Latvia vs Malta development indicators, 2024

Indicator	Latvia, Value	Malta, Value	Latvia, Rank	Malta, Rank	Latvia as % of Malta
Current account balance (% of GDP)	-2.12	5.69	73	19
Exports of goods and services (% of GDP)	64.6	123	29	6	52.3 %
Foreign direct investment, net inflows (% of GDP)	2.96	175	42	1	1.69 %
GDP per capita (current US$)	23,368	42,347	53	27	55.2 %
GDP per capita, PPP (current international US$)	43,867	67,364	52	24	65.1 %
Imports of goods and services (% of GDP)	67.2	106	27	6	63.3 %
Inflation, consumer prices (annual %)	1.27	1.65	132	123	76.7 %
Net migration	-2,225	6,323	123	52
Population, total	1,862,441	574,346	150	170	324 %

Demography and Health

In terms of demographic indicators, Latvia has a birth rate of 7.7 per 1,000 people compared to Malta's 8.1, placing Latvia at 70th and Malta at 59th in global rankings. The death rate in Latvia is significantly higher at 14.9 per 1,000 people compared to Malta's 7.3, where Latvia ranks 11th and Malta ranks 73rd. Life expectancy at birth reflects a notable disparity, with Latvia at 75.7 years, while Malta significantly exceeds this at 83.5 years, ranking 70th vs. 3rd globally. The prevalence of undernourishment is similar for both nations, each reported at 2.5%. Latvia's net migration is also negative, with 2,225 more people leaving than entering, contrasting with Malta's positive net migration of 6,323. Additionally, Latvia has a higher under-5 mortality rate of 3 per 1,000 live births compared to Malta's 5.5. These health indicators suggest that Latvia faces more significant health challenges than Malta, particularly in life expectancy and death rates.

Economy

Examining economic indicators, Latvia's GDP per capita stands at $23,368, markedly lower than Malta's $42,347, which ranks 83rd compared to Malta's 40th place in global terms. In terms of purchasing power parity (PPP), Latvia's GDP per capita is $43,867, again trailing behind Malta's substantial $67,364 (89th vs. 27th rank). Latvia's economy is heavily reliant on exports, with exports of goods and services making up 64.6% of GDP, whereas Malta boasts a striking 123%. However, Latvia also faces high imports at 67.2% of GDP relative to Malta's 106%, leading to a current account balance of -2.1% versus Malta's favorable +5.7%. The inflation rate is marginally lower in Latvia at 1.3% than in Malta at 1.7%. Latvia's current health expenditure is 7.6% of GDP, significantly less than Malta's 9.5%, suggesting a less robust investment in health services.

Trade and Investment

On the trade and investment front, Latvia's high-technology exports amount to $2.1 billion, which ranks it 68th globally, while Malta's is lower at $1.2 billion ranking 75th. Foreign direct investment net inflows are substantially better in Malta at 175% of GDP, placing it in 2nd position worldwide, compared to Latvia's modest 3% at 60th rank. Additionally, Latvia has a logistics performance index score of 3.3, slightly below Malta's 3.7, indicating a relatively better quality of trade and transport infrastructure in Malta. This shows that Malta outperforms Latvia significantly in attracting investments and managing its trade efficiency.

Governance and Institutions

Regarding governance and institutional effectiveness, Latvia scores higher in several areas. Control of corruption in Latvia is rated at 0.7 compared to Malta's 0.1, placing Latvia 44th in the world and indicating a greater level of governance integrity. Latvia also ranks slightly better in government effectiveness, with a score of 0.7 versus Malta's 0.4, placing it 56th compared to Malta's 68th. Importantly, Latvia exhibits a political stability index of 0.6 versus Malta's 0.9, showing that although both countries maintain a degree of political stability, Latvia fares worse in this regard. Latvia's regulatory quality is also superior at 1.2 compared to Malta's 0.7. These findings suggest that, while both nations have certain governance challenges, Latvia tends to perform better, particularly in terms of corruption control.

Infrastructure and Technology

In terms of infrastructure and technology, both countries are quite similar in internet usage, with Latvia at 92.2% and Malta at 92.1% of the population using the internet. Latvia has a logistics performance index rating of 3.3, which is slightly below Malta's 3.7, indicating a more robust logistical capability in Malta. These rankings highlight that while both countries have made advancements in technology and infrastructure, Malta maintains a relative edge in logistics performance, enhancing its competitiveness in trade.

Environment and Sustainability

Latvia demonstrates a strong commitment to renewable energy, utilizing 44% of its total final energy consumption from renewable sources, ranking 3rd globally. In contrast, Malta's usage of renewable energy is significantly lower at 8.6%, which places it 27th. However, Latvia's total greenhouse gas emissions are at 5.8 tons CO2e per capita, while Malta's are lower at 3.7 tons, ranking 69th and 81st, respectively. Interestingly, Latvia faces only 1.1% water stress compared to Malta's alarming 78.3%, indicating that Latvia is better positioned to manage its freshwater resources sustainably. Overall, Latvia shows a stronger performance in renewable energy consumption and lesser water stress compared to Malta, although both countries have room for improvement concerning overall environmental sustainability.