$5.5B
GDP growth, 1 year4.8%4.5%
GDP growth, 5-years average3.3%3.5%
Population1.9M622k
GDP per capita$18k$8.8k
GDP per capita growth5.47%5.08%
Purchasing Power Parity conversion factor0.50.36
Price level ratio of PPP conversion factor GDP to market exchange rate0.590.43
GDP per capita, PPP adjusted$30k$19k
GNI, Atlas method$31.8B$5.2B
GNI per capita$17k$8.4k
GNI, PPP adjusted$57.4B$13B
GNI per capita, PPP adjusted$30k$21k

Financial system and Human development

StatLatviaMontenegro
Income Tax Rate31.4%9%
Corporate Tax Rate20%9%
Inflation, consumer prices2.6%2.6%
Inflation, GDP deflator4%3.2%
Unemployment7.9%15.5%
Economic Freedom Index71.961.5
Personal Freedom Index8.658.12
Human Freedom Index8.167.67
Property Rights Index72.359.1
Judical Effectiveness Index51.155.3
Business Freedom Index7770.8
Fiscal Health Index96.523.4
Labor Freedom Index72.474.8
Investment Freedom Index8575
Financial Freedom Index6050
Trade Freedom Index86.483.8
Monetary Freedom Index80.280.3
Government Spending Index58.332.1
Tax Burden Index76.985.4
Government Integrity Index46.447.5
Corruption Perceptions Index5845
Life expectancy at birth, years74.776.7
Suicide mortality rate, per 100,000 people21.210.3
Mortality caused by road traffic injury, per 100,000 people9.310.7
Intentional homicides, per 100,000 people4.22.4
International tourism, number of arrivals1.9M2.1M

Government debt & reserves

StatLatviaMontenegro
Central government debt, % of GDP37.6%72.1%
External debt stocks, % of GNIN/A144.1%
External debt stocksN/A$8B
Short-term debt, % of total reservesN/A17.2%
Total debt service, % of exports and primary incomeN/A63.7%
Adjusted net savings including particulate emission damage, % of GNI6%N/A
Gross savings, % of GDP22.8%14.9%
Gross capital formation, % of GDP23.5%31.9%
Total reserves including gold$4.4B$1.2B
Foreign direct investment net inflows$447M$485.7M

Exports, imports and economic structure

StatLatviaMontenegro
Exports of goods and services, % of GDP61.3%42.9%
Imports of goods and services, % of GDP61.5%66.7%
Current account balance (balance of payments)-$211M-$943M
Revenue excluding grants, % of GDP41.4%N/A
Grants excluding technical cooperation, BoP$148.1M$57.7M
Personal remittances received$1.2B$588.9M
Industry including construction value added, % of GDP19.5%15.9%
Agriculture, forestry and fishing value added, % of GDP3.6%6.7%
Charges for the use of intellectual property, payments BoP$64.6M$6M
Charges for the use of intellectual property, receipts BoP$10.6M$432k
Expense, % of GDP43%N/A
Government Expenditure, % of GDP37.3%47.6%

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

Montenegro vs

CountryGDP
per capita
Population
Argentina
$12k
44.9M
Malaysia
$11k
31.6M
Russia
$11k
147M
Mauritius
$11k
1.26M
Grenada
$11k
108k
Saint Lucia
$11k
179k
Maldives
$10k
436k
Equatorial Guinea
$10k
1.27M
Nauru
$9.9k
13.7k
Kazakhstan
$9.8k
18.3M
China
$9.8k
1.41B
Mexico
$9.7k
131M
Turkey
$9.4k
82M
Bulgaria
$9.3k
7M
Brazil
$8.9k
210M
Cuba
$8.8k
11.5M
Lebanon
$8.3k
6.1M
Botswana
$8.3k
2.29M
Dominican Republic
$8.1k
10.4M
Gabon
$8k
2.03M
Dominica
$7.7k
73.9k
Saint Vincent
$7.4k
110k
Thailand
$7.3k
65.9M
Serbia
$7.2k
7.02M
Libya
$7.2k
6.68M
Turkmenistan
$7k
5.85M
Peru
$6.9k
29.4M
Colombia
$6.7k
49.1M
South Africa
$6.4k
57.7M
Ecuador
$6.3k
16.6M