Latvia vs the Philippines: Economic Indicators Comparison

The Philippines with a GDP of $330.9B ranked the 40th largest economy in the world, while Latvia ranked 100th with $34.4B. By GDP 5-years average growth and GDP per capita, the Philippines and Latvia ranked 21st vs 74th and 134th vs 51st, respectively.

Gross Domestic Product & Income

StatLatviaPhilippines
GDP$34.4B$330.9B
GDP growth, 1 year4.8%6.2%
GDP growth, 5-years average3.3%6.4%
Population1.9M104.9M
GDP per capita$18k$3.1k
GDP per capita growth5.47%4.77%
Purchasing Power Parity conversion factor0.518.25
Price level ratio of PPP conversion factor GDP to market exchange rate0.590.35
GDP per capita, PPP adjusted$30k$8.9k
GNI, Atlas method$31.8B$408.8B
GNI per capita$17k$3.8k
GNI, PPP adjusted$57.4B$1.1T
GNI per capita, PPP adjusted$30k$11k

Financial system and Human development

StatLatviaPhilippines
Income Tax Rate31.4%35%
Corporate Tax Rate20%30%
Inflation, consumer prices2.6%5.2%
Inflation, GDP deflator4%3.8%
Unemployment7.9%2.5%
Economic Freedom Index71.964.5
Personal Freedom Index8.657.06
Human Freedom Index8.166.92
Property Rights Index72.354.6
Judical Effectiveness Index51.134.2
Business Freedom Index7759.5
Fiscal Health Index96.596.3
Labor Freedom Index72.457.4
Investment Freedom Index8560
Financial Freedom Index6060
Trade Freedom Index86.481.6
Monetary Freedom Index80.266.9
Government Spending Index58.387.9
Tax Burden Index76.976.7
Government Integrity Index46.438.7
Corruption Perceptions Index5836
Life expectancy at birth, years74.771
Suicide mortality rate, per 100,000 people21.23.2
Mortality caused by road traffic injury, per 100,000 people9.312.3
Intentional homicides, per 100,000 people4.28.4
International tourism, number of arrivals1.9M7.2M

Government debt & reserves

StatLatviaPhilippines
Central government debt, % of GDP37.6%39.6%
External debt stocks, % of GNIN/A19.9%
External debt stocksN/A$78.8B
Short-term debt, % of total reservesN/A20.3%
Total debt service, % of exports and primary incomeN/A8.7%
Adjusted net savings including particulate emission damage, % of GNI6%28.5%
Gross savings, % of GDP22.8%42.4%
Gross capital formation, % of GDP23.5%26.9%
Total reserves including gold$4.4B$79.2B
Foreign direct investment net inflows$447M$9.8B

Exports, imports and economic structure

StatLatviaPhilippines
Exports of goods and services, % of GDP61.3%31.7%
Imports of goods and services, % of GDP61.5%44.4%
Current account balance (balance of payments)-$211M-$8.7B
Revenue excluding grants, % of GDP41.4%16.3%
Grants excluding technical cooperation, BoP$148.1M$436.5M
Personal remittances received$1.2B$33.8B
Industry including construction value added, % of GDP19.5%30.7%
Agriculture, forestry and fishing value added, % of GDP3.6%9.3%
Charges for the use of intellectual property, payments BoP$64.6M$917M
Charges for the use of intellectual property, receipts BoP$10.6M$44.1M
Expense, % of GDP43%14.9%
Government Expenditure, % of GDP37.3%20.1%

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

Philippines vs

CountryGDP
per capita
Population
Algeria
$4.1k
41.3M
Sri Lanka
$4.1k
21.4M
El Salvador
$4.1k
6.42M
Indonesia
$3.9k
264M
Marshall Islands
$3.8k
53.1k
Tuvalu
$3.7k
11.2k
Cape Verde
$3.6k
546k
Bolivia
$3.5k
11.1M
Tunisia
$3.4k
11.6M
Angola
$3.4k
29.8M
Bhutan
$3.2k
808k
Morocco
$3.2k
36M
Moldova
$3.2k
2.55M
Palestine
$3.2k
4.68M
Vanuatu
$3.1k
276k
Ukraine
$3.1k
42.6M
Djibouti
$3.1k
957k
Papua New Guinea
$2.7k
8.25M
Vietnam
$2.6k
94.7M
Egypt
$2.5k
94.8M
Laos
$2.5k
6.86M
Honduras
$2.5k
9.27M
Ghana
$2.2k
26.9M
Congo
$2.1k
5.26M
Zimbabwe
$2.1k
16.5M
Solomon Islands
$2.1k
611k
East Timor
$2k
1.3M
Syria
$2k
18.3M
Nicaragua
$2k
6.22M
Nigeria
$2k
191M