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Latvia vs Singapore: Economic Indicators Comparison

Singapore with a GDP of $364.2B ranked the 36th largest economy in the world, while Latvia ranked 100th with $34.4B. By GDP 5-years average growth and GDP per capita, Singapore and Latvia ranked 76th vs 74th and 10th vs 51st, respectively.

Gross Domestic Product & Income

StatLatviaSingapore
GDP$34.4B$364.2B
GDP growth, 1 year4.8%3.2%
GDP growth, 5-years average3.3%3.3%
Population2M5.9M
GDP per capita$18k$65k
GDP per capita growth5.47%2.66%
Purchasing Power Parity conversion factor0.50.86
Price level ratio of PPP conversion factor GDP to market exchange rate0.590.64
GDP per capita, PPP adjusted$30k$100k
GNI, Atlas method$31.8B$331.4B
GNI per capita$17k$59k
GNI, PPP adjusted$57.4B$533.8B
GNI per capita, PPP adjusted$30k$95k

Financial system and Human development

StatLatviaSingapore
Income Tax Rate31.4%22%
Corporate Tax Rate20%17%
Inflation, consumer prices2.6%0.4%
Inflation, GDP deflator4%1.9%
Unemployment7.9%3.8%
Economic Freedom Index71.989.4
Personal Freedom Index8.657.44
Human Freedom Index8.168.1
Property Rights Index72.396.8
Judical Effectiveness Index51.192.9
Business Freedom Index7792.8
Fiscal Health Index96.580
Labor Freedom Index72.490.9
Investment Freedom Index8585
Financial Freedom Index6080
Trade Freedom Index86.494.8
Monetary Freedom Index80.285.6
Government Spending Index58.391.1
Tax Burden Index76.990.3
Government Integrity Index46.492.4
Corruption Perceptions Index5885
Life expectancy at birth, years74.782.9
Suicide mortality rate, per 100,000 people21.29.9
Mortality caused by road traffic injury, per 100,000 people9.32.8
Intentional homicides, per 100,000 people4.20.2
International tourism, number of arrivals1.9M14.7M

Government debt & reserves

StatLatviaSingapore
Central government debt, % of GDP37.6%108.3%
External debt stocks, % of GNIN/AN/A
External debt stocksN/AN/A
Short-term debt, % of total reservesN/AN/A
Total debt service, % of exports and primary incomeN/AN/A
Adjusted net savings including particulate emission damage, % of GNI6%36.8%
Gross savings, % of GDP22.8%45.8%
Gross capital formation, % of GDP23.5%26.6%
Total reserves including gold$4.4B$292.7B
Foreign direct investment net inflows$447M$82B

Exports, imports and economic structure

StatLatviaSingapore
Exports of goods and services, % of GDP61.3%176.4%
Imports of goods and services, % of GDP61.5%149.8%
Current account balance (balance of payments)-$211M$65.1B
Revenue excluding grants, % of GDP41.4%18.8%
Grants excluding technical cooperation, BoP$148.1M$1.6M
Personal remittances received$1.2BN/A
Industry including construction value added, % of GDP19.5%25.2%
Agriculture, forestry and fishing value added, % of GDP3.6%0%
Charges for the use of intellectual property, payments BoP$64.6M$15.2B
Charges for the use of intellectual property, receipts BoP$10.6M$8.7B
Expense, % of GDP43%15.2%
Government Expenditure, % of GDP37.3%17.2%

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

Singapore vs

CountryGDP
per capita
Population
Monaco
$186k
37.8k
Liechtenstein
$165k
37.9k
Luxembourg
$117k
614k
Switzerland
$83k
8.21M
Norway
$82k
5.33M
Cayman Islands
$81k
58.4k
Ireland
$79k
4.76M
Iceland
$73k
357k
Qatar
$69k
2.17M
United States
$63k
325M
Denmark
$61k
5.83M
Australia
$57k
23.4M
Sweden
$55k
10.3M
Netherlands
$53k
17.2M
Austria
$51k
8.81M
Finland
$50k
5.5M
San Marino
$48k
31.6k
Germany
$48k
83M
Belgium
$48k
11.2M
Canada
$46k
35.7M
United Arab Emirates
$43k
9.35M
United Kingdom
$43k
65.1M
Andorra
$42k
76.2k
New Zealand
$42k
4.89M
Israel
$42k
8.89M
France
$41k
66.6M
Japan
$39k
127M
Italy
$34k
60.6M
Kuwait
$34k
4.66M
Bahamas
$32k
377k