Latvia vs Norway: Economic Indicators Comparison
Gross Domestic Product & Income
| Stat |  Latvia |  Norway |
|---|---|---|
| GDP | $34.4B | $434.2B |
| GDP growth, 1 year | 4.8% | 1.4% |
| GDP growth, 5-years average | 3.3% | 1.7% |
| Population | 1.9M | 5.4M |
| GDP per capita | $18k | $82k |
| GDP per capita growth | 5.47% | 0.58% |
| Purchasing Power Parity conversion factor | 0.5 | 10.14 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 0.59 | 1.25 |
| GDP per capita, PPP adjusted | $30k | $74k |
| GNI, Atlas method | $31.8B | $428.4B |
| GNI per capita | $17k | $81k |
| GNI, PPP adjusted | $57.4B | $363B |
| GNI per capita, PPP adjusted | $30k | $68k |
Financial system and Human development
| Stat | Latvia | Norway |
|---|---|---|
| Income Tax Rate | 31.4% | 47.8% |
| Corporate Tax Rate | 20% | 22% |
| Inflation, consumer prices | 2.6% | 2.8% |
| Inflation, GDP deflator | 4% | 5.8% |
| Unemployment | 7.9% | 3.9% |
| Economic Freedom Index | 71.9 | 73.4 |
| Personal Freedom Index | 8.65 | 9.55 |
| Human Freedom Index | 8.16 | 8.61 |
| Property Rights Index | 72.3 | 84.3 |
| Judical Effectiveness Index | 51.1 | 82.8 |
| Business Freedom Index | 77 | 86.1 |
| Fiscal Health Index | 96.5 | 97.3 |
| Labor Freedom Index | 72.4 | 57.4 |
| Investment Freedom Index | 85 | 75 |
| Financial Freedom Index | 60 | 60 |
| Trade Freedom Index | 86.4 | 83.8 |
| Monetary Freedom Index | 80.2 | 74.8 |
| Government Spending Index | 58.3 | 25.6 |
| Tax Burden Index | 76.9 | 57.7 |
| Government Integrity Index | 46.4 | 95.6 |
| Corruption Perceptions Index | 58 | 84 |
| Life expectancy at birth, years | 74.7 | 82.5 |
| Suicide mortality rate, per 100,000 people | 21.2 | 12.2 |
| Mortality caused by road traffic injury, per 100,000 people | 9.3 | 2.7 |
| Intentional homicides, per 100,000 people | 4.2 | 0.5 |
| International tourism, number of arrivals | 1.9M | 5.7M |
Government debt & reserves
| Stat | Latvia | Norway |
|---|---|---|
| Central government debt, % of GDP | 37.6% | 36.8% |
| 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% | 16.9% |
| Gross savings, % of GDP | 22.8% | 35.9% |
| Gross capital formation, % of GDP | 23.5% | 27.3% |
| Total reserves including gold | $4.4B | $63.1B |
| Foreign direct investment net inflows | $447M | -$17.4B |
Exports, imports and economic structure
| Stat | Latvia | Norway |
|---|---|---|
| Exports of goods and services, % of GDP | 61.3% | 38.4% |
| Imports of goods and services, % of GDP | 61.5% | 32.6% |
| Current account balance (balance of payments) | -$211M | $31.4B |
| Revenue excluding grants, % of GDP | 41.4% | 47.4% |
| Grants excluding technical cooperation, BoP | $148.1M | N/A |
| Personal remittances received | $1.2B | $644.3M |
| Industry including construction value added, % of GDP | 19.5% | 32% |
| Agriculture, forestry and fishing value added, % of GDP | 3.6% | 1.9% |
| Charges for the use of intellectual property, payments BoP | $64.6M | $768.9M |
| Charges for the use of intellectual property, receipts BoP | $10.6M | $515.2M |
| Expense, % of GDP | 43% | 37.7% |
| Government Expenditure, % of GDP | 37.3% | 49.8% |
