Latvia Latvia vs Netherlands Netherlands development indicators, 2024

Indicator
Latvia
Latvia, Value
Netherlands
Netherlands, Value
Latvia
Latvia, Rank
Netherlands
Netherlands, Rank
Latvia Latvia as % of
Netherlands Netherlands
Current account balance (% of GDP) -2.12 9.92 73 10
Exports of goods and services (% of GDP) 64.6 84.1 29 11 76.8 %
Foreign direct investment, net inflows (% of GDP) 2.96 -1.1 42 101
GDP per capita (current US$) 23,368 68,219 53 12 34.3 %
GDP per capita, PPP (current international US$) 43,867 84,218 52 11 52.1 %
Imports of goods and services (% of GDP) 67.2 72 27 20 93.3 %
Inflation, consumer prices (annual %) 1.27 3.35 132 65 37.8 %
Net migration -2,225 121,628 123 17
Population, total 1,862,441 17,994,237 150 71 10.4 %

Demography and Health

Latvia has a birth rate of 7.7 per 1,000 people, slightly lower than the Netherlands' rate of 9.2. However, Latvia's death rate is significantly higher at 14.9 per 1,000 people compared to the Netherlands' 9.5, ranking Latvia 11th for mortality and the Netherlands 62nd. Life expectancy is also lower in Latvia at 75.7 years compared to the Netherlands' 81.9 years, indicating a gap in healthcare quality and outcomes. Latvia's under-5 mortality rate is 3 per 1,000 live births, which is better than the Netherlands' 4, suggesting commendable child health. Despite a lower overall obesity rate, Latvia faces a higher suicide mortality rate of 15.2 per 100,000 population compared to the Netherlands' 11.5, reflecting mental health challenges.

Economy

Latvia showcases a GDP per capita of $23,368, substantially lower than the Netherlands' $68,219, ranking 83rd globally compared to the Netherlands' 12th. In terms of purchasing power parity, Latvia is even more disadvantaged with $43,867 versus the Netherlands' $84,218, indicating lower overall economic productivity and quality of life. Latvia’s exports of goods and services account for 64.6% of GDP, lower than the Netherlands' 84.1%, indicating a more export-dependent economy. Conversely, Latvia shows a lower inflation rate of 1.3% compared to 3.3% in the Netherlands, offering a slightly more stable economic environment.

Trade and Investment

In 2024, Latvia has a net foreign direct investment inflow of 3% of GDP, while the Netherlands has a negative inflow of -1.1%, suggesting Latvia is attracting more foreign investments. However, Latvia’s current account balance is negative at -2.1%, while the Netherlands enjoys a surplus of 9.9%, indicating structural issues in Latvia's foreign trade. Notably, Latvia’s high-technology exports stand at $2.1 billion, while the Netherlands excels with $111 billion, placing Latvia 68th and the Netherlands 5th globally.

Governance and Institutions

Looking at governance, both countries exhibit challenges, but the Netherlands generally performs better across various criteria. Latvia scores 0.7 in Control of Corruption compared to 1.9 for the Netherlands, which suggests more issues with corruption in Latvia. Regarding Government Effectiveness, Latvia again ranks lower at 0.7 versus 1.6. Additionally, Latvia faces more significant political and legal challenges, reflected in rankings for Political Stability and Rule of Law, where it stands at 51st and 43rd, respectively, compared to the Netherlands' 44th and 17th. Regulatory Quality also ranks lower in Latvia (1.2) than in the Netherlands (1.8), indicating regulatory challenges affecting business.

Infrastructure and Technology

In terms of digital accessibility, 92.2% of Latvia's population uses the Internet compared to 97% in the Netherlands, reflecting good but slightly lower digital engagement. The Logistics Performance Index shows Latvia at 3.3 while the Netherlands excels with 4.2, ranking 20th globally versus the Netherlands' 2nd. Latvia's patent applications are 104, demonstrating modest innovation levels against the Netherlands' 2,080, which highlights the Dutch lead in technological advancements.

Environment and Sustainability

Latvia stands out with 44% renewable energy consumption, making it a leader in sustainability practices compared to the Netherlands' 12.2%. This commitment may reflect Latvia's geographical advantages or government policies aimed at energy independence. However, both countries exhibit equal rates of undernourishment at 2.5%, indicating effective food security. Latvia's total greenhouse gas emissions per capita are 5.8 tonnes, lower than the Netherlands' 8.4 tonnes, suggesting challenges in emissions management despite higher renewable usage. Additionally, Latvia faces a lower level of water stress than the Netherlands, underscoring effective management of freshwater resources.