Latvia Latvia vs Portugal Portugal development indicators, 2024

Indicator
Latvia
Latvia, Value
Portugal
Portugal, Value
Latvia
Latvia, Rank
Portugal
Portugal, Rank
Latvia Latvia as % of
Portugal Portugal
Current account balance (% of GDP) -2.12 2.17 73 40
Exports of goods and services (% of GDP) 64.6 46.5 29 44 139 %
Foreign direct investment, net inflows (% of GDP) 2.96 4.27 42 23 69.3 %
GDP per capita (current US$) 23,368 28,844 53 45 81 %
GDP per capita, PPP (current international US$) 43,867 50,617 52 41 86.7 %
Imports of goods and services (% of GDP) 67.2 44.7 27 61 150 %
Inflation, consumer prices (annual %) 1.27 2.42 132 99 52.4 %
Net migration -2,225 20,648 123 37
Population, total 1,862,441 10,701,636 150 89 17.4 %

Demography and Health

Latvia has a birth rate of 7.7 per 1,000 people, slightly lower than Portugal's 8.1, ranking 70th and 59th respectively in this category. However, Latvia's death rate is notably higher at 14.9 per 1,000 people compared to Portugal's 11.2, with Latvia ranking 11th and Portugal ranking 38th. Life expectancy at birth in Latvia is 75.7 years, which is considerably lower than Portugal's 82.3 years, placing Latvia at 70th and Portugal at 20th in global rankings. Both countries report a similar prevalence of undernourishment at 2.5%. In terms of child health, Latvia has a mortality rate for children under 5 of 3 per 1,000 live births, which is slightly lower than Portugal's 3.2, ranking 60th for Latvia and 52nd for Portugal. The suicide mortality rate is significantly higher in Latvia at 15.2 per 100,000 population compared to Portugal's 11.5, with Latvia ranking 7th and Portugal 15th.

Economy

In terms of economic performance, Latvia's GDP per capita is $23,368, whereas Portugal's is higher at $28,844, placing Latvia 83rd and Portugal 65th. When adjusted for purchasing power parity (PPP), Latvia's GDP per capita rises to $43,867, yet still trails behind Portugal's $50,617, ranking Latvia 89th and Portugal 61st globally. Latvia's export of goods and services makes up a significant 64.6% of its GDP, which is a stark contrast to Portugal's 46.5%, ranking Latvia at 56th and Portugal at 80th. The country also shows a higher rate of inflation at 1.3%, but this is more favorable compared to Portugal's 2.4%, with Latvia ranked 104th and Portugal 86th. Overall, while Latvia shows strong export activity, it lags in GDP per capita and PPP extensively compared to Portugal.

Trade and Investment

Latvia's net foreign direct investment inflows as a percentage of GDP stand at 3%, which is lower than Portugal’s 4.3%, placing Latvia at 60th and Portugal at 33rd. Moreover, Latvia's imports of goods and services represent a substantial 67.2% of GDP, compared to Portugal's 44.7%, indicating a more import-dependent economy with Latvia ranked 50th versus Portugal's 85th. The current account balance reveals a deficit for Latvia at -2.1% of GDP, unlike Portugal which has a surplus of 2.2%, ranking 79th for Latvia and 35th for Portugal. Despite high-export rates, Latvia experiences economic challenges reflected in its current account balance.

Governance and Institutions

Both countries exhibit similar scores in control of corruption, standing at 0.7. In terms of government effectiveness, Latvia scores 0.7 while Portugal scores higher at 1.0, with ranks of 56th for Latvia and 44th for Portugal. The measure of political stability and the absence of violence shows Latvia at 0.6, contrasted with Portugal at 0.7, ranked 51st and 37th respectively. Regulatory quality favors Latvia slightly at 1.2 over Portugal’s 0.8, ranking 39th for Latvia against 55th for Portugal. The rule of law scores are 1.0 for Latvia and 1.1 for Portugal, with ranks 43rd and 41st respectively. Overall, while both countries have their strengths and weaknesses in governance, Portugal generally shows more effective governance structures.

Infrastructure and Technology

Latvia's logistics performance index is rated at 3.3, which is somewhat lower than Portugal's 3.6, indicating better trade and transportation infrastructure in Portugal, ranked 20th and 13th respectively. The percentage of individuals using the Internet is quite high in Latvia at 92.2%, outpacing Portugal's 85.8%, which signifies an advanced digital infrastructure in Latvia, ranked 33rd compared to Portugal’s 68th. Patent applications from residents show significant differences, with Latvia having only 104 compared to Portugal’s 711, with Latvia at 21st place and Portugal at 13th globally. Latvia's technology sector may require further development to enhance its innovative capabilities.

Environment and Sustainability

In terms of renewable energy consumption, Latvia has a notable percentage of 44% compared to Portugal's 32.3%, making Latvia rank 3rd in the world for this indicator, while Portugal stands at 9th. Latvia's level of water stress is low at 1.1%, reflecting a sustainable approach to water resources, but it is still comparatively more favorable than Portugal which is at 12.3%, with Latvia ranked 27th and Portugal 15th. Greenhouse gas emissions per capita reveal Latvia produces 5.8 t CO2e/capita, slightly higher than Portugal's 5.0, with Latvia ranked 69th and Portugal 76th globally. Lastly, Latvia’s research and development expenditure as a percentage of GDP stands at 0.8%, significantly lower than Portugal’s 1.7%, indicating a potential area for growth in sustainable technologies and innovations.