Bulgaria vs Latvia development indicators, 2024

Demography and Health

Bulgaria and Latvia exhibit distinct demographic and health profiles. In 2023, Bulgaria's crude birth rate is 8.9 per 1,000 people, higher than Latvia's 7.7, ranking Bulgaria 45th compared to Latvia's 70th position. Conversely, Bulgaria has a higher crude death rate of 15.7 vs. Latvia's 14.9, with both countries ranking among the top in mortality rates. The life expectancy at birth is identical for both countries at 75.7 years, reflecting a similar health outlook. However, Bulgaria faces a higher under-five mortality rate at 6.1 per 1,000 live births compared to Latvia's 3.0, indicating better child health outcomes in Latvia. In terms of migration, Bulgaria experiences a slight positive net migration of 524, while Latvia has a negative net migration of -2,225, suggesting better attractiveness for immigrants in Bulgaria.

Economy

Economically, Bulgaria lags behind Latvia in key indicators. As of 2024, Bulgaria's GDP per capita is $17,412, significantly lower than Latvia’s $23,368. In purchasing power parity (PPP), Bulgaria also trails with $41,086 compared to Latvia’s $43,867. Both nations see a similar research and development expenditure of 0.8% of GDP, indicating an emphasis on innovation. However, Bulgaria enjoys a relatively higher high-technology exports value at $3.2 billion versus Latvia’s $2.1 billion. In inflation rates, Bulgaria records a higher annual inflation at 2.4% compared to Latvia's 1.3%, revealing differing economic stability and consumer price pressures.

Trade and Investment

Trade dynamics show that Bulgaria's exports of goods and services as a percentage of GDP stand at 55.8%, while Latvia leads with 64.6%. Regarding imports, Bulgaria's figure is 53.5% of GDP, lower than Latvia's 67.2%, indicating a greater integration of Latvia into global trade networks. Foreign direct investment inflows are comparable, with Bulgaria at 3.1% of GDP marginally ahead of Latvia's 3.0%. Both countries face current account deficits, with Bulgaria at -1.8% and Latvia at -2.1%, indicating vulnerabilities in their trade balances.

Governance and Institutions

The governance indicators reveal critical disparities affecting the institutional environment. Bulgaria's performance is considerably weaker across political stability, regulatory quality, and rule of law compared to Latvia. Bulgaria receives lower ratings in the control of corruption (-0.1) and government effectiveness (0.0), while Latvia scores higher at 0.7 and 0.7 respectively. Furthermore, Latvia's political stability rating (0.6) is stronger than Bulgaria's (0.3), indicating a more stable political climate. However, Bulgaria’s unemployment rate at 4.3% is lower than Latvia’s 6.5%, which can indicate a relative strength in labor market conditions despite poor governance metrics.

Infrastructure and Technology

In terms of infrastructure and technology, Bulgaria ranks slightly lower than Latvia in logistics performance with 3.1, while Latvia scores 3.3. The digital landscape also shows a significant digital divide, where 80.4% of Bulgaria’s population uses the Internet compared to 92.2% in Latvia, indicating a more digitally connected society in Latvia. This difference in digital engagement could impact economic growth and innovation in both nations going forward.

Environment and Sustainability

On environmental issues, Bulgaria exhibits substantial challenges. It has a high level of water stress, withdrawing 37.5% of its available freshwater resources, significantly more than Latvia's 1.1%. Furthermore, Bulgaria's total greenhouse gas emissions per capita are higher at 8.3 tons CO2 equivalents compared to Latvia's 5.8 tons, demonstrating a more significant environmental impact. Bulgaria also relies less on renewable energy, consuming only 20.4% compared to Latvia's impressive 44%. This disparity points to Latvia's stronger commitments towards environmental sustainability and renewable energy advancements.