Latvia vs Panama: Economic Indicators Comparison

Panama with a GDP of $65.1B ranked the 75th largest economy in the world, while Latvia ranked 100th with $34.4B. By GDP 5-years average growth and GDP per capita, Panama and Latvia ranked 33rd vs 74th and 61st vs 51st, respectively.

Gross Domestic Product & Income

Stat	Latvia	Panama
GDP	$34.4B	$65.1B
GDP growth, 1 year	4.8%	3.9%
GDP growth, 5-years average	3.3%	5%
Population	1.9M	4.1M
GDP per capita	$18k	$16k
GDP per capita growth	5.47%	1.94%
Purchasing Power Parity conversion factor	0.5	0.61
Price level ratio of PPP conversion factor GDP to market exchange rate	0.59	0.61
GDP per capita, PPP adjusted	$30k	$26k
GNI, Atlas method	$31.8B	$60B
GNI per capita	$17k	$14k
GNI, PPP adjusted	$57.4B	$98.4B
GNI per capita, PPP adjusted	$30k	$24k

Financial system and Human development

Stat	Latvia	Panama
Income Tax Rate	31.4%	25%
Corporate Tax Rate	20%	25%
Inflation, consumer prices	2.6%	0.8%
Inflation, GDP deflator	4%	0.7%
Unemployment	7.9%	3.9%
Economic Freedom Index	71.9	67.2
Personal Freedom Index	8.65	7.73
Human Freedom Index	8.16	7.53
Property Rights Index	72.3	58.8
Judical Effectiveness Index	51.1	30
Business Freedom Index	77	70.8
Fiscal Health Index	96.5	91.2
Labor Freedom Index	72.4	43.3
Investment Freedom Index	85	75
Financial Freedom Index	60	70
Trade Freedom Index	86.4	79.2
Monetary Freedom Index	80.2	79.4
Government Spending Index	58.3	85.7
Tax Burden Index	76.9	85.3
Government Integrity Index	46.4	37.2
Corruption Perceptions Index	58	37
Life expectancy at birth, years	74.7	78.1
Suicide mortality rate, per 100,000 people	21.2	4.3
Mortality caused by road traffic injury, per 100,000 people	9.3	14.3
Intentional homicides, per 100,000 people	4.2	9.7
International tourism, number of arrivals	1.9M	1.8M

Government debt & reserves

Stat	Latvia	Panama
Central government debt, % of GDP	37.6%	39.4%
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%	25.3%
Gross savings, % of GDP	22.8%	29.1%
Gross capital formation, % of GDP	23.5%	41.7%
Total reserves including gold	$4.4B	$2.1B
Foreign direct investment net inflows	$447M	$5.9B

Exports, imports and economic structure

Stat	Latvia	Panama
Exports of goods and services, % of GDP	61.3%	42.3%
Imports of goods and services, % of GDP	61.5%	45.3%
Current account balance (balance of payments)	-$211M	-$6.8B
Revenue excluding grants, % of GDP	41.4%	N/A
Grants excluding technical cooperation, BoP	$148.1M	$22.3M
Personal remittances received	$1.2B	$537.9M
Industry including construction value added, % of GDP	19.5%	29.2%
Agriculture, forestry and fishing value added, % of GDP	3.6%	2.2%
Charges for the use of intellectual property, payments BoP	$64.6M	$39.4M
Charges for the use of intellectual property, receipts BoP	$10.6M	$21.7M
Expense, % of GDP	43%	N/A
Government Expenditure, % of GDP	37.3%	21.8%