Latvia vs North Macedonia: Economic Indicators Comparison
Latvia with a GDP of $34.4B ranked the 100th largest economy in the world, while North Macedonia ranked 135th with $12.7B. By GDP 5-years average growth and GDP per capita, Latvia and North Macedonia ranked 74th vs 110th and 51st vs 100th, respectively.
Gross Domestic Product & Income
| Stat |  Latvia |  North Macedonia |
|---|---|---|
| GDP | $34.4B | $12.7B |
| GDP growth, 1 year | 4.8% | 2.7% |
| GDP growth, 5-years average | 3.3% | 2.6% |
| Population | 1.9M | 2.1M |
| GDP per capita | $18k | $6.1k |
| GDP per capita growth | 5.47% | 2.62% |
| Purchasing Power Parity conversion factor | 0.5 | 19.38 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 0.59 | 0.37 |
| GDP per capita, PPP adjusted | $30k | $16k |
| GNI, Atlas method | $31.8B | $11.4B |
| GNI per capita | $17k | $5.5k |
| GNI, PPP adjusted | $57.4B | $32.6B |
| GNI per capita, PPP adjusted | $30k | $16k |
Financial system and Human development
| Stat | Latvia | North Macedonia |
|---|---|---|
| Income Tax Rate | 31.4% | 10% |
| Corporate Tax Rate | 20% | 10% |
| Inflation, consumer prices | 2.6% | 1.5% |
| Inflation, GDP deflator | 4% | 4.3% |
| Unemployment | 7.9% | 21.6% |
| Economic Freedom Index | 71.9 | 69.5 |
| Personal Freedom Index | 8.65 | 8.17 |
| Human Freedom Index | 8.16 | 7.55 |
| Property Rights Index | 72.3 | 62.5 |
| Judical Effectiveness Index | 51.1 | 42.7 |
| Business Freedom Index | 77 | 80.6 |
| Fiscal Health Index | 96.5 | 87.7 |
| Labor Freedom Index | 72.4 | 67 |
| Investment Freedom Index | 85 | 65 |
| Financial Freedom Index | 60 | 60 |
| Trade Freedom Index | 86.4 | 86.2 |
| Monetary Freedom Index | 80.2 | 77.7 |
| Government Spending Index | 58.3 | 71 |
| Tax Burden Index | 76.9 | 91.5 |
| Government Integrity Index | 46.4 | 42.2 |
| Corruption Perceptions Index | 58 | 37 |
| Life expectancy at birth, years | 74.7 | 75.6 |
| Suicide mortality rate, per 100,000 people | 21.2 | 7.9 |
| Mortality caused by road traffic injury, per 100,000 people | 9.3 | 6.4 |
| Intentional homicides, per 100,000 people | 4.2 | 1.5 |
| International tourism, number of arrivals | 1.9M | 707k |
Government debt & reserves
| Stat | Latvia | North Macedonia |
|---|---|---|
| Central government debt, % of GDP | 37.6% | 39.5% |
| External debt stocks, % of GNI | N/A | 72% |
| External debt stocks | N/A | $8.7B |
| Short-term debt, % of total reserves | N/A | 40.9% |
| Total debt service, % of exports and primary income | N/A | 16.6% |
| Adjusted net savings including particulate emission damage, % of GNI | 6% | 15.4% |
| Gross savings, % of GDP | 22.8% | 33% |
| Gross capital formation, % of GDP | 23.5% | 33% |
| Total reserves including gold | $4.4B | $3.3B |
| Foreign direct investment net inflows | $447M | $648.7M |
Exports, imports and economic structure
| Stat | Latvia | North Macedonia |
|---|---|---|
| Exports of goods and services, % of GDP | 61.3% | 60.3% |
| Imports of goods and services, % of GDP | 61.5% | 72.9% |
| Current account balance (balance of payments) | -$211M | -$25.6M |
| Revenue excluding grants, % of GDP | 41.4% | 26.8% |
| Grants excluding technical cooperation, BoP | $148.1M | $133.8M |
| Personal remittances received | $1.2B | $344.5M |
| Industry including construction value added, % of GDP | 19.5% | 23.6% |
| Agriculture, forestry and fishing value added, % of GDP | 3.6% | 7.2% |
| Charges for the use of intellectual property, payments BoP | $64.6M | $188.8M |
| Charges for the use of intellectual property, receipts BoP | $10.6M | $11.8M |
| Expense, % of GDP | 43% | 27.9% |
| Government Expenditure, % of GDP | 37.3% | 31.1% |
