Hungary Hungary vs Latvia Latvia development indicators, 2024

Indicator
Hungary
Hungary, Value
Latvia
Latvia, Value
Hungary
Hungary, Rank
Latvia
Latvia, Rank
Hungary Hungary as % of
Latvia Latvia
Current account balance (% of GDP) 2.28 -2.12 37 73
Exports of goods and services (% of GDP) 74.7 64.6 17 29 116 %
Foreign direct investment, net inflows (% of GDP) -14.7 2.96 107 42
GDP per capita (current US$) 23,311 23,368 54 53 99.8 %
GDP per capita, PPP (current international US$) 47,636 43,867 47 52 109 %
Imports of goods and services (% of GDP) 69.1 67.2 23 27 103 %
Inflation, consumer prices (annual %) 3.7 1.27 58 132 293 %
Net migration 16,223 -2,225 41 123
Population, total 9,562,314 1,862,441 96 150 513 %

Demography and Health

Hungary's birth rate stands at 9.1 per 1,000 people, higher than Latvia's 7.7, placing Hungary 38th and Latvia 70th in global rankings. Conversely, the death rate in Hungary is 13.4, compared to Latvia's higher rate of 14.9, ranking Hungary 19th and Latvia 11th, indicating a relatively better demographic balance in Hungary. Life expectancy at birth is 76.8 years in Hungary, slightly higher than Latvia's 75.7 years. The under-five mortality rate is also lower in Hungary at 3.8, while Latvia reports 3.0, giving Hungary a rank of 28th and Latvia a better rank of 60. However, substantial net migration favorably impacts Hungary with 16,223 new migrants, contrasting with Latvia's negative migration of -2,225, signaling Hungary as a more attractive destination. Both countries report a prevalence of undernourishment at 2.5% of the population.

Economy

In terms of economic strength, both countries exhibit slight differences in GDP per capita; Hungary's GDP is $23,311 compared to Latvia's $23,368, making Latvia slightly wealthier by this metric. When assessed in terms of purchasing power parity (PPP), Hungary claims $47,636 versus Latvia's $43,867. This illustrates that while Latvia has a marginally higher nominal GDP, Hungary benefits significantly in quality of life metrics. Hungary leads in high-technology exports, totaling $24.4 billion, while Latvia's contributions are just $2.1 billion, indicating a superior capacity in tech-driven economic sectors. On inflation, Hungary faces higher rates at 3.7% compared to Latvia's lower 1.3%, which may signal more economic stability in Latvia.

Trade and Investment

Hungary's exports constitute 74.7% of its GDP compared to 64.6% in Latvia, with Hungary ranking 44th and Latvia 56th in total trade volume relative to GDP. Both countries experience significant imports; Hungary's imports are 69.1% of GDP compared to Latvia's 67.2%, reflecting their integration into global supply chains. However, Hungary has negative foreign direct investment (FDI) inflows at -14.7% of GDP while Latvia maintains a positive 3%, demonstrating a more favorable investment climate in Latvia. Hungary's current account balance of 2.3% indicates a stronger position than Latvia's -2.1%, suggesting better overall economic stability.

Governance and Institutions

In governance metrics, Hungary's control of corruption index shows a score of -0, compared to Latvia's more favorable 0.7, suggesting better perceived governance in Latvia. Hungary's government effectiveness score of 0.4, vs. Latvia's 0.7, indicates a larger efficacy in public administration in Latvia as well. The military expenditure also reveals significant discrepancies, with Hungary spending $4.4 billion compared to Latvia's $1 billion. The political stability indicators favor Hungary at 0.7, compared to Latvia's 0.6, which might impact investment and economic confidence. Although Latvia performs better in regulatory quality (1.2 vs. 0.3), Hungary ranks slightly better in rule of law (0.4 vs. 1.0), leading to complexities in analyzing overall governance quality.

Infrastructure and Technology

When it comes to infrastructure, Hungary's logistics performance index is 3.1, while Latvia scores slightly higher at 3.3. This indicates that both countries have solid but potentially improvable infrastructure for trade and transport. Hungary leads in research and development expenditure making up 1.4% of GDP compared to Latvia’s 0.8%, which may underpin its technological advantages. Hungary's higher number of patent applications (433 vs. 104) also reflects a stronger innovation environment.

Environment and Sustainability

On the environmental front, Hungary's renewable energy consumption at 15.3% contrasts sharply with Latvia's impressive 44%, suggesting Latvia's substantial commitment to sustainable practices. In terms of water resource management, Hungary's level of water stress is 8.1% compared to Latvia's much lower 1.1%, indicating better sustainability practices in Latvia. However, Hungary generates more greenhouse gases per capita at 6.4 t CO2e, contrasting with Latvia's lower emissions of 5.8 t CO2e, which demonstrates Latvia's relative environmental efficiency.