Austria vs Latvia development indicators, 2024

Demography and Health

Austria has a birth rate of 8.5 per 1,000 people, slightly higher than Latvia's rate of 7.7, ranking 50th and 70th respectively. However, Austria's death rate stands at 9.8 per 1,000 individuals, which is significantly lower than Latvia's 14.9, giving Austria a rank of 54 compared to Latvia's 11. In terms of life expectancy, Austrians live an average of 81.5 years, again surpassing Latvians, who average 75.7 years, resulting in ranks of 34 and 70 respectively. The prevalence of undernourishment is the same for both nations at 2.5%, highlighting a common strength in food security. Additionally, Austria shows a mortality rate of 3.1 under-5 deaths per 1,000 live births, closely aligned with Latvia's rate of 3, indicating a relatively good healthcare system in both countries.

Economy

Austria's GDP per capita is substantially higher at $56,833 compared to Latvia's $23,368, ranking 19th and 83rd respectively. In terms of purchasing power parity, Austria also excels with $71,618 against Latvia's $43,867, ranking 17th compared to Latvia's 89th. However, Latvia has a higher percentage of exports of goods and services at 64.6% of GDP, ranking 56th compared to Austria's 56.9% at rank 66. Conversely, Austria’s inflation rate is higher at 2.9% versus Latvia’s 1.3%, where Latvia ranks 104th compared to Austria's rank of 73. This inflation dynamic reflects a more stable price environment in Latvia, advantageous for consumers.

Trade and Investment

Austria's high-technology exports are valued at $27.3 billion, indicating a robust technological sector, whereas Latvia trails with only $2.1 billion, leading to respective ranks of 26 and 68. Austria experiences a foreign direct investment net inflow of 1.8% of GDP, ranking 79th, while Latvia surpasses with 3% at rank 60. Austria has a current account balance of 2.4% of GDP, reflective of a strong economic position, while Latvia displays a deficit at -2.1%, indicating economic challenges. Moreover, the logistics performance index reveals Austria's infrastructure quality at 3.9 compared to Latvia's 3.3, marking Austria as more favorable for trade.

Governance and Institutions

In the governance context, Austria outperforms Latvia on several indicators such as control of corruption (1.1 vs. 0.7), government effectiveness (1.3 vs. 0.7), and rule of law (1.7 vs. 1). These statistics demonstrate Austria's stronger institutional quality and government performance, with ranks of 33, 23, and 11, in comparison to Latvia’s 44, 56, and 43. Austria also scores better in political stability and absence of violence, at 0.7 (32nd rank) while Latvia holds a score of 0.6 (51st rank).

Infrastructure and Technology

Austria's logistics performance in trade and transport infrastructure is rated higher at 3.9 compared to Latvia’s 3.3, indicating better infrastructure quality, essential for efficient trade and economic operations. Furthermore, Austria invests more in research and development, allocating 3.2% of its GDP whereas Latvia only manages 0.8%, ranking 6th vs. 47th globally. This higher investment in R&D is critical for fostering innovation and technological advancement, giving Austria a competitive edge in the global market.

Environment and Sustainability

Austria has made significant strides in renewable energy consumption, with 36% of its total final energy consumption from renewable sources, ranking 6th globally, while Latvia excels slightly higher at 44% but ranks 3rd. In terms of greenhouse gas emissions, Austria emits 8 tons of CO2 equivalent per capita while Latvia's emissions are lower at 5.8 tons, showing a more environmentally friendly profile for Latvia, which ranks 69th against Austria's 38th. The level of water stress indicates Austria's cautious use of freshwater resources at 8.7%, while Latvia demonstrates much lower water stress at 1.1%, ranking 27th versus Austria's 17th, highlighting Latvia's superior management of water resources.