Latvia vs Palau: Economic Indicators Comparison

Latvia with a GDP of $34.4B ranked the 100th largest economy in the world, while Palau ranked 192nd with $284M. By GDP per capita, Latvia and Palau ranked 51st vs 60th, respectively.

Gross Domestic Product & Income

Stat	Latvia	Palau
GDP	$34.4B	$284M
GDP growth, 1 year	4.8%	1.71%
GDP growth, 5-years average	3.3%	N/A
Population	1.9M	22k
GDP per capita	$18k	$16k
GDP per capita growth	5.47%	1.14%
Purchasing Power Parity conversion factor	0.5	0.86
Price level ratio of PPP conversion factor GDP to market exchange rate	0.59	0.86
GDP per capita, PPP adjusted	$30k	$19k
GNI, Atlas method	$31.8B	$309.4M
GNI per capita	$17k	$17k
GNI, PPP adjusted	$57.4B	$349.4M
GNI per capita, PPP adjusted	$30k	$20k

Financial system and Human development

Stat	Latvia	Palau
Income Tax Rate	31.4%	N/A
Corporate Tax Rate	20%	N/A
Inflation, consumer prices	2.6%	1.3%
Inflation, GDP deflator	4%	-2.5%
Unemployment	7.9%	1.4%
Economic Freedom Index	71.9	62
Personal Freedom Index	8.65	6.4
Human Freedom Index	8.16	6.4
Property Rights Index	72.3	N/A
Judical Effectiveness Index	51.1	N/A
Business Freedom Index	77	N/A
Fiscal Health Index	96.5	N/A
Labor Freedom Index	72.4	N/A
Investment Freedom Index	85	N/A
Financial Freedom Index	60	N/A
Trade Freedom Index	86.4	N/A
Monetary Freedom Index	80.2	N/A
Government Spending Index	58.3	N/A
Tax Burden Index	76.9	N/A
Government Integrity Index	46.4	N/A
Corruption Perceptions Index	58	49
Life expectancy at birth, years	74.7	69.1
Suicide mortality rate, per 100,000 people	21.2	21.7
Mortality caused by road traffic injury, per 100,000 people	9.3	4.8
Intentional homicides, per 100,000 people	4.2	3.1
International tourism, number of arrivals	1.9M	106k

Government debt & reserves

Stat	Latvia	Palau
Central government debt, % of GDP	37.6%	67.5%
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%	N/A
Gross savings, % of GDP	22.8%	10.7%
Gross capital formation, % of GDP	23.5%	26.7%
Total reserves including gold	$4.4B	N/A
Foreign direct investment net inflows	$447M	$21.5M

Exports, imports and economic structure

Stat	Latvia	Palau
Exports of goods and services, % of GDP	61.3%	47%
Imports of goods and services, % of GDP	61.5%	76.3%
Current account balance (balance of payments)	-$211M	-$51.8M
Revenue excluding grants, % of GDP	41.4%	27.3%
Grants excluding technical cooperation, BoP	$148.1M	$81.2M
Personal remittances received	$1.2B	$2.2M
Industry including construction value added, % of GDP	19.5%	8%
Agriculture, forestry and fishing value added, % of GDP	3.6%	3.2%
Charges for the use of intellectual property, payments BoP	$64.6M	N/A
Charges for the use of intellectual property, receipts BoP	$10.6M	N/A
Expense, % of GDP	43%	41.4%
Government Expenditure, % of GDP	37.3%	N/A