Latvia Latvia vs Sweden Sweden development indicators, 2024

Indicator
Latvia
Latvia, Value
Sweden
Sweden, Value
Latvia
Latvia, Rank
Sweden
Sweden, Rank
Latvia Latvia as % of
Sweden Sweden
Current account balance (% of GDP) -2.12 7.42 73 13
Exports of goods and services (% of GDP) 64.6 54.6 29 34 118 %
Foreign direct investment, net inflows (% of GDP) 2.96 4.37 42 22 67.6 %
GDP per capita (current US$) 23,368 57,723 53 14 40.5 %
GDP per capita, PPP (current international US$) 43,867 71,030 52 23 61.8 %
Imports of goods and services (% of GDP) 67.2 50.2 27 56 134 %
Inflation, consumer prices (annual %) 1.27 2.84 132 88 44.6 %
Net migration -2,225 50,115 123 24
Population, total 1,862,441 10,569,709 150 92 17.6 %

Demography and Health

In terms of demography, Latvia's birth rate is lower than Sweden's, standing at 7.7 compared to Sweden's 9.5, ranking Latvia 70th and Sweden 28th globally. The death rate, however, is significantly higher in Latvia at 14.9 versus Sweden's 9, placing Latvia 11th in terms of mortality. Life expectancy reflects this disparity, with Latvians living on average 75.7 years, compared to 83.3 years in Sweden, where Latvia ranks 70th and Sweden, 5th. Furthermore, the under-5 mortality rate is slightly higher in Latvia (3 per 1,000 live births) than in Sweden (2.5), ranking them 60th and 67th respectively. Suicide rates are concerning in both countries, with Latvia having a mortality rate of 15.2 per 100,000 population, ranking 7th worldwide, slightly higher than Sweden's rate of 13.8 which ranks 11th. Finally, Latvia's net migration is negative (-2,225), indicating more people are leaving than arriving, while Sweden has a positive influx of 50,115 migrants, ranking it 36th in the world.

Economy

Latvia's economy is characterized by a relatively lower GDP per capita of $23,368 compared to Sweden's $57,723, ranking Latvia 83rd globally while Sweden stands at 18th. Adjusted for purchasing power parity (PPP), the figures show Latvia at $43,867 against Sweden's $71,030, with Latvia ranking 89th and Sweden, 18th. The high-tech export sector is markedly underdeveloped in Latvia, recording just $2.1 billion compared to Sweden's impressive $25.2 billion, placing Latvia 68th and Sweden 28th. On the economic front, Latvia's exports make up a promising 64.6% of GDP, ranking it 56th, while Sweden's export share is lower at 54.6% (70th). However, import levels are significantly higher in Latvia at 67.2% of GDP (50th), compared to Sweden's 50.2% (77th). Inflation rates are relatively low in Latvia at 1.3% (104th) versus Sweden's 2.8% (74th), indicative of stable prices in the Latvian economy.

Trade and Investment

In terms of foreign direct investment (FDI), Latvia shows net inflows of 3% of GDP while Sweden has a marginally better figure at 4.4%, ranking 60th and 32nd respectively. Latvia's current account balance reflects a deficit at -2.1% of GDP with a global ranking of 79th, while Sweden exhibits a healthier balance at 7.4% of GDP, ranking 15th. Trade performance is critical in both economies, but Latvia's economic reliance on foreign trade (64.6% of GDP) indicates a highly export-driven landscape compared to Sweden's more balanced economy with significant domestic consumption.

Governance and Institutions

Governance in Latvia appears to face challenges, with control of corruption ranked at 0.7 (44th rank) compared to Sweden's much higher score of 2 (9th rank). Government effectiveness is also lacking in Latvia with a score of 0.7, yielding a 56th rank, while Sweden stands at 1.6 (13th rank). The regulatory environment in Latvia (1.2) does not perform as well as in Sweden (1.7), where they rank 39th and 14th, respectively. The rule of law in Latvia scores 1 compared to Sweden's 1.6, ranking them 43rd and 19th respectively. Political stability measures show Latvia scoring 0.6 and ranking 51st, while Sweden's higher score of 0.8 places it 27th globally.

Infrastructure and Technology

On the infrastructure and technology front, Latvia's logistics performance index stands at 3.3 (20th rank), below Sweden's significant score of 4.2 (2nd rank), illustrating a more developed trade and transport-related infrastructure in Sweden. Internet usage rates are high in both countries, with Latvia at 92.2% (33rd rank) and Sweden leading at 95.7% (13th rank). In terms of research and development expenditure as a percentage of GDP, Latvia invests just 0.8%, ranking 47th globally, compared to Sweden's substantial investment of 3.4% (1st rank), highlighting differing national priorities regarding technology advancement and innovation.

Environment and Sustainability

Latvia's commitment to renewable energy is notable with 44% of total energy consumption derived from renewable sources, ranking it 3rd globally; however, Sweden leads further with 57.9%, ranking 1st. Environmental indicators such as total greenhouse gas emissions show Latvia at 5.8 tons per capita (69th rank), while Sweden maintains a lower 4.7 tons per capita (78th rank). The level of water stress also varies, where Latvia shows a low level of stress at 1.1% compared to Sweden's 3.6%, indicating Latvia has more available freshwater resources relative to its consumption. Both countries exhibit similar undernourishment percentages at 2.5%, but Sweden’s broader social safety nets lead to a lower poverty headcount ratio at 16.1% compared to Latvia's 22.5%, emphasizing challenges Latvia faces in poverty and related sustainability efforts.