Denmark Denmark vs Latvia Latvia development indicators, 2024

Indicator
Denmark
Denmark, Value
Latvia
Latvia, Value
Denmark
Denmark, Rank
Latvia
Latvia, Rank
Denmark Denmark as % of
Latvia Latvia
Current account balance (% of GDP) 13 -2.12 8 73
Exports of goods and services (% of GDP) 69.7 64.6 24 29 108 %
Foreign direct investment, net inflows (% of GDP) 4.21 2.96 26 42 142 %
GDP per capita (current US$) 71,852 23,368 11 53 307 %
GDP per capita, PPP (current international US$) 79,514 43,867 13 52 181 %
Imports of goods and services (% of GDP) 58.9 67.2 36 27 87.7 %
Inflation, consumer prices (annual %) 1.37 1.27 129 132 108 %
Net migration 25,639 -2,225 34 123
Population, total 5,976,992 1,862,441 114 150 321 %

Demography and Health

Denmark has a crude birth rate of 9.7 per 1,000 people, while Latvia's is lower at 7.7, reflecting Denmark's higher population growth potential. In terms of mortality, Denmark's crude death rate is 9.8 per 1,000 people, significantly lower than Latvia's 14.9, which points to a healthier population in Denmark. Life expectancy at birth is also notably better in Denmark at 81.9 years compared to Latvia's 75.7 years. Furthermore, the under-5 mortality rate stands at 3.4 per 1,000 live births in Denmark, marginally higher than Latvia's 3. These health metrics reflect Denmark's advanced healthcare system and overall quality of life.

Economy

Denmark's GDP per capita is substantially higher at $71,852 compared to Latvia's $23,368, indicating a more affluent economy. When adjusted for purchasing power parity (PPP), Denmark's GDP per capita is $79,514, again outpacing Latvia's $43,867. High-technology exports in Denmark amount to $16.1 billion, contrasting sharply with Latvia's $2.1 billion, which showcases Denmark's emphasis on innovation and advanced technology sectors. Denmark maintains a net foreign direct investment inflow of 4.2% of GDP, compared to Latvia's 3%, indicating a more attractive investment climate.

Trade and Investment

Denmark's exports of goods and services comprise 69.7% of its GDP, outpacing Latvia’s 64.6%, suggesting a strong export-driven economy. Conversely, Denmark's imports constitute 58.9% of GDP, lower than Latvia's 67.2%, indicating a balanced trade scenario in Denmark. The current account balance also highlights Denmark's economic strength, showing a surplus of 13% of GDP, whereas Latvia has a deficit of 2.1%. The overall trade landscape favors Denmark as a more robust player in international markets.

Governance and Institutions

Denmark excels in governance quality, ranking much higher than Latvia across various categories. Its Control of Corruption score is 2.4 compared to Latvia's 0.7, indicating less corruption in Denmark. Government effectiveness rankings place Denmark at 2 versus Latvia's 0.7, revealing Denmark's strong administrative capabilities. Furthermore, Denmark's regulatory quality and rule of law indices are 1.8 and 1.9 respectively, compared to Latvia's 1.2 and 1. This suggests a more stable and transparent governance framework in Denmark, contributing to its economic success.

Infrastructure and Technology

The logistics performance index, which assesses the quality of trade and transport-related infrastructure, stands at 4.1 for Denmark and 3.3 for Latvia. This highlights Denmark’s superior infrastructure, essential for facilitating trade and economic activities. Moreover, Denmark's commitment to research and development, allocating 2.9% of GDP, is significantly more than Latvia's 0.8%. This investment in technology and innovation is critical to boosting productivity and economic growth in Denmark.

Environment and Sustainability

Denmark leads in renewable energy consumption with 39.5% of total energy needs met through renewable sources, compared to Latvia's 44%—although Latvia has a higher percentage, it's essential to note the overall energy mix and dependency on fossil fuels. Denmark's level of water stress indicates a responsible management of natural resources, with freshwater withdrawal at only 26.4% of available resources, while Latvia's is significantly lower at 1.1%, reflecting its abundant freshwater availability. However, when considering greenhouse gas emissions, Denmark emits 7 tons of CO2e per capita, while Latvia's is lower at 5.8 tons, indicating a slightly better environmental performance from Latvia in that regard. Despite these differences, both countries demonstrate a commitment to sustainability but differ in their energy dependencies and emissions outputs.