Cyprus vs Latvia development indicators, 2024

Demography and Health

In terms of demographic indicators, Cyprus shows a relatively higher crude birth rate at 10.8 per 1,000 people compared to Latvia's 7.7, ranking Cyprus 7th globally while Latvia ranks 70th. However, Cyprus also has a lower crude death rate of 7.1 compared to Latvia's high 14.9, which places Cyprus 75th and Latvia 11th in global rankings. Life expectancy in Cyprus stands at 81.6 years, reflecting a healthier populace, whereas Latvia lags behind at 75.7 years. The under-5 mortality rate is also lower in Cyprus at 3.5 per 1,000 live births compared to Latvia's 3.0, with Cyprus ranking 42nd and Latvia 60th overall. Cyprus has witnessed a positive net migration rate of 8,138, showcasing its appeal, in contrast to Latvia's negative net migration of -2,225.

Economy

Economically, Cyprus significantly outperforms Latvia with a GDP per capita of $38,654 versus Latvia's $23,368, ranking Cyprus 45th to Latvia's 83rd. When adjusted for purchasing power parity (PPP), Cyprus again leads with $61,240 compared to Latvia's $43,867, indicating greater economic strength. In the context of globalization and trade, Cyprus has exports of goods and services representing a remarkable 96.7% of its GDP, while Latvia stands at 64.6%. On the inflation front, Cyprus experiences a slightly higher annual consumer price inflation rate of 1.8%, compared to Latvia's 1.3%.

Trade and Investment

Cyprus is highly integrated into global trade, as indicated by its exports and imports of goods and services, which account for 96.7% and 93.1% of GDP respectively, showcasing strong trade activity. Latvia, though active, has lower figures at 64.6% for exports and 67.2% for imports. High-technology exports notably reveal a stark contrast, with Cyprus reporting $107.3 million compared to Latvia's substantial $2.1 billion, despite Cyprus achieving a higher rank in comparative metrics for innovation output through patent applications.

Governance and Institutions

Both nations exhibit moderate governance indicators with Cyprus obtaining a Control of Corruption score of 0.3 and Political Stability index of 0.4, while Latvia performs better with scores of 0.7 and 0.6 respectively. Government effectiveness in both countries ranks similarly, being scored equally at 0.7. However, Latvia boasts a better Regulatory Quality score of 1.2 versus Cyprus's 0.8, indicating a more favorable business environment. The Rule of Law is another aspect where Latvia scores slightly better at 1.0 against Cyprus's 0.6. Unemployment levels in Cyprus are healthier at 5.8% compared to Latvia’s 6.5%, reflecting more favorable labor market conditions in Cyprus.

Infrastructure and Technology

With regards to technology adoption, Cyprus displays that 91.2% of its population uses the Internet, slightly less than Latvia’s 92.2%. The Logistics Performance Index reveals Cyprus with a score of 2.8 on trade and transportation infrastructure, while Latvia performs better with a score of 3.3. This suggests that Latvia may have a slight edge in terms of trade logistics and infrastructure quality, essential for facilitating economic activities.

Environment and Sustainability

In matters of sustainability, Cyprus consumes a significantly lower proportion of renewable energy at 15.6% of total consumption compared to Latvia's impressive 44%. Both countries share the same prevalence of undernourishment at 2.5%, indicating similar agricultural challenges or successes. Water stress levels portray a concerning picture for Cyprus, with 32.1% of freshwater resources being withdrawn, placing it at 6th globally for stress, while Latvia's rate is notably better at just 1.1%, indicating sustainable management of water resources. However, Cyprus exhibits higher total greenhouse gas emissions per capita at 7.7 tons compared to Latvia's 5.8 tons, placing more pressure on environmental sustainability efforts in Cyprus.