Latvia vs Slovakia development indicators, 2024

Demography and Health

In terms of demographic indicators, Latvia exhibits a crude birth rate of 7.7 per 1,000 people, compared to Slovakia's higher rate of 9 per 1,000, which ranks Slovakia 40th globally while Latvia ranks 70th. However, Latvia faces a more challenging death rate at 14.9 per 1,000 people, significantly higher than Slovakia's 10, positioning Latvia at 11th place versus Slovakia's 51st. Life expectancy at birth is lower in Latvia (75.7 years) compared to Slovakia (78 years). On child health, Latvia performs better with an under-5 mortality rate of 3 per 1,000 live births, compared to Slovakia's 6.1. This indicates that while overall health outcomes vary, Latvia's child health metrics are more favorable.

Economy

Latvia's GDP per capita stands at $23,368, placing it 83rd globally, while Slovakia has a higher GDP per capita of $26,148, ranking 73rd. In terms of purchasing power parity (PPP), Latvia also trails with $43,867 compared to Slovakia's $47,181, which ranks Latvia 89th and Slovakia 74th. Latvia's exports of goods and services constitute 64.6% of its GDP, which is lower than Slovakia's 85.2%, indicating that Slovakia has a larger reliance on exports as a percentage of its economic output. However, Latvia enjoys lower inflation rates at 1.3% compared to Slovakia's 2.8%, suggesting that consumer prices are more stable in Latvia.

Trade and Investment

In terms of foreign direct investment (FDI), Latvia reported net inflows equivalent to 3% of its GDP, outpacing Slovakia's 2.5%. However, when it comes to high-technology exports, Latvia trails with $2.1 billion compared to Slovakia's $10.1 billion. Both countries display significant reliance on imports, with Latvia at 67.2% of GDP and Slovakia at 85%. Their current account balances are also similar, with Latvia at -2.1% and Slovakia at -2.7% of GDP, indicating both are experiencing trade deficits.

Governance and Institutions

Latvia performs relatively well on governance indicators, with a control of corruption score of 0.7 and a government effectiveness score of 0.7, ranking 44th and 56th, respectively. Slovakia lags with scores of 0.3 for corruption control and 0.2 for government effectiveness, ranking 62nd and 74th. The regulatory environment in Latvia also appears more favorable, with a score of 1.2 in regulatory quality compared to Slovakia's 0.6. Both countries report equal political stability and absence of violence scores at 0.6, reflecting a similar security environment despite disparities in other governance dimensions.

Infrastructure and Technology

In terms of infrastructure, both Latvia and Slovakia have comparable logistics performance indices, each scoring 3.3, indicating similar quality in trade and transport-related infrastructure. However, Latvia has a strategically higher number of patent applications by residents at 104, compared to Slovakia’s 146, reflecting perhaps a more innovative environment in Slovakia. Moreover, Latvia's expenditure on research and development stands at a modest 0.8% of GDP, while Slovakia allocates 1% of its GDP for R&D, indicating a slightly enhanced commitment to innovation in Slovakia.

Environment and Sustainability

Latvia shows strong performance concerning renewable energy consumption, with 44% of total final energy coming from renewable sources, significantly above Slovakia's 17.9%. In terms of environmental stress, Latvia showcases a much lower level of water stress at just 1.1%, compared to Slovakia's 2.4%. On emissions, Latvia's total greenhouse gas emissions per capita are lower at 5.8 tons CO2e, while Slovakia has a higher per capita emissions rate of 8.3 tons. The prevalence of undernourishment is also lower in Latvia at 2.5% compared to 3.6% in Slovakia, indicating better food security in Latvia.