Latvia vs Papua New Guinea: Economic Indicators Comparison
Latvia with a GDP of $34.4B ranked the 100th largest economy in the world, while Papua New Guinea ranked 114th with $23.5B. By GDP 5-years average growth and GDP per capita, Latvia and Papua New Guinea ranked 74th vs 32nd and 51st vs 137th, respectively.
Gross Domestic Product & Income
| Stat |  Latvia |  Papua New Guinea |
|---|---|---|
| GDP | $34.4B | $23.5B |
| GDP growth, 1 year | 4.8% | 0% |
| GDP growth, 5-years average | 3.3% | 5% |
| Population | 1.9M | 8.3M |
| GDP per capita | $18k | $2.7k |
| GDP per capita growth | 5.47% | -2.76% |
| Purchasing Power Parity conversion factor | 0.5 | 2.06 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 0.59 | 0.63 |
| GDP per capita, PPP adjusted | $30k | $3.7k |
| GNI, Atlas method | $31.8B | $22.1B |
| GNI per capita | $17k | $2.6k |
| GNI, PPP adjusted | $57.4B | $36.3B |
| GNI per capita, PPP adjusted | $30k | $4.2k |
Financial system and Human development
| Stat | Latvia | Papua New Guinea |
|---|---|---|
| Income Tax Rate | 31.4% | 42% |
| Corporate Tax Rate | 20% | 30% |
| Inflation, consumer prices | 2.6% | 4.7% |
| Inflation, GDP deflator | 4% | 7.1% |
| Unemployment | 7.9% | 2.4% |
| Economic Freedom Index | 71.9 | 58.4 |
| Personal Freedom Index | 8.65 | 7.24 |
| Human Freedom Index | 8.16 | 6.99 |
| Property Rights Index | 72.3 | 54.9 |
| Judical Effectiveness Index | 51.1 | 48.4 |
| Business Freedom Index | 77 | 58.4 |
| Fiscal Health Index | 96.5 | 76.4 |
| Labor Freedom Index | 72.4 | 69.6 |
| Investment Freedom Index | 85 | 25 |
| Financial Freedom Index | 60 | 30 |
| Trade Freedom Index | 86.4 | 79.8 |
| Monetary Freedom Index | 80.2 | 70.7 |
| Government Spending Index | 58.3 | 86.4 |
| Tax Burden Index | 76.9 | 71.5 |
| Government Integrity Index | 46.4 | 29.7 |
| Corruption Perceptions Index | 58 | 28 |
| Life expectancy at birth, years | 74.7 | 64 |
| Suicide mortality rate, per 100,000 people | 21.2 | 6 |
| Mortality caused by road traffic injury, per 100,000 people | 9.3 | 14.2 |
| Intentional homicides, per 100,000 people | 4.2 | 7.9 |
| International tourism, number of arrivals | 1.9M | 140k |
Government debt & reserves
| Stat | Latvia | Papua New Guinea |
|---|---|---|
| Central government debt, % of GDP | 37.6% | 36.9% |
| External debt stocks, % of GNI | N/A | 78.4% |
| External debt stocks | N/A | $17.7B |
| Short-term debt, % of total reserves | N/A | 20.6% |
| Total debt service, % of exports and primary income | N/A | 26.1% |
| Adjusted net savings including particulate emission damage, % of GNI | 6% | 4.9% |
| Gross savings, % of GDP | 22.8% | 30.4% |
| Gross capital formation, % of GDP | 23.5% | 20% |
| Total reserves including gold | $4.4B | $2.2B |
| Foreign direct investment net inflows | $447M | $335.2M |
Exports, imports and economic structure
| Stat | Latvia | Papua New Guinea |
|---|---|---|
| Exports of goods and services, % of GDP | 61.3% | 72.2% |
| Imports of goods and services, % of GDP | 61.5% | 58.9% |
| Current account balance (balance of payments) | -$211M | $5.5B |
| Revenue excluding grants, % of GDP | 41.4% | 15.9% |
| Grants excluding technical cooperation, BoP | $148.1M | $268.9M |
| Personal remittances received | $1.2B | $2.9M |
| Industry including construction value added, % of GDP | 19.5% | 36.4% |
| Agriculture, forestry and fishing value added, % of GDP | 3.6% | 17.6% |
| Charges for the use of intellectual property, payments BoP | $64.6M | $139k |
| Charges for the use of intellectual property, receipts BoP | $10.6M | N/A |
| Expense, % of GDP | 43% | 19.1% |
| Government Expenditure, % of GDP | 37.3% | 21.3% |
