Latvia vs Slovenia development indicators, 2024

Demography and Health

Latvia has a crude birth rate of 7.7 per 1,000 people, slightly lower than Slovenia's 8.0. In terms of mortality, Latvia's crude death rate is significantly higher at 14.9 per 1,000 compared to Slovenia's 10.2, indicating a higher mortality burden. Latvia's life expectancy at birth is 75.7 years, which is considerably lower than Slovenia's 82 years. The under-5 mortality rate also reveals disparities, with Latvia at 3 per 1,000 live births, versus Slovenia's 2.2. Latvia is experiencing net emigration, with a net migration of -2,225, whereas Slovenia shows positive migration with 3,319. In terms of health indicators, Latvia faces a higher suicide mortality rate of 15.2 compared to Slovenia's 18.8. Latvia furthermore experiences a higher poverty rate at 22.5% of its population, compared to Slovenia's 12.7%.

Economy

Latvia's GDP per capita stands at $23,368 compared to Slovenia's $34,089, illustrating a notable economic disparity. In terms of purchasing power parity (PPP), Latvia's GDP per capita is $43,867, while Slovenia's is considerably higher at $56,531. Latvia’s inflation rate is relatively modest at 1.3%, while Slovenia's is slightly higher at 2%. Latvia's economy relies heavily on exports, with exports of goods and services comprising 64.6% of GDP, lower than Slovenia's 81.5%. Poverty remains a significant issue in Latvia, evidenced by a high headcount ratio of 22.5%, whereas Slovenia's figure is more favorable at 12.7%.

Trade and Investment

The trade landscape in Latvia reveals a reliance on imports, with imports of goods and services constituting 67.2% of GDP compared to Slovenia's 74.9%. Latvia's high-technology exports stand at $2.1 billion compared to Slovenia's $4.2 billion, suggesting differences in technological advancement and export capabilities. Additionally, net foreign direct investment inflows into Latvia represent 3% of GDP, while Slovenia's figure is slightly lower at 2.7%. Latvia enjoys a current account balance of -2.1% of GDP, in contrast to Slovenia's favorable balance of 4.5%.

Governance and Institutions

In terms of governance, Latvia's control of corruption index is at 0.7, slightly below Slovenia's 0.8. Government effectiveness is also lower in Latvia at 0.7 compared to Slovenia's 1.0, indicating a more efficient governance framework in Slovenia. Political stability is a concern in Latvia, rated at 0.6 versus Slovenia's 0.8, highlighting a more stable political climate in Slovenia. Also, unemployment in Latvia, at 6.5% of the total labor force, significantly exceeds Slovenia's rate of 3.7%. These differences illustrate variations in the effectiveness of governance and labor market conditions in both nations.

Infrastructure and Technology

Latvia ranks slightly lower in logistics performance index at 3.3 compared to Slovenia’s 3.6, which indicates a marginally lower quality of trade and transport-related infrastructure. The rate of individuals using the internet is notable, with Latvia at 92.2% compared to Slovenia’s 90.4%, indicating high access to digital technologies in both countries. Latvia shows significant potential for improvement in research and development spending, with only 0.8% of GDP allocated, while Slovenia invests 2.1%, suggesting a greater commitment to innovation and technology in Slovenia.

Environment and Sustainability

Latvia stands out with a substantial 44% of its total final energy consumption coming from renewable sources, in contrast to Slovenia's 23.4%. In terms of environmental stress, Latvia has a much lower level of water stress with only 1.1% of its freshwater resources withdrawn, compared to Slovenia's 6.3%. However, Latvia's total greenhouse gas emissions are notably lower, with 5.8 tons CO2e per capita versus Slovenia’s higher figure of 7.5 tons. Overall, Latvia exhibits stronger sustainability practices, particularly in renewable energy consumption and water resource management.