Latvia has a GDP of $43.5B compared to $2.17T for Russia, ranking 100/197 and 11/197 by economy size, respectively.
Latvia has $20.6B in government debt (48.3% of GDP), compared to $441B (21.4% of GDP) in Russia.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Latvia
|
Russia
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1988 | - | - | $554,828,660,436 | - |
| 1989 | - | - | $506,631,299,735 | $1,197,410,924,008 |
| 1990 | - | $20,300,396,491 | $517,014,446,228 | $1,161,488,648,466 |
| 1991 | - | $17,743,516,528 | $517,962,962,963 | $1,102,869,019,643 |
| 1992 | - | $12,044,552,669 | $460,290,556,901 | $942,610,308,780 |
| 1993 | - | $11,444,375,037 | $435,083,713,851 | $860,899,753,889 |
| 1994 | - | $11,694,996,755 | $395,077,301,248 | $752,686,755,591 |
| 1995 | $5,608,208,785 | $11,584,507,030 | $395,537,185,735 | $721,498,966,071 |
| 1996 | $5,799,465,288 | $11,850,946,178 | $391,724,890,744 | $694,406,178,898 |
| 1997 | $6,349,481,007 | $12,937,852,903 | $404,928,954,192 | $704,127,280,749 |
| 1998 | $6,974,112,951 | $13,785,282,610 | $270,955,486,862 | $666,808,805,067 |
| 1999 | $7,324,192,890 | $14,173,807,644 | $195,907,128,351 | $709,483,999,746 |
| 2000 | $7,761,252,607 | $15,001,703,494 | $259,710,142,197 | $780,432,873,753 |
| 2001 | $8,190,888,740 | $15,970,900,289 | $306,602,070,621 | $820,235,350,097 |
| 2002 | $9,249,030,241 | $17,195,147,700 | $345,470,494,418 | $858,786,345,187 |
| 2003 | $11,244,337,720 | $18,644,549,496 | $430,347,420,185 | $921,477,339,134 |
| 2004 | $13,827,070,379 | $20,271,313,179 | $591,016,690,732 | $987,823,227,181 |
| 2005 | $16,306,935,905 | $22,625,890,638 | $764,015,973,481 | $1,051,043,572,408 |
| 2006 | $20,434,922,247 | $25,527,665,150 | $989,932,071,353 | $1,137,229,862,730 |
| 2007 | $29,420,499,248 | $28,186,253,354 | $1,299,703,478,482 | $1,233,894,148,247 |
| 2008 | $34,135,200,994 | $27,231,101,091 | $1,660,848,058,303 | $1,298,056,264,706 |
| 2009 | $25,691,530,442 | $22,863,227,157 | $1,222,645,900,056 | $1,196,807,955,076 |
| 2010 | $23,468,324,572 | $22,026,145,288 | $1,524,916,715,224 | $1,250,664,313,045 |
| 2011 | $26,575,547,901 | $22,694,935,011 | $2,045,922,753,398 | $1,304,443,243,520 |
| 2012 | $27,116,149,949 | $24,352,854,611 | $2,208,293,553,878 | $1,356,935,163,515 |
| 2013 | $29,152,128,168 | $24,863,312,430 | $2,292,470,078,346 | $1,380,755,103,919 |
| 2014 | $30,277,203,767 | $25,384,188,823 | $2,059,241,589,895 | $1,390,921,151,162 |
| 2015 | $26,344,565,877 | $26,344,565,877 | $1,363,482,182,198 | $1,363,482,182,198 |
| 2016 | $27,117,105,060 | $27,016,796,481 | $1,276,786,350,881 | $1,366,123,111,808 |
| 2017 | $29,391,059,767 | $27,935,083,541 | $1,574,199,360,089 | $1,391,065,651,846 |
| 2018 | $33,247,935,477 | $29,139,005,430 | $1,657,328,773,461 | $1,430,116,278,515 |
| 2019 | $33,099,503,951 | $29,335,802,339 | $1,693,115,002,708 | $1,461,551,317,106 |
| 2020 | $33,379,927,435 | $28,318,076,614 | $1,493,075,894,362 | $1,422,766,794,795 |
| 2021 | $38,183,326,785 | $30,284,070,900 | $1,829,186,719,575 | $1,506,233,291,760 |
| 2022 | $38,014,713,596 | $30,831,235,008 | $2,291,612,121,335 | $1,484,605,556,958 |
| 2023 | $42,572,151,720 | $31,711,225,667 | $2,071,505,725,031 | $1,545,214,947,189 |
| 2024 | $43,520,773,851 | $31,570,906,308 | $2,173,835,806,672 | $1,612,344,875,264 |
Economic indicators
|
Latvia
|
Russia
|
|
|---|---|---|
| Gross domestic product |
$43.5B
2024 |
$2.17T
2024 |
| GDP rank |
100/197
2024 |
11/197
2024 |
| GDP growth |
2.23%
2023-2024 |
4.94%
2023-2024 |
| GDP per capita |
$23,368
2024 |
$15,145
2024 |
| GDP per capita rank |
53/197
2024 |
69/197
2024 |
| GDP per capita, PPP |
$43,867
2024 |
$47,405
2024 |
| Government debt |
$20.6B
2024 |
$441B
2024 |
| Debt-to-GDP ratio |
48.3%
2025 |
21.4%
2025 |
| Government debt per person |
$11,068
2024 |
$3,075
2024 |
| Government debt per person rank |
52/185
2024 |
98/185
2024 |
| Average annual personal income after taxes |
$15,995
2025 |
$9,262
2025 |
| Market capitalization of domestic companies | n/a |
$650B
2023 |
| Number of millionaires | n/a |
381,726
2024 |
| Number of billionaires | n/a |
140
2025 |
| Income share by richest 10% |
26.2%
2023 |
25.1%
2023 |
| Income share by poorest 10% |
2.6%
2023 |
3.1%
2023 |
| Government expenditure, % of GDP |
44.4%
2025 |
37.6%
2025 |
| Consumer prices inflation |
1.27%
2023-2024 |
9%
2024-2025 |
| Central bank interest rate | n/a |
17%
2025 |
| Unemployment rate |
6.88%
2024 |
2.43%
2024 |
| Population |
1844219
|
142718132
|
GDP per capita in Latvia vs Russia
Latvia's GDP per capita is $23,368, ranking 53/197, compared to $15,145 in Russia, ranking 69/197. Adjusted for purchasing power (GDP per capita PPP), Latvia ranks 53rd at $43,867, while Russia ranks 49th at $47,405.
| Year | Current $ | |||
|---|---|---|---|---|
|
Latvia
|
Russia
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1988 | - | - | $3,778 | - |
| 1989 | - | - | $3,430 | - |
| 1990 | - | $7,448 | $3,494 | $8,028 |
| 1991 | - | $6,762 | $3,490 | $7,858 |
| 1992 | - | $4,760 | $3,099 | $6,862 |
| 1993 | - | $4,722 | $2,931 | $6,420 |
| 1994 | - | $5,012 | $2,662 | $5,734 |
| 1995 | $2,257 | $5,342 | $2,666 | $5,613 |
| 1996 | $2,360 | $5,636 | $2,644 | $5,518 |
| 1997 | $2,610 | $6,309 | $2,738 | $5,700 |
| 1998 | $2,894 | $6,879 | $1,835 | $5,465 |
| 1999 | $3,064 | $7,200 | $1,331 | $5,914 |
| 2000 | $3,278 | $7,841 | $1,772 | $6,825 |
| 2001 | $3,505 | $8,862 | $2,100 | $7,361 |
| 2002 | $4,004 | $9,756 | $2,378 | $8,037 |
| 2003 | $4,915 | $10,566 | $2,975 | $9,255 |
| 2004 | $6,110 | $11,761 | $4,102 | $10,227 |
| 2005 | $7,284 | $13,344 | $5,323 | $11,822 |
| 2006 | $9,212 | $15,025 | $6,920 | $14,912 |
| 2007 | $13,371 | $17,281 | $9,101 | $16,648 |
| 2008 | $15,678 | $18,635 | $11,635 | $20,164 |
| 2009 | $11,996 | $16,560 | $8,563 | $19,390 |
| 2010 | $11,188 | $17,343 | $10,675 | $20,490 |
| 2011 | $12,903 | $18,619 | $14,305 | $22,790 |
| 2012 | $13,329 | $20,494 | $15,402 | $24,274 |
| 2013 | $14,484 | $21,850 | $15,941 | $26,020 |
| 2014 | $15,186 | $22,974 | $14,277 | $25,688 |
| 2015 | $13,322 | $24,138 | $9,427 | $23,994 |
| 2016 | $13,839 | $25,802 | $8,804 | $24,012 |
| 2017 | $15,132 | $27,646 | $10,835 | $25,778 |
| 2018 | $17,252 | $29,818 | $11,399 | $28,629 |
| 2019 | $17,295 | $32,199 | $11,640 | $30,964 |
| 2020 | $17,564 | $32,741 | $10,280 | $31,491 |
| 2021 | $20,262 | $36,912 | $12,637 | $38,638 |
| 2022 | $20,227 | $39,961 | $15,888 | $40,939 |
| 2023 | $22,676 | $41,810 | $14,403 | $44,269 |
| 2024 | $23,368 | $43,867 | $15,145 | $47,405 |
Spending and national debt comparison
In 2024, Latvia's government spending was $19.4B, accounting for 44.4% of its GDP, while Russia's spent $831B, or 37.6% of GDP.
Debt-to-GDP ratio is 48.3% in Latvia and 21.4% in Russia, ranking 114/185 and 173/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Latvia
|
Russia
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1992 | - | - | - | 116% |
| 1993 | - | - | - | 92.4% |
| 1994 | - | - | - | 63.5% |
| 1995 | - | - | - | 53.7% |
| 1996 | - | - | - | 51.9% |
| 1997 | - | - | - | 51.5% |
| 1998 | 38.1% | 9.81% | 39.7% | 135.2% |
| 1999 | 40.4% | 14.8% | 34.3% | 92.4% |
| 2000 | 37% | 15.1% | 30.7% | 55.9% |
| 2001 | 35% | 17.8% | 31.5% | 44.4% |
| 2002 | 35.4% | 15.4% | 33.8% | 37.6% |
| 2003 | 34.4% | 15.4% | 32.6% | 28.3% |
| 2004 | 34.8% | 15.3% | 29.6% | 20.8% |
| 2005 | 35.8% | 12.5% | 29.5% | 14.9% |
| 2006 | 35.5% | 10.7% | 29% | 9.8% |
| 2007 | 34.8% | 9% | 31.9% | 8.03% |
| 2008 | 38.2% | 19.3% | 32% | 7.45% |
| 2009 | 43.6% | 37.6% | 38.6% | 9.92% |
| 2010 | 43.6% | 48.2% | 35.5% | 10.1% |
| 2011 | 41.2% | 46.8% | 33.3% | 10.3% |
| 2012 | 38.6% | 44.4% | 34% | 11.2% |
| 2013 | 38.7% | 41.8% | 34.7% | 12.3% |
| 2014 | 39.2% | 43.1% | 34.9% | 15.1% |
| 2015 | 38.7% | 38.3% | 35.3% | 15.3% |
| 2016 | 37.4% | 41.7% | 36.6% | 14.8% |
| 2017 | 37.8% | 40.3% | 34.8% | 14.3% |
| 2018 | 39.4% | 38.3% | 32.6% | 13.6% |
| 2019 | 39% | 37.9% | 33.8% | 13.7% |
| 2020 | 42.6% | 44% | 39.2% | 19.2% |
| 2021 | 44.6% | 45.9% | 34.9% | 16.5% |
| 2022 | 43.5% | 44.4% | 35.4% | 18.5% |
| 2023 | 43.1% | 44.6% | 36.1% | 19.5% |
| 2024 | 44.5% | 47.4% | 38.2% | 20.3% |
| 2025 | 44.4% | 48.3% | 37.6% | 21.4% |
Government deficit by year
In 2024, Latvia's government deficit, the difference between spending and revenue, was -$794M, equivalent to -1.82% of GDP. This compares to Russia's deficit of -$48.9B, or -2.25% of GDP.
Over the past 27 years, Latvia recorded a fiscal deficit in 25 of those years, while Russia ran a deficit in 13 years. On average, Latvia posted an annual deficit equal to -2.23% of GDP, compared to surplus of +0.17% of GDP for Russia.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Latvia
|
Russia
|
|
| 1885 | - | -0.75% |
| 1886 | - | -0.84% |
| 1887 | - | 0.14% |
| 1888 | - | 0.88% |
| 1889 | - | 1.34% |
| 1890 | - | 0.01% |
| 1891 | - | -0.97% |
| 1892 | - | -1.16% |
| 1893 | - | 0.63% |
| 1894 | - | 1.43% |
| 1895 | - | 0.7% |
| 1896 | - | 1.3% |
| 1897 | - | 0.34% |
| 1898 | - | 0.03% |
| 1899 | - | 0.66% |
| 1900 | - | -0.36% |
| 1901 | - | 0.14% |
| 1902 | - | -1.57% |
| 1903 | - | 1.04% |
| 1904 | - | -5.13% |
| 1905 | - | -7.72% |
| 1906 | - | -3.19% |
| 1907 | - | -0.86% |
| 1908 | - | -0.83% |
| 1909 | - | -0.15% |
| 1910 | - | 1.52% |
| 1911 | - | 1.26% |
| 1912 | - | 0.69% |
| 1913 | - | 0.69% |
| 1914 | - | 0.69% |
| 1915 | - | 0.69% |
| 1916 | - | 0.69% |
| 1917 | - | 0.69% |
| 1918 | - | 0.69% |
| 1919 | - | 0.69% |
| 1920 | - | 0.69% |
| 1921 | - | 0.69% |
| 1922 | - | 0.69% |
| 1923 | - | 0.69% |
| 1924 | - | 0.69% |
| 1925 | - | 0.69% |
| 1926 | - | 0.69% |
| 1927 | - | 0.69% |
| 1928 | - | -0.4% |
| 1929 | - | -0.4% |
| 1930 | - | -1.62% |
| 1931 | - | -1.12% |
| 1932 | - | 0.06% |
| 1933 | - | 0.58% |
| 1934 | - | 0.25% |
| 1935 | - | 0.07% |
| 1936 | - | 0.1% |
| 1937 | - | 0.12% |
| 1938 | - | 0.16% |
| 1939 | - | 0.12% |
| 1940 | - | 0.15% |
| 1941 | - | 0.15% |
| 1942 | - | 0.15% |
| 1943 | - | 0.15% |
| 1944 | - | 0.15% |
| 1945 | - | 0.15% |
| 1946 | - | 0.15% |
| 1947 | - | 0.15% |
| 1948 | - | 0.15% |
| 1949 | - | 0.15% |
| 1950 | - | 0.15% |
| 1951 | - | 0.15% |
| 1952 | - | 0.15% |
| 1953 | - | 0.15% |
| 1954 | - | 0.15% |
| 1955 | - | 0.15% |
| 1956 | - | 0.15% |
| 1957 | - | 0.15% |
| 1958 | - | 0.15% |
| 1959 | - | 0.15% |
| 1960 | - | 0.15% |
| 1961 | - | 0.15% |
| 1962 | - | 0.15% |
| 1963 | - | 0.15% |
| 1964 | - | 0.15% |
| 1965 | - | 0.15% |
| 1966 | - | 0.15% |
| 1967 | - | 0.15% |
| 1968 | - | 0.15% |
| 1969 | - | 0.15% |
| 1970 | - | 0.15% |
| 1971 | - | 0.15% |
| 1972 | - | 0.15% |
| 1973 | - | 0.15% |
| 1974 | - | 0.15% |
| 1975 | - | 0.15% |
| 1976 | - | 0.15% |
| 1977 | - | 0.15% |
| 1978 | - | 0.15% |
| 1979 | - | 0.15% |
| 1980 | - | 0.15% |
| 1981 | - | 0.15% |
| 1982 | - | 0.15% |
| 1983 | - | 0.15% |
| 1984 | - | 0.15% |
| 1985 | - | 0.15% |
| 1986 | - | 0.15% |
| 1987 | - | 0.15% |
| 1988 | - | 0.15% |
| 1989 | - | 0.15% |
| 1990 | - | 0.15% |
| 1991 | - | 0.15% |
| 1992 | - | 0.15% |
| 1993 | - | 0.15% |
| 1994 | - | 0.15% |
| 1995 | - | 0.15% |
| 1996 | - | 0.15% |
| 1997 | - | 0.15% |
| 1998 | -0.66% | -7.42% |
| 1999 | -3.54% | -3.59% |
| 2000 | -2.57% | 3.11% |
| 2001 | -2.03% | 2.99% |
| 2002 | -2.59% | 0.67% |
| 2003 | -1.67% | 1.35% |
| 2004 | -1.04% | 4.57% |
| 2005 | -1.06% | 7.6% |
| 2006 | -0.48% | 7.8% |
| 2007 | 0.63% | 5.59% |
| 2008 | -3.29% | 4.55% |
| 2009 | -7.14% | -5.89% |
| 2010 | -6.56% | -3.19% |
| 2011 | -3.38% | 1.43% |
| 2012 | 0.18% | 0.38% |
| 2013 | -0.58% | -1.16% |
| 2014 | -1.74% | -1.07% |
| 2015 | -1.57% | -3.39% |
| 2016 | -0.51% | -3.67% |
| 2017 | -0.85% | -1.47% |
| 2018 | -0.77% | 2.92% |
| 2019 | -0.39% | 1.93% |
| 2020 | -3.85% | -3.99% |
| 2021 | -5.71% | 0.78% |
| 2022 | -3.94% | -1.56% |
| 2023 | -3.38% | -2.51% |
| 2024 | -1.82% | -2.25% |
| 2025 | -3.63% | -1.01% |
Inflation comparison by year
Over the past 29 years, Latvia has recorded an average annual inflation rate of 4.74%, compared with 14.6% in Russia. In 2024, inflation was 1.27% in Latvia and 9% in Russia.
| Year | Inflation | ||
|---|---|---|---|
|
Latvia
|
Russia
|
Latvia
|
Russia
|
| 1996 | 17.6% | 47.8% | |
| 1997 | 8.45% | 14.8% | |
| 1998 | 4.64% | 27.7% | |
| 1999 | 2.36% | 85.7% | |
| 2000 | 2.65% | 20.8% | |
| 2001 | 2.49% | 21.5% | |
| 2002 | 1.94% | 15.8% | |
| 2003 | 2.94% | 13.7% | |
| 2004 | 6.19% | 10.9% | |
| 2005 | 6.75% | 12.7% | |
| 2006 | 6.54% | 9.7% | |
| 2007 | 10.1% | 9% | |
| 2008 | 15.4% | 14.1% | |
| 2009 | 3.53% | 11.6% | |
| 2010 | -1.08% | 6.8% | |
| 2011 | 4.37% | 8.4% | |
| 2012 | 2.26% | 5.1% | |
| 2013 | -0.03% | 6.8% | |
| 2014 | 0.62% | 7.8% | |
| 2015 | 0.17% | 15.5% | |
| 2016 | 0.14% | 7% | |
| 2017 | 2.93% | 3.7% | |
| 2018 | 2.53% | 2.9% | |
| 2019 | 2.81% | 4.5% | |
| 2020 | 0.22% | 3.4% | |
| 2021 | 3.28% | 6.7% | |
| 2022 | 17.3% | 13.7% | |
| 2023 | 8.94% | 5.9% | |
| 2024 | 1.27% | 8.4% | |
| 2025 | - | 9% | |
Top exports between countries
|
Latvia
|
|
|---|---|
| Export category | Export value |
| Processed food, beverages & tobacco | $528M |
| Textiles & consumer goods | $303M |
| Chemicals & pharma | $148M |
| Transport & tourism services | $136M |
| Machinery & equipment | $59.5M |
| Raw materials & minerals | $41.2M |
| Raw agricultural goods | $21.6M |
| Business & finance services | $18.2M |
| Manufacturing & construction services | $8.68M |
| Metals | $7.87M |
|
Russia
|
|
|---|---|
| Export category | Export value |
| Raw materials & minerals | $1.69B |
| Miscellaneous | $823M |
| Metals | $582M |
| Processed food, beverages & tobacco | $375M |
| Raw agricultural goods | $305M |
| Wood & paper products | $237M |
| Transport & tourism services | $219M |
| Chemicals & pharma | $130M |
| Machinery & equipment | $82.7M |
| Business & finance services | $54.9M |
Balance of trade
|
Latvia
|
Russia
|
|
|---|---|---|
Current account balance
|
-$688M
2024 |
$63.2B
2024 |
| Current account balance ranking |
113/189
2024 |
9/189
2024 |
| Current account balance, % of GDP |
-1.58%
2024 |
+2.91%
2024 |
| Goods imports |
$23.4B
2024 |
$300B
2024 |
| Goods exports |
$20.1B
2024 |
$433B
2024 |
| Service imports |
$5.86B
2024 |
$81.5B
2024 |
| Service exports |
$8.42B
2024 |
$43B
2024 |
| Imports of goods and services, % of GDP |
67.2%
2024 |
17.6%
2024 |
| Exports of goods and services, % of GDP |
64.6%
2024 |
21.9%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Latvia
|
Russia
|
|
|---|---|---|
| Economic freedom | 71.4 | 51.6 |
| Economic freedom ranking | 30/197 | 150/197 |
| Property rights | 87.8 | 18.6 |
| Government integrity | 66.7 | 23 |
| Judicial effectiveness | 72.3 | 28.4 |
| Tax burden | 76.2 | 87.7 |
| Government spending | 46.9 | 62 |
| Fiscal health | 67.2 | 97.8 |
| Business freedom | 81.8 | 51.3 |
| Labor freedom | 64 | 59 |
| Monetary freedom | 69.5 | 62.2 |
| Trade freedom | 79.6 | 69.4 |
| Investment freedom | 85 | 30 |
| Financial freedom | 60 | 30 |
Economic freedom by year comparison
The Economic Freedom Index for Latvia is 71.4, ranking 30/197, compared to 51.6 for Russia, ranking 150/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Latvia
|
Russia
|
|
| 1995 | - | 51.1 |
| 1996 | 55 | 51.6 |
| 1997 | 62.4 | 48.6 |
| 1998 | 63.4 | 52.8 |
| 1999 | 64.2 | 54.5 |
| 2000 | 63.4 | 51.8 |
| 2001 | 66.4 | 49.8 |
| 2002 | 65 | 48.7 |
| 2003 | 66 | 50.8 |
| 2004 | 67.4 | 52.8 |
| 2005 | 66.3 | 51.3 |
| 2006 | 66.9 | 52.4 |
| 2007 | 67.9 | 52.2 |
| 2008 | 68.3 | 49.8 |
| 2009 | 66.6 | 50.8 |
| 2010 | 66.2 | 50.3 |
| 2011 | 65.8 | 50.5 |
| 2012 | 65.2 | 50.5 |
| 2013 | 66.5 | 51.1 |
| 2014 | 68.7 | 51.9 |
| 2015 | 69.7 | 52.1 |
| 2016 | 70.4 | 50.6 |
| 2017 | 74.8 | 57.1 |
| 2018 | 73.6 | 58.2 |
| 2019 | 70.4 | 58.9 |
| 2020 | 71.9 | 61 |
| 2021 | 72.3 | 61.5 |
| 2022 | 74.8 | 56.1 |
| 2023 | 72.8 | 53.8 |
| 2024 | 71.5 | 52 |
| 2025 | 71.4 | 51.6 |
More economic indicators
|
Latvia
|
Russia
|
|
|---|---|---|
| Services, % of GDP |
63.1%
2024 |
57.5%
2024 |
| Industry, % of GDP |
19.9%
2024 |
30.7%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
4.1%
2024 |
2.74%
2024 |
|
GNI, Atlas method
|
$40.8B
2024 |
$2.24T
2024 |
| GNI per capita, PPP |
$43,130
2024 |
$46,780
2024 |
| Total reserves including gold |
$5.14B
2024 |
$597B
2023 |
| Total reserves ranking |
98/177
2024 |
6/177
2023 |
|
Net foreign direct investment
|
-$1.26B
2024 |
$8.09B
2024 |
|
Net inflows of foreign direct investment
|
$1.51B
2024 |
-$8.1B
2024 |
|
Net outflows of foreign direct investment
|
$257M
2024 |
-$13.1M
2024 |
| Poverty at national poverty lines |
22.5%
2022 |
12.1%
2020 |
|
Gross capital formation, % of GDP
|
21.2%
2024 |
26.3%
2024 |
GDP per capita map
GDP per capita
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The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.