Greece vs Latvia development indicators, 2024

Indicator	Greece, Value	Latvia, Value	Greece, Rank	Latvia, Rank	Greece as % of Latvia
Current account balance (% of GDP)	-6.38	-2.12	95	73	301 %
Exports of goods and services (% of GDP)	42	64.6	54	29	65 %
Foreign direct investment, net inflows (% of GDP)	2.51	2.96	47	42	84.8 %
GDP per capita (current US$)	24,752	23,368	49	53	106 %
GDP per capita, PPP (current international US$)	44,074	43,867	50	52	100 %
Imports of goods and services (% of GDP)	47.3	67.2	59	27	70.5 %
Inflation, consumer prices (annual %)	2.74	1.27	93	132	217 %
Net migration	-122,772	-2,225	202	123	5,518 %
Population, total	10,388,805	1,862,441	93	150	558 %

Demography and Health

Greece has a total population of approximately 10.4 million, while Latvia's population stands at around 1.9 million. The birth rate in Greece is recorded at 6.8 per 1,000 people, slightly lower than Latvia's rate of 7.7. However, Greece suffers from a higher death rate of 12.2 per 1,000 people compared to Latvia's 14.9, indicating challenges in demographic sustainability. In terms of life expectancy, Greeks live longer on average at 81.5 years compared to Latvians, who have a life expectancy of 75.7 years. The under-five mortality rate is 3.7 in Greece against 3 in Latvia, demonstrating a similar child health scenario. Notably, Greece ranks significantly lower in suicide mortality rates, with Greece's rate at 4.7 per 100,000 population versus Latvia's troubling figure of 15.2, reflecting mental health concerns in Latvia.

Economy

In terms of economic metrics, Greece's GDP per capita is $24,752 compared to Latvia's $23,368, indicating a slightly stronger economic performance in Greece. However, when measured using Purchasing Power Parity (PPP), Greece holds a marginally higher GDP per capita at $44,074 compared to Latvia's $43,867. Latvia has a stronger export market, with exports of goods and services representing 64.6% of GDP, as opposed to Greece’s 42%. Conversely, Greece has a lower import ratio at 47.3% of GDP against Latvia's significant 67.2%. Inflation rates are more favorable in Latvia, with a mere 1.3% compared to Greece's 2.7%, indicating a more stable pricing environment.

Trade and Investment

Latvia outperforms Greece in foreign direct investment, reflecting a net inflow of 3% of GDP compared to Greece’s 2.5%. Furthermore, Latvia's current account balance at -2.1% of GDP is also superior to Greece’s concerning figure of -6.4%. This financial metric suggests better management of international debts and exposes a healthier economic environment. Additionally, Latvia has a higher level of imports relative to its GDP, which indicates a robust engagement with international markets.

Governance and Institutions

Governance indicators reveal that Latvia performs significantly better than Greece across several domains, including control of corruption (0.7 in Latvia versus 0.1 in Greece), government effectiveness (0.7 versus 0.1), and regulatory quality (1.2 versus 0.6). Latvia also scores higher in political stability with 0.6 compared to Greece's score of 0.2. The rule of law is more established in Latvia with a score of 1 compared to Greece's score of 0.2, which showcases the effectiveness of legal and institutional frameworks in Latvia. Latvia’s lower unemployment rate at 6.5% indicates a healthier job market compared to Greece’s 11% unemployment rate, furthering the argument for a more effective governance framework in Latvia.

Infrastructure and Technology

On the technological front, Latvia leads in internet usage, with 92.2% of the population accessing the internet, whereas Greece stands at 85%. In terms of logistics performance, Greece scores better with a quality index of 3.7 compared to Latvia’s 3.3. This suggests that Greece has slightly better trade and transport-related infrastructure. However, in terms of research and development expenditure as a percentage of GDP, Greece has the edge at 1.5% compared to Latvia’s 0.8%, pointing to a stronger commitment to innovation and technology in Greece.

Environment and Sustainability

Latvia stands out in renewable energy consumption, with 44% of its total energy coming from renewable sources, while Greece is at 21.5%. This highlights Latvia's commitment to sustainability and environmental stewardship. Latvia also has a much lower level of water stress, with only 1.1% of available freshwater resources being withdrawn, contrasted with Greece’s 20.7%. Even in terms of greenhouse gas emissions, Latvia's emissions per capita at 5.8 t CO2e are lower than Greece's 6.7 t CO2e, pointing towards a relatively cleaner environmental profile. Prevalence of undernourishment is the same in both countries at 2.5%, reflecting similar food security situations.