Czechia vs Latvia development indicators, 2024

Indicator	Czechia, Value	Latvia, Value	Czechia, Rank	Latvia, Rank	Czechia as % of Latvia
Current account balance (% of GDP)	1.75	-2.12	43	73
Exports of goods and services (% of GDP)	69.2	64.6	25	29	107 %
Foreign direct investment, net inflows (% of GDP)	3.78	2.96	31	42	128 %
GDP per capita (current US$)	31,707	23,368	40	53	136 %
GDP per capita, PPP (current international US$)	56,806	43,867	33	52	129 %
Imports of goods and services (% of GDP)	62.7	67.2	31	27	93.3 %
Inflation, consumer prices (annual %)	2.44	1.27	98	132	192 %
Net migration	-86,169	-2,225	198	123	3,873 %
Population, total	10,882,164	1,862,441	86	150	584 %

Demography and Health

Czechia and Latvia present distinct demographic landscapes. In 2023, Czechia has a crude birth rate of 8.4 per 1,000 people, compared to Latvia’s 7.7, indicating a slightly more favorable conditions for population growth. Conversely, the crude death rate is significantly higher in Latvia at 14.9 per 1,000 people than in Czechia at 10.4, which influences the overall population dynamics. Life expectancy at birth reveals a divergence too, with Czechia recording 79.9 years compared to Latvia's 75.7 years. In terms of child health, the under-5 mortality rate in Czechia stands at 2.6 per 1,000 live births, while Latvia’s rate is marginally higher at 3.0. Despite these differences, both countries show a low prevalence of undernourishment at 2.5% of the population.

On the mental health front, the suicide mortality rate in Czechia is 13.3 per 100,000 population, compared to 15.2 in Latvia, suggesting a slightly better mental health scenario in Czechia.

Economy

The economic performance of Czechia surpasses Latvia in several key areas. The GDP per capita in Czechia for 2024 is estimated at $31,707, significantly higher than Latvia's $23,368. In terms of purchasing power, Czechia again leads with a GDP per capita (PPP) of $56,806 versus Latvia's $43,867. Czechia also enjoys a more favorable current account balance at 1.8% of GDP, while Latvia faces a deficit of -2.1%. The inflation rate is relatively low in Czechia at 2.4%, while it’s lower still in Latvia at 1.3%, presenting advantages in consumer price stability. However, Czechia's lower unemployment rate of 2.6% starkly contrasts with Latvia's 6.5%, indicating a stronger labor market.

Trade and Investment

Czechia leads in trade performance as well. Exports of goods and services compose 69.2% of Czechia’s GDP, which is slightly higher than Latvia's 64.6%. While imports represent 62.7% of Czechia’s GDP, Latvia finds itself at a higher 67.2%. Each country's foreign direct investment shows Czechia with net inflows constituting 3.8% of GDP, while Latvia’s is lower at 3%. Patent applications indicate strong innovation in Czechia, with 541 applications compared to 104 in Latvia. This demonstrates a more dynamic approach to intellectual property and development in Czechia.

Governance and Institutions

When assessing governance, Czechia demonstrates higher effectiveness and stability. The Government Effectiveness score is 1.1 for Czechia while Latvia stands at a lower 0.7. Corruption control is similarly favored in Czechia with a score of 0.8, compared to Latvia at 0.7. Political Stability and Absence of Violence/Terrorism are rated significantly better in Czechia at 1.0 versus Latvia at 0.6, indicating a more secure environment for citizens and investors. Regulatory Quality is also higher for Czechia at 1.3, relative to Latvia's 1.2, contributing to a more dependable business climate.

Infrastructure and Technology

Both countries have made progress in infrastructure and technology, though Czechia emerges slightly ahead. The Logistics Performance Index reports Czechia at 3.0, in comparison to Latvia’s 3.3, indicating a solid trading and transport infrastructure for both. Individuals using the Internet show Czechia at 86% of the population, while Latvia leads at 92.2%. This indicates a greater digital engagement in Latvia, though both countries are performing commendably in connectivity.

Environment and Sustainability

Concerning sustainability, Czechia utilizes renewable energy for 17.2% of its total energy consumption, whereas Latvia excels with a remarkable 44%. This strong emphasis on renewable energy indicates Latvia’s commitment to sustainable practices. Total greenhouse gas emissions per capita reveal a stark contrast; Czechia emits 10.5 tons CO2e while Latvia emits only 5.8 tons CO2e, showing a better environmental performance in Latvia. However, Czechia displays concern over water stress with fresh water withdrawal at 20.5%, compared to Latvia’s much lower 1.1%. This metric suggests that Latvia is better positioned regarding water resource management.