Latvia vs Norway: Economic Indicators Comparison

Norway with a GDP of $434.2B ranked the 30th largest economy in the world, while Latvia ranked 100th with $34.4B. By GDP 5-years average growth and GDP per capita, Norway and Latvia ranked 142nd vs 74th and 5th vs 51st, respectively.

Gross Domestic Product & Income

StatLatviaNorway
GDP$34.4B$434.2B
GDP growth, 1 year4.8%1.4%
GDP growth, 5-years average3.3%1.7%
Population1.9M5.4M
GDP per capita$18k$82k
GDP per capita growth5.47%0.58%
Purchasing Power Parity conversion factor0.510.14
Price level ratio of PPP conversion factor GDP to market exchange rate0.591.25
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

StatLatviaNorway
Income Tax Rate31.4%47.8%
Corporate Tax Rate20%22%
Inflation, consumer prices2.6%2.8%
Inflation, GDP deflator4%5.8%
Unemployment7.9%3.9%
Economic Freedom Index71.973.4
Personal Freedom Index8.659.55
Human Freedom Index8.168.61
Property Rights Index72.384.3
Judical Effectiveness Index51.182.8
Business Freedom Index7786.1
Fiscal Health Index96.597.3
Labor Freedom Index72.457.4
Investment Freedom Index8575
Financial Freedom Index6060
Trade Freedom Index86.483.8
Monetary Freedom Index80.274.8
Government Spending Index58.325.6
Tax Burden Index76.957.7
Government Integrity Index46.495.6
Corruption Perceptions Index5884
Life expectancy at birth, years74.782.5
Suicide mortality rate, per 100,000 people21.212.2
Mortality caused by road traffic injury, per 100,000 people9.32.7
Intentional homicides, per 100,000 people4.20.5
International tourism, number of arrivals1.9M5.7M

Government debt & reserves

StatLatviaNorway
Central government debt, % of GDP37.6%36.8%
External debt stocks, % of GNIN/AN/A
External debt stocksN/AN/A
Short-term debt, % of total reservesN/AN/A
Total debt service, % of exports and primary incomeN/AN/A
Adjusted net savings including particulate emission damage, % of GNI6%16.9%
Gross savings, % of GDP22.8%35.9%
Gross capital formation, % of GDP23.5%27.3%
Total reserves including gold$4.4B$63.1B
Foreign direct investment net inflows$447M-$17.4B

Exports, imports and economic structure

StatLatviaNorway
Exports of goods and services, % of GDP61.3%38.4%
Imports of goods and services, % of GDP61.5%32.6%
Current account balance (balance of payments)-$211M$31.4B
Revenue excluding grants, % of GDP41.4%47.4%
Grants excluding technical cooperation, BoP$148.1MN/A
Personal remittances received$1.2B$644.3M
Industry including construction value added, % of GDP19.5%32%
Agriculture, forestry and fishing value added, % of GDP3.6%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 GDP43%37.7%
Government Expenditure, % of GDP37.3%49.8%

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

Norway vs

CountryGDP
per capita
Population
Monaco
$186k
38.7k
Liechtenstein
$165k
37.9k
Luxembourg
$117k
626k
Switzerland
$83k
8.47M
Cayman Islands
$81k
58.4k
Ireland
$79k
4.76M
Iceland
$73k
357k
Qatar
$69k
2.64M
Singapore
$65k
5.89M
United States
$63k
325M
Denmark
$61k
5.83M
Australia
$57k
24.5M
Sweden
$55k
10.3M
Netherlands
$53k
17.3M
Austria
$51k
8.81M
Finland
$50k
5.5M
San Marino
$48k
33.4k
Germany
$48k
83.1M
Belgium
$48k
11.4M
Canada
$46k
37.9M
United Arab Emirates
$43k
9.4M
United Kingdom
$43k
66M
Andorra
$42k
76.2k
New Zealand
$42k
4.94M
Israel
$42k
9.09M
France
$41k
66.6M
Japan
$39k
127M
Italy
$34k
60.3M
Kuwait
$34k
4.6M
Bahamas
$32k
395k