Luxembourg Luxembourg vs Latvia Latvia development indicators, 2024

Indicator
Luxembourg
Luxembourg, Value
Latvia
Latvia, Value
Luxembourg
Luxembourg, Rank
Latvia
Latvia, Rank
Luxembourg Luxembourg as % of
Latvia Latvia
Current account balance (% of GDP) 13.8 -2.12 7 73
Exports of goods and services (% of GDP) 216 64.6 1 29 333 %
GDP per capita (current US$) 137,517 23,368 2 53 588 %
GDP per capita, PPP (current international US$) 150,772 43,867 1 52 344 %
Imports of goods and services (% of GDP) 183 67.2 1 27 272 %
Inflation, consumer prices (annual %) 2.05 1.27 112 132 162 %
Net migration 5,677 -2,225 53 123
Population, total 677,717 1,862,441 167 150 36.4 %

Demography and Health

Luxembourg and Latvia present stark contrasts in their demographic and health indicators. In 2023, Luxembourg's crude birth rate stood at 9.5 per 1,000 people, significantly higher than Latvia's 7.7, ranking Luxembourg 28th globally compared to Latvia's 70th. Conversely, the crude death rate in Luxembourg was lower at 6.6, placing it 80th, whereas Latvia faced a high rate of 14.9, ranking 11th. Life expectancy at birth also showcases disparities, with Luxembourg achieving 83.4 years (ranked 4th) in contrast to Latvia's 75.7 years (ranked 70th). The under-5 mortality rate further emphasizes this difference, with Luxembourg recording 2.3 per 1,000 live births (ranked 72nd) against Latvia's 3 (ranked 60th). Both countries, however, share a prevalence of undernourishment at 2.5%, ranked 3rd globally. The suicide mortality rate in Luxembourg is also lower at 8.2 per 100,000 population (ranked 23rd), compared to Latvia's concerning 15.2 (ranked 7th).

Economy

Luxembourg showcases an exceptionally strong economy compared to Latvia, with a GDP per capita of $137,517 in 2024, ranking 1st globally, while Latvia's GDP per capita stands at a modest $23,368, ranking 83rd. Furthermore, Luxembourg excels in GDP per capita, purchasing power parity (PPP) at $150,772 (1st rank) compared to Latvia's $43,867 (89th rank). Exports of goods and services as a percentage of GDP also highlight Luxembourg's economic prowess at 216% (4th rank), compared to Latvia's 64.6% (56th rank). Interestingly, imports as a percentage of GDP show Luxembourg at 183% (3rd rank) against Latvia's 67.2% (50th rank). Inflation rates remain low in Luxembourg, recorded at 2.1% (92nd rank), while Latvia's inflation is slightly lower at 1.3% (104th rank).

Trade and Investment

In the realm of trade and investment, Luxembourg stands out with a current account balance of 13.8% of GDP, ranking 1st globally, whereas Latvia experiences a deficit at -2.1% (79th rank). The high-technology exports from Luxembourg totaled $801.2 million in 2023, which although lower in absolute terms than Latvia's $2.1 billion, results in a lower rank for Luxembourg at 79th compared to Latvia's 68th. However, Luxembourg's focus on innovation is evident in its patent applications, ranking 20th globally with 112 applications in 2021, while Latvia follows closely with 104 (21st rank).

Governance and Institutions

Luxembourg consistently rates higher than Latvia in governance and institutional frameworks. In 2023, it scored 1.9 for control of corruption, ranked 11th, while Latvia's score of 0.7 places it at 44th. The government effectiveness indicator also shows a significant gap, with Luxembourg at 1.9 (5th rank) compared to Latvia's 0.7 (56th rank). Additionally, Luxembourg's political stability and absence of violence/terrorism score is 1.1, notably ranking 3rd, whereas Latvia scores only 0.6 and ranks 51st. Furthermore, regulatory quality is significantly better in Luxembourg with a score of 1.9 (1st rank) compared to Latvia’s 1.2 (39th rank). The rule of law showcases similar patterns with Luxembourg at 1.8 (8th rank) against Latvia's 1 (43rd rank).

Infrastructure and Technology

The logistics performance index highlights Luxembourg's superior infrastructure, scoring 3.6 and ranking 13th, while Latvia scores lower at 3.3, ranking 20th. This suggests that Luxembourg has more efficient trade and transport-related infrastructure, which is crucial for economic activity and growth. The focus on research and development expenditure as a percentage of GDP also indicates Luxembourg's investment in innovation, at 1% and ranking 42nd, whereas Latvia's 0.8% is lower, placing it 47th overall. These factors contribute to a healthier environment for business and technological advancement in Luxembourg.

Environment and Sustainability

When examining environmental sustainability, Luxembourg's renewable energy consumption is 20.5% of total final energy consumption (13th rank), significantly lower than Latvia’s impressive 44% (3rd rank). Despite this, Luxembourg's total greenhouse gas emissions per capita is notably high at 11.8 t CO2e, ranking 4th compared to Latvia's more sustainable 5.8 t CO2e (69th rank). The level of water stress in Luxembourg is notable, with only 4% freshwater withdrawal as a proportion of available resources, leading to a ranking of 22nd, while Latvia sits at 27th with a much healthier figure of 1.1%. These indicators reflect both countries’ varying approaches toward sustainable practices and the balance they strike between economic growth and environmental concern.