Latvia Latvia vs Poland Poland development indicators, 2024

Indicator
Latvia
Latvia, Value
Poland
Poland, Value
Latvia
Latvia, Rank
Poland
Poland, Rank
Latvia Latvia as % of
Poland Poland
Current account balance (% of GDP) -2.12 0.196 73 52
Exports of goods and services (% of GDP) 64.6 52.3 29 37 123 %
Foreign direct investment, net inflows (% of GDP) 2.96 2.02 42 53 147 %
GDP per capita (current US$) 23,368 25,023 53 48 93.4 %
GDP per capita, PPP (current international US$) 43,867 50,378 52 42 87.1 %
Imports of goods and services (% of GDP) 67.2 48.3 27 58 139 %
Inflation, consumer prices (annual %) 1.27 3.79 132 56 33.4 %
Net migration -2,225 -238,062 123 207 0.935 %
Population, total 1,862,441 36,554,707 150 42 5.09 %

Demography and Health

Latvia has a slightly higher birth rate at 7.7 per 1,000 people compared to Poland's 7.4, placing Latvia 70th in global rankings while Poland is 72nd. However, Latvia's death rate of 14.9 per 1,000 people is significantly higher than Poland's 11.1, ranking Latvia 11th and Poland 40th. In terms of life expectancy, Latvians live up to 75.7 years, which is lower than Poland's 78.5 years. Latvia also fares well regarding child mortality with an under-5 mortality rate of 3, compared to Poland's 4.4 per 1,000 live births. Net migration shows Latvia with a minor outflow of -2,225 while Poland experiences a more substantial outflow of -238,062.

Economy

In terms of GDP per capita, Latvia stands at $23,368, ranking 83rd, whereas Poland's GDP per capita is higher at $25,023, ranking 75th. Adjusted for purchasing power parity (PPP), Latvia's GDP per capita is $43,867, with a rank of 89, while Poland's is $50,378, ranked 64th. Latvia has a higher export orientation, with exports of goods and services accounting for 64.6% of GDP compared to Poland’s 52.3%. Conversely, Latvia also has a higher import rate of 67.2% of GDP, signaling a trade imbalance compared to Poland's 48.3% imports.

Trade and Investment

Latvia’s net inflows of Foreign Direct Investment (FDI) are at 3% of GDP, placing it 60th globally, while Poland has a lower FDI inflow at 2%, ranked 73rd. Nevertheless, Latvia's current account balance is negative at -2.1% of GDP, in contrast to Poland’s positive current account of 0.2%. Latvia demonstrates its niche in high-technology exports, totaling $2.1 billion, compared to Poland's substantial $29.6 billion in the same category, which ranks it 24th worldwide against Latvia's 68th rank.

Governance and Institutions

In governance indicators, Latvia shows a slightly stronger performance than Poland in areas such as Control of Corruption (0.7 vs. 0.6) and Government Effectiveness (0.7 vs. 0.4). Latvia ranks 44th in corruption control while Poland ranks 52nd, and Latvia ranks 56th in governmental effectiveness in contrast to Poland’s 66th position. The Rule of Law is also stronger in Latvia at 1.0, ranked 43rd, compared to Poland’s 0.5, ranked 62nd. Latvia indicates better political stability with a score of 0.6, equal to Poland but with a better rank of 51st versus Poland's 57th.

Infrastructure and Technology

Both countries show comparable capabilities in certain areas of infrastructure and technology. Latvia has a logistics performance index of 3.3, ranking 20th, while Poland scores slightly better at 3.5, securing 16th place in this area. In terms of Internet usage, Latvia leads significantly with 92.2% of the population using the Internet compared to Poland's 86.4%, placing Latvia 33rd and Poland 65th in digital connectivity.

Environment and Sustainability

Latvia excels in renewable energy consumption, which comprises 44% of its total energy consumption, ranking 3rd globally. Poland, in contrast, utilizes only 15.2% renewable energy, placing it 23rd. Both countries report a similar prevalence of undernourishment at 2.5% of their populations. In terms of emissions, Latvia's per capita greenhouse gas emissions stand at 5.8 tons, significantly lower than Poland's 9.9 tons per capita, ranking them 69th and 18th respectively. Latvia’s water stress levels are notably low, with only 1.1% of freshwater resources being extracted, ranking 27th, while Poland's water stress is considerably higher at 32.1%, achieving a lower rank of 7th.