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Latvia vs South Africa: Economic Indicators Comparison

South Africa with a GDP of $368.3B ranked the 35th largest economy in the world, while Latvia ranked 100th with $34.4B. By GDP 5-years average growth and GDP per capita, South Africa and Latvia ranked 151st vs 74th and 95th vs 51st, respectively.

Gross Domestic Product & Income

StatLatviaSouth Africa
GDP$34.4B$368.3B
GDP growth, 1 year4.8%0.8%
GDP growth, 5-years average3.3%1.1%
Population2M57.7M
GDP per capita$18k$6.4k
GDP per capita growth5.47%-0.57%
Purchasing Power Parity conversion factor0.56.16
Price level ratio of PPP conversion factor GDP to market exchange rate0.590.47
GDP per capita, PPP adjusted$30k$14k
GNI, Atlas method$31.8B$332.3B
GNI per capita$17k$5.8k
GNI, PPP adjusted$57.4B$765.8B
GNI per capita, PPP adjusted$30k$13k

Financial system and Human development

StatLatviaSouth Africa
Income Tax Rate31.4%45%
Corporate Tax Rate20%28%
Inflation, consumer prices2.6%4.6%
Inflation, GDP deflator4%3.9%
Unemployment7.9%27%
Economic Freedom Index71.958.8
Personal Freedom Index8.656.92
Human Freedom Index8.166.78
Property Rights Index72.358.4
Judical Effectiveness Index51.138
Business Freedom Index7762
Fiscal Health Index96.564
Labor Freedom Index72.458.8
Investment Freedom Index8545
Financial Freedom Index6050
Trade Freedom Index86.475.8
Monetary Freedom Index80.275.9
Government Spending Index58.367.4
Tax Burden Index76.963.7
Government Integrity Index46.446.6
Corruption Perceptions Index5843
Life expectancy at birth, years74.763.5
Suicide mortality rate, per 100,000 people21.211.6
Mortality caused by road traffic injury, per 100,000 people9.325.9
Intentional homicides, per 100,000 people4.235.9
International tourism, number of arrivals1.9M10.5M

Government debt & reserves

StatLatviaSouth Africa
Central government debt, % of GDP37.6%56.7%
External debt stocks, % of GNIN/A50.6%
External debt stocksN/A$179.3B
Short-term debt, % of total reservesN/A70.9%
Total debt service, % of exports and primary incomeN/A19.9%
Adjusted net savings including particulate emission damage, % of GNI6%0.6%
Gross savings, % of GDP22.8%14.9%
Gross capital formation, % of GDP23.5%17.9%
Total reserves including gold$4.4B$51.6B
Foreign direct investment net inflows$447M$5.5B

Exports, imports and economic structure

StatLatviaSouth Africa
Exports of goods and services, % of GDP61.3%29.9%
Imports of goods and services, % of GDP61.5%29.6%
Current account balance (balance of payments)-$211M-$13.4B
Revenue excluding grants, % of GDP41.4%30.9%
Grants excluding technical cooperation, BoP$148.1M$817.9M
Personal remittances received$1.2B$929M
Industry including construction value added, % of GDP19.5%25.9%
Agriculture, forestry and fishing value added, % of GDP3.6%2.2%
Charges for the use of intellectual property, payments BoP$64.6M$1.8B
Charges for the use of intellectual property, receipts BoP$10.6M$120.7M
Expense, % of GDP43%34.4%
Government Expenditure, % of GDP37.3%33%

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

South Africa vs

CountryGDP
per capita
Population
Brazil
$8.9k
208M
Montenegro
$8.8k
622k
Cuba
$8.8k
11.3M
Lebanon
$8.3k
4.47M
Botswana
$8.3k
2.02M
Dominican Republic
$8.1k
10.4M
Gabon
$8k
1.67M
Dominica
$7.7k
72k
Saint Vincent
$7.4k
109k
Thailand
$7.3k
65.9M
Serbia
$7.2k
7.02M
Libya
$7.2k
5.66M
Turkmenistan
$7k
5.13M
Peru
$6.9k
30.4M
Colombia
$6.7k
49.1M
Ecuador
$6.3k
15.7M
Belarus
$6.3k
9.49M
Fiji
$6.3k
881k
Suriname
$6.2k
539k
North Macedonia
$6.1k
2.08M
Bosnia and Herzegovina
$6.1k
3.51M
Namibia
$5.9k
2.3M
Iraq
$5.8k
33.4M
Paraguay
$5.8k
6.8M
Iran
$5.6k
77.4M
Jamaica
$5.4k
2.89M
Albania
$5.3k
3.02M
Guyana
$5k
800k
Belize
$4.9k
375k
Azerbaijan
$4.7k
10M