Spain vs Latvia development indicators, 2024

Demography and Health

Spain has a crude birth rate of 6.7 per 1,000 people, slightly lower than Latvia's rate of 7.7. However, Spain exhibits a significantly lower crude death rate of 9 per 1,000 compared to Latvia's 14.9, ranking it 66th globally against Latvia's impressive 11th place. In terms of life expectancy, Spain outperforms Latvia with an average of 83.9 years, whereas Latvians can expect to live approximately 75.7 years. Additionally, Spain demonstrates a lower under-five mortality rate at 3.1 per 1,000 live births compared to Latvia's 3. While both countries report the same prevalence of undernourishment at 2.5%, Spain has a higher rate of poverty at 20.2%, as opposed to Latvia's 22.5%. Spain's health expenditure as a percentage of GDP is also higher at 9.7%, compared to Latvia's 7.6%. Moreover, Spain has a superior number of physicians per 1,000 people at 4.5, while Latvia has 3.4.

Economy

Spain's economy is characterized by a GDP per capita of $35,297, ranking 51st globally, which surpasses Latvia's GDP per capita of $23,368, ranking 83rd. When adjusted for purchasing power parity, Spain’s GDP per capita stands at $56,926, significantly higher than Latvia’s $43,867. The inflation rate in Spain is currently at 2.8%, while Latvia enjoys a lower inflation rate of 1.3%. In terms of employment, Spain faces a higher unemployment rate at 12.2% compared to Latvia's 6.5%. Despite these economic differences, Spain's research and development expenditure as a percentage of GDP is more robust at 1.4%, whereas Latvia allocates only 0.8%.

Trade and Investment

Spain's exports of goods and services account for 37.3% of its GDP, significantly lower than Latvia's 64.6%, indicating a stronger reliance on exports. Conversely, Spain's imports make up 33% of GDP, contrasting with Latvia's higher rate of 67.2%. Spain's foreign direct investment inflows are positioned at 1.9% of GDP compared to Latvia’s 3%, which demonstrates a stronger attraction of foreign capital in Latvia. The current account balance for Spain stands at 3%, while Latvia shows a deficit of -2.1%. Furthermore, high technology exports reflect a significant disparity with Spain exporting $25.8 billion in high-tech goods compared to just $2.1 billion from Latvia, indicating a more advanced technological manufacturing sector in Spain.

Governance and Institutions

Both Spain and Latvia demonstrate a commitment to governance, although with varying effectiveness. Spain ranks 50th in control of corruption with a score of 0.6, while Latvia performs better at a score of 0.7, placing it 44th. In terms of government effectiveness, Spain's score is 0.8 (rank 51) against Latvia’s 0.7 (rank 56). Political stability in Spain is lower at a score of 0.3, significantly trailing Latvia's score of 0.6, which reflects a more stable political climate. The regulatory quality in Spain is assessed at 0.7, representing its rank at 60th, while Latvia excels with a score of 1.2 at rank 39. Overall, while Spain shows strength in certain areas, Latvia generally has a more robust performance in governance.

Infrastructure and Technology

In the realm of technology and infrastructure, Spain shows a higher logistics performance index at 3.8, ranking it 8th globally, compared to Latvia's score of 3.3, positioning it at 20th. As of 2023, a significant majority of the Spanish population uses the Internet, with 95.4% connected, whereas Latvia reports 92.2% connectivity. Spain has also made considerable advancements in patent applications, registering 1,308 patents compared to Latvia's 104, denoting a strong inventive capacity in Spain. However, both nations must continue to enhance their technological innovations to compete globally.

Environment and Sustainability

Environmental sustainability shows distinct contrasts between the two nations. Latvia leads with a remarkable renewable energy consumption rate of 44% compared to Spain’s 19%. In terms of greenhouse gas emissions per capita, both countries perform similarly with Spain at 5.9 and Latvia at 5.8. However, Spain faces more significant water stress than Latvia, withdrawing 43.3% of available freshwater resources against Latvia's minimal 1.1%. This suggests a greater challenge for Spain in managing its water resources sustainably. While both countries have a coherent approach towards sustainability, Latvia currently exemplifies a stronger commitment to renewable energy consumption and lower water stress.