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Latvia vs Russia: Economic Indicators Comparison

Russia with a GDP of $1.7T ranked the 11th largest economy in the world, while Latvia ranked 100th with $34.4B. By GDP 5-years average growth and GDP per capita, Russia and Latvia ranked 162nd vs 74th and 68th vs 51st, respectively.

Gross Domestic Product & Income

StatLatviaRussia
GDP$34.4B$1.7T
GDP growth, 1 year4.8%2.3%
GDP growth, 5-years average3.3%0.5%
Population2M146.8M
GDP per capita$18k$11k
GDP per capita growth5.47%2.26%
Purchasing Power Parity conversion factor0.525.64
Price level ratio of PPP conversion factor GDP to market exchange rate0.590.41
GDP per capita, PPP adjusted$30k$29k
GNI, Atlas method$31.8B$1.5T
GNI per capita$17k$10k
GNI, PPP adjusted$57.4B$3.9T
GNI per capita, PPP adjusted$30k$26k

Financial system and Human development

StatLatviaRussia
Income Tax Rate31.4%13%
Corporate Tax Rate20%20%
Inflation, consumer prices2.6%2.9%
Inflation, GDP deflator4%10.3%
Unemployment7.9%4.7%
Economic Freedom Index71.961
Personal Freedom Index8.656.56
Human Freedom Index8.166.49
Property Rights Index72.356.8
Judical Effectiveness Index51.144.4
Business Freedom Index7780.2
Fiscal Health Index96.598.7
Labor Freedom Index72.452.1
Investment Freedom Index8530
Financial Freedom Index6030
Trade Freedom Index86.477.8
Monetary Freedom Index80.268.2
Government Spending Index58.363.8
Tax Burden Index76.988.5
Government Integrity Index46.441.3
Corruption Perceptions Index5828
Life expectancy at birth, years74.772.1
Suicide mortality rate, per 100,000 people21.231
Mortality caused by road traffic injury, per 100,000 people9.318
Intentional homicides, per 100,000 people4.29.2
International tourism, number of arrivals1.9M24.6M

Government debt & reserves

StatLatviaRussia
Central government debt, % of GDP37.6%14%
External debt stocks, % of GNIN/A28.1%
External debt stocksN/A$453.9B
Short-term debt, % of total reservesN/A10.3%
Total debt service, % of exports and primary incomeN/A19.6%
Adjusted net savings including particulate emission damage, % of GNI6%8%
Gross savings, % of GDP22.8%30.2%
Gross capital formation, % of GDP23.5%22.7%
Total reserves including gold$4.4B$468.6B
Foreign direct investment net inflows$447M$8.8B

Exports, imports and economic structure

StatLatviaRussia
Exports of goods and services, % of GDP61.3%30.7%
Imports of goods and services, % of GDP61.5%20.8%
Current account balance (balance of payments)-$211M$113.5B
Revenue excluding grants, % of GDP41.4%27.5%
Grants excluding technical cooperation, BoP$148.1M$658.1M
Personal remittances received$1.2B$8.6B
Industry including construction value added, % of GDP19.5%32.1%
Agriculture, forestry and fishing value added, % of GDP3.6%3.1%
Charges for the use of intellectual property, payments BoP$64.6M$6.3B
Charges for the use of intellectual property, receipts BoP$10.6M$876.1M
Expense, % of GDP43%28.9%
Government Expenditure, % of GDP37.3%34.7%

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
1.33M
Portugal
$23k
10.6M
Saudi Arabia
$23k
33M
Estonia
$23k
1.32M
Czech Republic
$23k
10.6M
Vatican City
$21k
1k
Greece
$20k
10.8M
Curacao
$20k
160k
Slovakia
$19k
5.44M
Saint Kitts and Nevis
$19k
54.2k
Lithuania
$19k
2.79M
Barbados
$18k
285k
Uruguay
$17k
3.41M
Trinidad and Tobago
$17k
1.34M
Antigua and Barbuda
$17k
101k
Seychelles
$16k
95.8k
Oman
$16k
3.63M
Hungary
$16k
9.97M
Venezuela
$16k
28.5M
Chile
$16k
18.1M
Palau
$16k
20.9k
Panama
$16k
3.86M
Poland
$15k
38.5M
Croatia
$15k
4.11M
Romania
$12k
19.6M
Costa Rica
$12k
4.87M
Argentina
$12k
44.9M

Russia vs

CountryGDP
per capita
Population
Trinidad and Tobago
$17k
1.34M
Antigua and Barbuda
$17k
101k
Seychelles
$16k
95.8k
Oman
$16k
3.63M
Hungary
$16k
9.97M
Venezuela
$16k
28.5M
Chile
$16k
18.1M
Palau
$16k
20.9k
Panama
$16k
3.86M
Poland
$15k
38.5M
Croatia
$15k
4.11M
Romania
$12k
19.6M
Costa Rica
$12k
4.87M
Argentina
$12k
44.9M
Malaysia
$11k
31.6M
Mauritius
$11k
1.26M
Grenada
$11k
108k
Saint Lucia
$11k
179k
Maldives
$10k
345k
Equatorial Guinea
$10k
1.22M
Nauru
$9.9k
13.7k
Kazakhstan
$9.8k
18M
China
$9.8k
1.41B
Mexico
$9.7k
131M
Turkey
$9.4k
82M
Bulgaria
$9.3k
7.27M
Brazil
$8.9k
208M
Montenegro
$8.8k
622k
Cuba
$8.8k
11.3M
Lebanon
$8.3k
4.47M