Latvia

Description of Latvia

Latvia, a small and dynamic country nestled in the Baltic region of Northern Europe, stands at a crossroads of history and modernity. With a rich cultural heritage and a resilient spirit, Latvia has emerged as a key player in the geopolitical landscape of Europe. As we delve into the macroeconomic dynamics and geopolitical considerations shaping Latvia's trajectory, we uncover a nation that balances its historical legacy with a forward-looking approach to development and global engagement.

Population And Age Structure

Latvia has a total population of 1,900,449, which is significantly below the average population of 40,097,746, ranking 147 out of 194 countries.

The percentage of population aged 0-14 in Latvia is 15.65%, lower than the average of 27.34%, placing Latvia at rank 167 out of 194 countries.

The total population aged 0-14 in Latvia is 297,425, much lower than the average of 10,327,379, ranking 153 out of 194 countries.

For the population aged 15-64, Latvia has a percentage of 62.95%, slightly below the average of 63.44%, ranked 124 out of 194 countries.

The total population aged 15-64 in Latvia is 1,196,325, also below the average of 26,003,407, placing Latvia at rank 146 out of 194 countries.

Latvia's population aged 65 and above constitutes 21.40% of the total, significantly higher than the average of 9.22%, ranking at 10 out of 194 countries.

The total population aged 65 and above in Latvia is 406,699, below the average of 3,766,959, and ranks 111 out of 194 countries.

Summary

Latvia has a relatively small total population compared to the global average, with a significantly higher percentage of elderly citizens compared to the average. The country has a lower proportion of children and working-age individuals, which can have implications for its labor force, economic productivity, and social welfare programs.

Population Miscellaneous

Analysis of key statistics for Latvia:

1. Rural population: Latvia's rural population is 602,157, which is significantly below the average of 18,044,041. The country ranks 145th out of 190 countries in this attribute.

2. Rural population (% of total population): With a value of 31.685%, Latvia falls below the average of 41.158%. The country ranks 117th out of 190 countries in this category.

3. Urban population: Latvia's urban population is 1,298,292, much lower than the average of 22,425,747. The country ranks 143rd out of 194 countries for urban population.

4. Urban population (% of total population): At 68.315%, Latvia's urban population percentage is above the average of 59.691%. The country ranks 78th out of 194 countries in this aspect.

5. Age dependency ratio (% of working-age population): Latvia's ratio of 58.857% deviates slightly below the average of 59.219%. The country ranks 71st out of 194 countries in this regard.

6. Birth rate, crude (per 1,000 people): With a rate of 9.2 births per 1,000 people, Latvia is below the average of 19.384. The country ranks 170th out of 192 countries.

7. Death rate, crude (per 1,000 people): Latvia's death rate of 15.2 per 1,000 people is higher than the average of 8.214. However, the country ranks 7th out of 192 countries in this statistic.

8. Fertility rate, total (births per woman): Latvia's fertility rate of 1.55 births per woman is lower than the average of 2.603. The country ranks 149th out of 190 countries in terms of fertility rate.

Summary

In summary, Latvia has a lower rural population, urban population, birth rate, and fertility rate compared to global averages, while having a higher urban population percentage and death rate. These statistics indicate a demographic imbalance towards urban areas, lower birth rates, and an aging population in Latvia. This could pose challenges for the country in terms of workforce sustainability, economic growth, and healthcare demands in the future.

Military

1. Military expenditure (current USD): Latvia's military expenditure stands at 742,049,469.96 USD, significantly below the average of 12,904,993,617.17 USD. This places Latvia at rank 75 out of 149 countries in the dataset.

2. Military expenditure (% of GDP): Latvia's military expenditure as a percentage of GDP is 2.15%, slightly higher than the average of 1.90%. Latvia ranks 41 out of 148 countries in this metric.

3. Arms imports (SIPRI trend indicator values): Latvia's arms imports amount to 10,000,000 USD, considerably lower than the average of 205,522,123.89 USD. This places Latvia at rank 84 out of 113 countries.

4. Armed forces personnel, total: Latvia has 9,000 armed forces personnel, significantly below the average of 165,908.54 personnel. This places Latvia at rank 137 out of 164 countries.

5. Armed forces personnel (% of total labor force): Latvia's armed forces personnel as a percentage of the total labor force is 0.91%, lower than the average of 1.28%. Latvia ranks 73 out of 164 countries in this measure.

Summary

Latvia's military expenditure is notably below the global average, both in absolute terms and as a percentage of its GDP. The country's arms imports are also significantly lower than the average, and it has a smaller number of armed forces personnel compared to the global average. These indicators suggest that Latvia may have a more restrained approach to military spending and a smaller military force relative to other countries.

These findings are important as they provide insights into Latvia's national security strategy, its geopolitical positioning, and its defense capabilities. A lower military expenditure and smaller armed forces size could indicate a focus on diplomatic solutions to security challenges or a reliance on international alliances for defense. It also reflects Latvia's economic priorities and allocation of resources towards defense versus other critical sectors.

Natural Resources

Latvia's forest area of 34,107.9 sq. km is below the average of 211,606.11 sq. km, ranking 84th out of 191 countries.

The land area of 62,230 sq. km in Latvia is well below the average of 665,166.51 sq. km, placing the country 121st out of 194 countries.

With a surface area of 64,590 sq. km, Latvia falls below the average of 689,779.56 sq. km, ranking 124th out of 194 countries.

Latvia's arable land of 1,334,000 hectares is significantly below the average of 7,329,543.16 hectares, placing the country 96th out of 190 countries.

The land under cereal production in Latvia, at 750,000 hectares, is also notably lower than the average of 4,206,011.63 hectares, ranking 86th out of 174 countries.

Latvia receives an average precipitation depth of 667 mm per year, below the average of 1,157.83 mm per year, and ranks 115th out of 178 countries.

With 16.94 billion cubic meters of renewable internal freshwater resources, Latvia is below the average of 240.41 billion cubic meters, ranking 104th out of 178 countries.

Summary

Latvia's natural resources, such as forest area, land area, arable land, and renewable internal freshwater resources, are notably below global averages, placing the country in lower rankings compared to other nations. These indicators are crucial as they reflect the country's environmental capacity, agricultural potential, and water availability, which could impact its economic development, sustainability, and competitiveness in various sectors.

Resource Rents

1. Total natural resources rents (% of GDP): Latvia's value is 1.27% of GDP, which is below the average of 4.63%. This places Latvia at the 93rd rank out of 175 countries in the dataset.

2. Forest rents (% of GDP): Latvia's value for forest rents is 1.24% of GDP, slightly below the average of 1.53%. Latvia ranks 49th out of 174 countries in this category.

3. Oil rents (% of GDP): Latvia's oil rents account for 0.03% of GDP, significantly lower than the average of 2.51%. This places Latvia at the 79th rank out of 117 countries in the dataset.

Summary

Latvia shows lower values in key macroeconomic indicators related to natural resources rents, forest rents, and oil rents compared to the global average. This suggests that Latvia might not be as reliant on natural resource extraction as some other countries. While this could indicate a more diversified economy, it also means that Latvia may have less exposure to commodity price fluctuations which can impact economic stability.

Commodities

Latvia's cereal production is 13,752,845 metric tons below the average of 17,249,945 metric tons, ranking 74th out of 174 countries.

In terms of aquaculture production, Latvia's value of 717.45 metric tons is significantly lower than the average of 679,642.92 metric tons, placing Latvia 131st out of 180 countries.

Latvia's capture fisheries production of 64,989 metric tons falls below the average of 467,453.06 metric tons, ranking 90th out of 190 countries.

With a total fisheries production of 65,706.45 metric tons, Latvia is well below the average of 1,153,914.85 metric tons, placing 93rd out of 182 countries.

Latvia's fertilizer consumption stands at 113.43 kilograms per hectare of arable land, lower than the average of 159.04 kilograms. This ranks Latvia 82nd out of 187 countries.

Summary

Latvia's agricultural sector faces challenges with below-average cereal production, aquaculture production, capture fisheries production, and total fisheries production. Additionally, the country's lower-than-average fertilizer consumption indicates potential limitations in enhancing agricultural productivity. These indicators are crucial as they highlight areas where Latvia may need to focus on improving efficiency and competitiveness in its agricultural industry to ensure food security and economic development.

Intellectual Property

Latvia's Industrial design applications by nonresidents are below average at 71, ranking 80 out of 112 countries. For Industrial design applications by residents, Latvia's value of 141 is significantly below the average, ranking 67 out of 113 countries.

In terms of Patent applications, both by residents and nonresidents, Latvia performs below average with values of 1 and 93 respectively. The country ranks 129 out of 129 for nonresident applications and 67 out of 117 for resident applications.

Latvia's performance in Trademark applications shows a similar trend. With 2998 applications by nonresidents and 1821 by residents, Latvia ranks 92 out of 130 and 85 out of 129 countries respectively.

Latvia's output in Scientific and technical journal articles is below average at 1469.35, ranking 74 out of 192 countries.

For Charges for the use of intellectual property, payments made by Latvia amount to 30,999,228.72 USD, significantly below the average and ranking 88 out of 143 countries. On the other hand, Latvia's receipts for intellectual property use total 8,030,352.91 USD, also notably below the average, ranking 69 out of 122 countries.

Latvia's number of Researchers in R&D per million people stands at 2135.02, below the average and ranking 33 out of 72 countries.

Summary

Latvia's performance in key macroeconomic indicators, such as industrial design applications, patent applications, trademark applications, scientific articles output, intellectual property charges, intellectual property receipts, and researchers in R&D, consistently falls below average compared to other countries. This below-average performance across multiple indicators indicates a potential lack of innovation and investment in research and development within Latvia. This could limit the country's ability to compete globally, attract foreign investment, and drive long-term economic growth.

Broad Economy Attributes

1. GDP (current US$): Latvia's GDP is $34,390,910,338.96, which is significantly below the average GDP of $442,870,224,838.68. Latvia ranks 95th out of 189 countries in this attribute.

2. GDP, PPP (current international $): With a GDP of $64,107,969,885.11, Latvia falls below the average GDP of $734,141,122,350.78. It ranks 98th out of 181 countries in this category.

3. GDP per capita (current US$): Latvia's GDP per capita is $18,096.20, which is higher than the average of $15,462.11. The country ranks 46th out of 190 countries in this regard.

4. GDP per capita, PPP (current international $): At $33,733.07, Latvia's GDP per capita is notably above the average of $21,251.89. It ranks 44th out of 181 countries in this metric.

5. GNI (current US$): Latvia's GNI stands at $34,385,289,591.91, significantly below the average GNI of $452,040,815,370.70. Latvia ranks 92nd out of 185 countries for GNI.

6. GNI, PPP (current international $): With a GNI of $64,097,492,271.14, Latvia falls short of the average GNI of $730,698,223,823.47. The country ranks 97th out of 181 nations in this aspect.

7. GNI per capita, PPP (current international $): Latvia's GNI per capita of $33,730 exceeds the average of $20,615.75. The country ranks 43rd out of 181 countries based on this metric.

Summary

Latvia demonstrates lower than average GDP, GNI, and GDP per capita figures compared to global averages, ranking below the average in these categories. However, the country performs relatively better in terms of GDP per capita, PPP. These indicators are crucial as they provide insights into Latvia's economic strength, productivity, and standard of living compared to other nations, highlighting areas where Latvia may need to focus on improving its economic performance.

Broad Value Added

Gross value added at basic prices (GVA) (current US$): Latvia's GVA is $30,018,102,51.46, which is below the average of $360,070,943,595.12. Latvia ranks 90 out of 176 countries in this attribute data.

Agriculture, forestry, and fishing, value added (% of GDP): Latvia's value added in this sector is 4.00% of its GDP, lower than the average of 10.86%. Latvia ranks 120 out of 182 countries in this attribute data.

Agriculture, forestry, and fishing, value added (current US$): The country's value added in this sector amounts to $1,376,269,784.14, below the average of $19,924,732,828.07. Latvia ranks 118 out of 182 countries in this attribute data.

Services, value added (% of GDP): Latvia's services value added represents 63.64% of its GDP, above the average of 56.72%. The country ranks 49 out of 183 countries in this attribute data.

Services, value added (current US$): The value added in services for Latvia is $21,885,174,187.10, below the average of $295,837,711,130.69. Latvia ranks 87 out of 183 countries in this attribute data.

Industry (including construction), value added (current US$): The industry's value added in Latvia is $6,756,566,280.21, significantly lower than the average of $118,421,095,413.50. Latvia ranks 100 out of 183 countries in this attribute data.

Summary

Latvia's economy is characterized by a lower than average Gross Value Added at basic prices, Agriculture, forestry, and fishing value added as a percentage of GDP, and Agriculture, forestry, and fishing value added in current US dollars. However, the country performs above average in Services value added as a percentage of GDP. The lower performance in agriculture-related sectors and industry compared to the global average indicates a potential imbalance in the economy, with an overreliance on services for economic growth. This could pose challenges for sustainable development and diversification of the economy in the long term.

Manufacturing Value Added

Latvia's Manufacturing, value added (current US$) stands at 3.81 billion USD, significantly below the average of 76.21 billion USD, ranking 91st out of 173 countries.

Manufacturing, value added (% of GDP) in Latvia is 11.07%, slightly lower than the average of 11.90%, ranking 88th out of 173 countries.

In Medium and high-tech manufacturing value added (% manufacturing value added), Latvia's 24.31% is slightly below the average of 24.49%, placing it 70th out of 149 countries.

Latvia's Chemicals (% of value added in manufacturing) is 7.47%, notably lower than the average of 11.56%, ranking 57th out of 89 countries.

Food, beverages and tobacco (% of value added in manufacturing) in Latvia accounts for 16.29%, significantly lower than the average of 24.51%, and ranks 58th out of 92 countries.

Machinery and transport equipment (% of value added in manufacturing) stands at 8.67% in Latvia, notably below the average of 16.85%, ranking 61st out of 93 countries.

Latvia's Textiles and clothing (% of value added in manufacturing) at 4.10% is below the average of 6.33%, placing it 40th out of 93 countries.

Other manufacturing (% of value added in manufacturing) is a dominant sector in Latvia at 63.46%, significantly above the average of 42.13%, ranking 6th out of 94 countries.

Summary

Latvia's manufacturing sector shows mixed performance compared to global averages and rankings. While the country excels in the "Other manufacturing" category, it lags behind in areas such as Chemicals and Food, beverages, and tobacco industries. This analysis sheds light on Latvia's industrial composition, highlighting strengths and areas that may require further development to enhance the country's economic diversification and competitiveness in the global market.

Money

Latvia's annual consumer price inflation rate stands at 0.22%, significantly below the average of 8.26%, positioning the country at the 129th rank out of 165 countries. In contrast, the GDP deflator inflation rate in Latvia is 2.07%, lower than the average of 6.90%, placing the country at the 90th rank out of 188 countries included in the dataset.

Summary

Latvia's annual consumer price inflation rate of 0.22% is notably below the global average of 8.26%, ranking the country at 129th out of 165 nations. Conversely, Latvia's GDP deflator inflation rate of 2.07% is lower than the average of 6.90%, positioning the country at the 90th rank among 188 nations. These statistics indicate that Latvia is experiencing relatively low levels of inflation compared to other countries, which can influence its economic stability, competitiveness, and attractiveness to investors.

Consumption Expenditure

Final consumption expenditure (current US$): Latvia's value of 26,581,541,928.2647 is significantly below the attribute average of 381,630,252,515.3805. Latvia ranks 90 out of 159 countries in this dataset.

Final consumption expenditure (% of GDP): Latvia's value of 77.29% is slightly below the attribute average of 82.37%. Latvia is ranked 97 out of 159 countries for this indicator.

General government final consumption expenditure (current US$): Latvia's value of 6,972,964,470.62259 is notably lower than the attribute average of 93,676,578,238.03342. Latvia ranks 78 out of 158 countries in this category.

General government final consumption expenditure (% of GDP): Latvia's value of 20.28% is above the attribute average of 18.71%. Latvia is ranked 57 out of 158 countries for this metric.

Household and NPISHs Final consumption expenditure (current US$): Latvia's value of 19,608,577,457.6421 is well below the attribute average of 290,127,571,157.693. The country is ranked 91 out of 158 nations in this aspect.

Households and NPISHs final consumption expenditure (% of GDP): Latvia's value of 57.02% is lower than the attribute average of 63.68%. Latvia ranks 102 out of 158 countries based on this parameter.

Summary

Latvia's final consumption expenditure in both absolute terms and as a percentage of GDP is notably below the global average, indicating comparatively lower levels of domestic consumption and economic activity. The country's general government final consumption expenditure is also significantly lower than average, suggesting potential limitations in public spending and investment. These indicators are crucial as they reflect Latvia's overall economic health, the strength of its domestic demand, and the government's capacity for fiscal stimulus and public service provision.

Equities

Latvia's S&P Global Equity Indices (annual % change) stands at 3.57%, surpassing the attribute average of 2.06%. With this growth rate, Latvia ranks 31 out of 79 countries in the dataset.

Summary

Latvia's S&P Global Equity Indices annual % change of 3.57% surpasses the attribute average of 2.06%, positioning it at the 31st rank out of 79 countries in the dataset. This indicates that Latvia's equity market has outperformed the global average, reflecting a positive trend in its economic performance compared to other countries.

Investment

Latvia's net foreign direct investment (FDI) stands at approximately -$752 million, which is above the average of -$1.62 billion. This places Latvia at the 104th rank out of 169 countries in terms of FDI.

The net inflows of FDI in Latvia amount to $950 million, significantly below the average of $5.75 billion. This places Latvia at the 76th rank out of 182 countries included in the data.

Latvia's net inflows of FDI as a percentage of GDP is 2.76%, slightly higher than the average of 2.61%. This places Latvia at the 67th rank out of 178 countries.

Latvia's net outflows of FDI are approximately $198 million, significantly below the average of $5.71 billion. This places Latvia at the 61st rank out of 156 countries.

The net outflows of FDI as a percentage of GDP in Latvia are 0.57%, lower than the average of 1.00%. This places Latvia at the 50th rank out of 155 countries.

Latvia's net portfolio investment is around $4.79 billion, significantly above the average of $679 million. This places Latvia at the 27th rank out of 159 countries.

In terms of net portfolio equity inflows, Latvia received approximately $10.7 million, significantly below the average of $9.2 billion. This places Latvia at the 42nd rank out of 125 countries included in the data.

Summary

Latvia's foreign direct investment (FDI) metrics indicate a mixed performance compared to global averages and rankings. While the country has lower net inflows of FDI and higher net outflows of FDI as a percentage of GDP, its net portfolio investment is notably higher than the average. These figures are crucial as they reflect Latvia's attractiveness to foreign investors, its level of capital investment, and its financial integration with global markets.

Broad Trade Attributes

Trade (% of GDP): Latvia's trade value accounts for 120.20% of its GDP, which is above the average of 82.34%. Latvia is ranked 27th out of 163 countries in this attribute.

Merchandise trade (% of GDP): Latvia's merchandise trade represents 101.13% of its GDP, surpassing the average of 60.01%. Latvia holds the 20th rank out of 186 countries in this aspect.

Trade in services (% of GDP): With trade in services at 25.76% of GDP, Latvia slightly exceeds the average of 24.63%. The country is ranked 42nd out of 171 nations in this category.

External balance on goods and services (current US$): Latvia's balance stands at $448,902,488.15, significantly below the average of $3,405,509,011.13. Latvia is ranked 56th out of 163 countries for this statistic.

External balance on goods and services (% of GDP): Latvia's balance as a percentage of GDP is 1.31%, higher than the average of -5.97%. Latvia holds the 56th rank out of 163 countries in this metric.

Summary

Latvia demonstrates a strong reliance on trade, with its trade value, merchandise trade, and trade in services all exceeding global averages. The country's external balance on goods and services, both in absolute terms and as a percentage of GDP, also shows a positive position compared to the global average. These indicators suggest that Latvia's economy is heavily driven by international trade, making it vulnerable to global economic trends but also providing opportunities for growth through increased international cooperation and market diversification.

Net Trade

Latvia's current account balance in current US$ is 1017380755.9598, which is below the attribute average of 1443864831.4940138. Latvia ranks 43 out of 170 countries in this category.

The current account balance as a percentage of GDP for Latvia is 2.95828387772347, above the attribute average of -2.3613128705499826. Latvia holds the 39th position out of 170 countries in this metric.

Latvia's net trade in goods and services in current US$ amounts to 452759190.124265, lower than the attribute average of 2604730003.5650773. The country is ranked 60 out of 171 nations in this aspect.

With a net primary income in current US$ of 7797923.74773359, Latvia surpasses the attribute average of -903807529.7376518. Latvia holds the 44th position out of 170 countries for this parameter.

The net secondary income in current US$ for Latvia stands at 556823642.0878, significantly higher than the attribute average of -269227340.40242267. Latvia ranks 75 out of 170 nations in this measure.

In terms of net trade in goods in current US$, Latvia has a value of -1757749742.25783, well below the attribute average of 1302831005.6800897. Latvia is placed 114 out of 171 countries based on this criterion.

Latvia's net capital account in current US$ is 590712453.29466, which is significantly above the attribute average of 136543824.04518417. Latvia holds the 24th position out of 159 countries in this index.

Finally, the net financial account in current US$ for Latvia is 2112118739.8674, surpassing the attribute average of -469840994.6309935. Latvia is ranked 34 out of 170 countries for this attribute.

Summary

Latvia generally performs well in key macroeconomic indicators such as current account balance, net primary income, net secondary income, net capital account, and net financial account, consistently surpassing or meeting the attribute averages. These statistics indicate that Latvia has a strong external sector and is able to attract significant capital flows, positioning it favorably in the global economy. Maintaining these positive balances is crucial for sustaining economic stability, fostering growth, and attracting further investments in the country.

Broad Export Attributes

Latvia's Exports of goods, services and primary income amount to $22,471,657,367.41, which is below the average of $146,238,908,936.30. Latvia ranks 71st out of 170 countries in this attribute.

Exports of goods and services (BoP) for Latvia stand at $20,931,934,419.15, also below the average of $122,938,540,059.78. Latvia is ranked 72nd out of 170 countries for this statistic.

Latvia's Exports of goods and services is $20,892,922,156.74, falling short of the average of $129,596,864,610.19. Latvia holds the 71st rank out of 163 countries in this category.

The Exports of goods and services (% of GDP) for Latvia is 60.75%, above the average of 38.19%. Latvia is ranked 24th out of 163 countries based on this metric.

Latvia's Goods exports amount to $15,396,105,905.22, lower than the average of $93,310,581,697.39. Latvia ranks 68th out of 171 countries in this regard.

Regarding ICT goods exports (% of total goods exports), Latvia's value is 10.94%, significantly surpassing the average of 3.81%. Latvia holds the 16th rank out of 142 countries for this particular statistic.

Summary

Latvia's exports of goods, services, and primary income along with exports of goods and services (BoP) are below global averages, ranking 71st and 72nd out of 170 countries respectively. However, in terms of exports as a percentage of GDP, Latvia surpasses the average and ranks 24th out of 163 countries. Specifically, Latvia's ICT goods exports as a percentage of total goods exports are notably high, ranking 16th out of 142 countries. These statistics are crucial as they indicate Latvia's trade performance and economic specialization, showing its relatively high reliance on exports compared to its GDP.

Merchandise Exports

Latvia's merchandise exports amount to $16.34 billion, ranking 72 out of 187 countries. This is below the average export value of $89.54 billion.

With agricultural raw materials exports accounting for 10.84% of total exports, Latvia ranks 8 out of 151 countries, significantly above the average of 2.97%.

Food exports make up 21.71% of Latvia's merchandise exports, placing it at rank 60 out of 152 countries, slightly below the average of 24.06%.

Latvia's fuel exports constitute 3.57% of merchandise exports, ranking 71 out of 147 countries, well below the average of 13.70%.

The country's ores and metals exports represent 1.75% of total exports, placing Latvia at rank 106 out of 152 countries, significantly below the average of 9.10%.

With merchandise exports by the reporting economy residual accounting for 0.17% of total exports, Latvia ranks 99 out of 166 countries, notably below the average of 3.20%.

Summary

Latvia's strong emphasis on agricultural raw materials and food exports distinguishes it from many other countries, with these sectors comprising a significant portion of its total exports. However, the country lags behind in fuel and ores/metals exports, indicating potential areas for diversification. Understanding these export dynamics is crucial for Latvia's economic development as it can guide policymakers in leveraging strengths and addressing weaknesses to enhance overall export competitiveness and sustainability.

Technology Exports

Latvia's Manufactures exports account for 60.36% of merchandise exports, which is above the average of 42.62%. Latvia ranks 53 out of 152 countries in this attribute.

High-technology exports in Latvia amount to $1,837,827,445, which is below the average of $16,655,934,078.80. Latvia ranks 45 out of 151 countries in this attribute.

In terms of High-technology exports as a percentage of manufactured exports, Latvia stands at 20.04%, exceeding the average of 10.15%. The country ranks 26 out of 150 countries in this attribute.

Latvia's Medium and high-tech exports as a percentage of manufactured exports is 43.98%, higher than the average of 34.29%. The country ranks 56 out of 149 countries in this attribute.

Summary

Latvia performs above average in Manufactures exports, High-technology exports, High-technology exports as a percentage of manufactured exports, and Medium and high-tech exports as a percentage of manufactured exports when compared to global averages. These indicators highlight Latvia's strong emphasis on manufacturing and technological capabilities, positioning the country competitively in the international trade landscape.

Service Exports

Analysis of Key Statistics for Service Exports in Latvia:

Summary

In summary, Latvia's service exports are below average, with a notable focus on ICT service exports and communication-related services. While the country performs well in the percentage of ICT services exported compared to total service exports, it lags in the travel services and insurance/financial services sectors.

These statistics are important as they reveal Latvia's strengths and weaknesses in its service export sector, pointing towards potential areas for growth and areas that may require strategic focus and improvement to enhance the country's overall macroeconomic performance and competitiveness on the global stage.

Commercial Service Exports

For Commercial service exports (current US$), Latvia's value of 5,496,870,895.86 is below the average of 28,508,218,402.80. Latvia ranks 64 out of 171 countries in this attribute.

Latvia's Travel services (% of commercial service exports) value of 14.54 is below the average of 27.89. Latvia ranks 103 out of 167 countries in this attribute.

Regarding Computer, communications and other services (% of commercial service exports), Latvia's value of 52.71 is above the average of 42.44. Latvia holds the 62nd rank out of 169 countries in this aspect.

Latvia's Insurance and financial services (% of commercial service exports) value stands at 3.01, which is below the average of 6.97. In this attribute, Latvia ranks 97 out of 161 countries.

For Transport services (% of commercial service exports), Latvia's value of 29.75 is above the average of 23.37. Latvia secures the 52nd rank out of 169 countries in this category.

Summary

Latvia performs below average in Commercial service exports, with rankings ranging from 52 to 103 out of a total of 161 to 171 countries in various service categories. The country excels in Computer, communications, and other services but lags in Travel services and Insurance and financial services. These indicators are crucial as they highlight Latvia's strengths and weaknesses in global trade, providing insights into areas where the country can focus on improving competitiveness and diversification.

Broad Import Attributes

Latvia's imports of goods and services amount to $20.44 billion, ranking 73rd out of 163 countries. This is below the average imports value of $126.19 billion.

Imports of goods and services take up 59.45% of Latvia's GDP, placing it at 33rd out of 163 countries. This percentage is higher than the average of 44.15%.

Latvia's ICT goods imports represent 10.80% of its total goods imports, ranking 21st out of 143 countries. This is higher than the average of 6.85%.

Latvia's goods imports amount to $17.16 billion, placing it 68th out of 171 countries. This falls below the average goods imports value of $92.01 billion.

Latvia's imports of goods and services, in terms of Balance of Payments, total $20.48 billion, positioning it at 72nd out of 170 countries. This is below the average imports of $120.32 billion.

Latvia's imports of goods, services, and primary income in terms of Balance of Payments amount to $22.01 billion, ranking 75th out of 170 countries. This figure is lower than the average of $144.51 billion.

Summary

Latvia's import indicators consistently position it below global averages, reflecting a relatively lower level of integration with the global economy compared to other countries. The higher percentage of imports in relation to its GDP signifies a greater reliance on imported goods and services, which could indicate potential vulnerabilities to external economic shocks or fluctuations in global trade dynamics.

Merchandise Imports

- Merchandise imports (current US$): Latvia's merchandise imports value of $18,441,000,000 is below the average of $89,385,605,263. Latvia ranks 70 out of 190 countries in this attribute data.

- Manufactures imports (% of merchandise imports): Latvia's value of 67.44% is slightly above the average of 66.76%. It ranks 82 out of 152 countries in this data set.

- Agricultural raw materials imports (% of merchandise imports): With a value of 3.17%, Latvia exceeds the average of 1.27%. It ranks 4 out of 152 countries in this category.

- Food imports (% of merchandise imports): Latvia's value of 18.10% is above the average of 15.89%. The country ranks 50 out of 152 countries in this regard.

- Fuel imports (% of merchandise imports): Standing at 6.22%, Latvia's fuel imports are below the average of 11.38%. The country ranks 117 out of 152 nations in this data set.

- Ores and metals imports (% of merchandise imports): Latvia's value of 1.25% is under the average of 2.57%. It ranks 94 out of 152 countries in this attribute.

- Merchandise imports by the reporting economy, residual (% of total merchandise imports): Latvia's value of 0.002% is significantly below the average of 2.51%. It ranks 168 out of 180 countries included in this data.

Summary

Latvia shows a trend of importing a higher proportion of manufactures and food compared to the average, indicating a reliance on imported processed goods. However, the country imports a lower percentage of fuel, ores, and metals, suggesting potential domestic production in these sectors. The low percentage of residual imports underscores Latvia's efficiency in managing its merchandise imports, reflecting a well-controlled trade balance.

These findings are important as they provide insight into Latvia's economic structure and trade dependencies. A high reliance on imported manufactures and food may expose the country to supply chain risks, while the lower fuel imports could indicate energy independence or reliance on alternative energy sources. Understanding these import patterns can help policymakers in assessing domestic production capabilities and potential vulnerabilities in the global market.

Service Imports

Latvia's service imports amount to $3.32 billion, ranking 80th out of 171 countries. This value is significantly below the average service imports of $27.62 billion.

In terms of Communications, computer, etc. (% of service imports), Latvia is at 51.85%, which is above the average of 44.40%. This places Latvia at the 68th position out of 169 countries.

Latvia's Transport services (% of service imports) stand at 25.56%, lower than the average of 32.90%. This places Latvia at the 103rd position out of 169 countries.

For Travel services (% of service imports), Latvia is at 16.64%, above the average of 14.14%. Latvia ranks 49th out of 169 countries in this aspect.

Latvia's Insurance and financial services (% of service imports) amount to 5.91%, below the average of 8.53%. Latvia holds the 92nd position out of 169 countries in this category.

Summary

In analyzing Latvia's key macroeconomic indicators related to service imports, we find that Latvia's values for different service categories vary in comparison to global averages. Latvia demonstrates strengths in Communications, computer, etc. and Travel services, where it surpasses the global average. However, it lags behind in Transport services and Insurance and financial services. These findings are crucial as they highlight Latvia's relative strengths and weaknesses in key service sectors, which can impact its trade competitiveness, economic diversification, and overall resilience in the global market.

Commercial Service Imports

Latvia's commercial service imports amount to $3,305,953,389.98. This value is below the average of $27,102,746,128.60, placing Latvia at the 78th rank out of 171 countries in the dataset.

Computer, communications, and other services form 51.64% of Latvia's commercial service imports, which is above the average of 41.71%. Latvia ranks 62nd out of 169 countries in this category.

Insurance and financial services represent 5.95% of Latvia's commercial service imports, below the average of 8.85%. Latvia holds the 94th rank out of 169 countries for this attribute.

Transport services account for 25.69% of Latvia's commercial service imports, below the average of 34.71%. Latvia's rank is 102nd out of 169 countries for transport services.

Latvia allocates 16.73% of commercial service imports to travel services, surpassing the average of 14.73%. In this category, Latvia is ranked 53rd out of 169 countries.

Summary

Latvia's commercial service imports are significantly below the average, with a notable emphasis on computer, communications, and other services, exceeding the global average. However, the country falls short in the allocation towards insurance, financial, and transport services compared to the average. The higher proportion dedicated to travel services showcases Latvia's strength in the tourism sector, reflecting a diverse economy with potential for growth.

Infrastructure

Latvia's railways passengers carried stands at 413 million passenger-km, below the average of 32,281.91 million passenger-km, ranking 44th out of 64 countries in the dataset.

For railways goods transported, Latvia's value of 7,979 million ton-km is lower than the average of 119,231.19 million ton-km, placing Latvia at rank 28 out of 62 countries.

Latvia's air transport for freight is 4.32 million ton-km, significantly lower than the average of 1,384.37 million ton-km, ranking Latvia 85th out of 126 countries.

In terms of registered carrier departures worldwide, Latvia has 23,100 departures, below the average of 134,365.61 departures, placing Latvia at rank 61 out of 149 countries.

Latvia's air transport for passengers carried is 1,323,070, much lower than the average of 11,848,242.70 passengers carried, ranking Latvia 63rd out of 149 countries.

Latvia's container port traffic, with 457,342 TEUs, is below the average of 6,907,110.27 TEUs, positioning Latvia at rank 83 out of 110 countries.

Regarding rail lines total route-km, Latvia has 1,859.1 km, falling short of the average of 12,204.74 km, ranking Latvia 45th out of 66 countries.

Summary

Latvia's performance in key macroeconomic indicators related to transportation infrastructure falls below global averages across railway passengers carried, goods transported, air transport for freight and passengers, registered carrier departures, container port traffic, and rail lines total route-km. These statistics indicate a relatively lower level of connectivity and trade volume in comparison to other countries worldwide. This could hinder Latvia's competitiveness in the global market, limit its ability to attract foreign investment, and impact its overall economic growth and development.

Information Technology Infrastructure

Analysis of Key Stats for Latvia:

1. Secure Internet servers: Latvia has 38,634 secure internet servers, which is below the global average of 458,294. Latvia ranks 54th out of 193 countries for this attribute.

2. Secure Internet servers (per 1 million people): With 20,328 secure internet servers per 1 million people, Latvia exceeds the average of 14,067. Latvia ranks 41st out of 193 countries.

3. Individuals using the Internet (% of population): 88.89% of Latvia's population uses the internet, surpassing the average of 64.77%. Latvia ranks 37th out of 180 countries.

4. Fixed broadband subscriptions: Latvia has 490,569 fixed broadband subscriptions, below the average of 6,591,956. Latvia ranks 89th out of 185 countries.

5. Mobile cellular subscriptions: With 2,051,359 mobile cellular subscriptions, Latvia falls short of the average of 42,526,464. Latvia ranks 140th out of 193 countries.

Summary

In summary, Latvia performs above the global average in terms of secure internet servers per 1 million people and individuals using the internet, but falls below average in fixed broadband and mobile cellular subscriptions. These statistics are crucial as they indicate Latvia's strong digital infrastructure and high internet usage among its population, which can contribute to economic growth and competitiveness in the global digital economy.

Energy Consumption

Latvia's renewable energy consumption is 43.75% of total final energy consumption, which is 11.57% higher than the average of 32.18%. This places Latvia at rank 58 out of 191 countries in the dataset.

In terms of CO2 emissions, Latvia emits 6928.3 kt, significantly lower than the average of 171895.94 kt. Latvia ranks 118 out of 188 countries for CO2 emissions.

Summary

Latvia's high proportion of renewable energy consumption, exceeding the global average, showcases its commitment to sustainable energy practices. Additionally, its relatively low level of CO2 emissions compared to the global average indicates efforts towards environmental conservation. These indicators are crucial as they highlight Latvia's progress towards energy security, environmental sustainability, and its potential for mitigating climate change impact.

Government Balance Sheet

Latvia's net acquisition of financial assets as a percentage of GDP is 1.42%, below the average of 2.45%. The country ranks 45th out of 87 countries in this attribute.

When it comes to the net incurrence of liabilities as a percentage of GDP, Latvia is at 8.00%, slightly above the average of 7.43%. It ranks 36th out of 92 countries.

Latvia's reserves and related items in current US dollars are $514,243,975.75, significantly below the average of $1,924,407,186.58. The country holds the 52nd position out of 171 countries.

For total reserves minus gold in current US dollars, Latvia stands at $4,884,944,947.50, well below the average of $74,221,588,171.61. This places Latvia at the 89th position out of 161 countries.

Latvia's total reserves, including gold, amount to $5,289,640,347.50, again significantly lower than the average of $85,708,019,773.47. The country ranks 89th out of 161 countries in this category.

Lastly, Latvia's total reserves in months of imports is 2.88, notably below the average of 7.10. The country holds the 116th rank out of 151 countries considered.

Summary

Latvia's key macroeconomic indicators show that the country has lower levels of net acquisition of financial assets, reserves, and related items compared to global averages. Additionally, its total reserves, including gold, are significantly below the average. These figures suggest that Latvia may have limited financial flexibility and capacity for investment compared to other countries, potentially impacting its ability to manage economic shocks or support growth initiatives effectively.

Government Revenue

Latvia's Revenue, excluding grants (% of GDP) is 41.99%, which is above the average of 27.02%. This places Latvia at rank 7 out of 122 countries in the dataset.

For Grants and other revenue (% of revenue), Latvia's value of 18.39% is below the average of 23.54%. Latvia ranks 49 out of 108 countries in this attribute.

Latvia's Social contributions (% of revenue) are at 32.18%, higher than the average of 22.29%. This places Latvia at rank 27 out of 81 countries.

In terms of Taxes on goods and services (% of revenue), Latvia's value is 43.09%, above the average of 31.82%. Latvia holds the 19th position out of 122 countries.

Latvia's Taxes on international trade (% of revenue) is at -0.0046%, significantly below the average of 6.24%. This puts Latvia at the 101st position out of 101 countries.

For Other taxes (% of revenue), Latvia's value of 0.19% is below the average of 2.12%. This places Latvia at rank 83 out of 106 countries.

Lastly, Taxes on income, profits and capital gains (% of revenue) in Latvia stand at 6.14%, notably lower than the average of 24.66%. Latvia ranks at 113 out of 119 countries in this attribute.

Summary

Latvia showcases strong fiscal discipline with a high revenue, excluding grants (% of GDP), and a focus on social contributions. However, the country relies heavily on taxes on goods and services, indicating a need for diversification in revenue sources. The low ranking in Taxes on income, profits and capital gains (% of revenue) suggests potential challenges in attracting investments and fostering economic growth.

These indicators are crucial as they reflect Latvia's financial health, its reliance on certain revenue streams, and its attractiveness to investors. Diversifying revenue sources and potentially revisiting tax policies could ensure sustainable economic development and resilience against external shocks.

Taxes

1. Tax revenue (% of GDP): Latvia's tax revenue accounts for 22.04% of its GDP, which is higher than the average of 16.72%. With a rank of 25 out of 123 countries, Latvia performs relatively well in this aspect.

2. Customs and other import duties (% of tax revenue): Latvia's percentage of customs and import duties relative to tax revenue is at -0.009%, significantly below the average of 9.01%. This places Latvia at a lower rank of 99 out of 99 countries included in the data.

3. Taxes on income, profits and capital gains (% of total taxes): Latvia's share of taxes on income, profits, and capital gains is 12.43%, notably lower than the average of 38.40%. This places Latvia at a rank of 114 out of 120 countries.

4. Tariff rate, applied, weighted mean, all products (%): Latvia's applied tariff rate stands at 1.48%, below the average of 5.21%. With a rank of 126 out of 153 countries, Latvia has a relatively low tariff rate compared to others in the dataset.

Summary

Latvia's tax revenue as a percentage of GDP is higher than the average, indicating a strong fiscal policy. However, its reliance on customs and import duties is significantly below average, potentially impacting revenue streams. The low share of taxes on income, profits, and capital gains may suggest a need for diversified sources of government income. On a positive note, Latvia's relatively low applied tariff rate may enhance trade competitiveness and attract foreign investment.

Government Expenses

Latvia's expense as a percentage of GDP stands at 49.54%, which is higher than the average of 31.69%. This places Latvia at the 11th rank out of 123 countries.

When it comes to compensation of employees as a percentage of expense, Latvia's value is 17.69%, below the average of 24.70%. This positions Latvia at the 77th rank out of 123 countries.

Goods and services expense accounts for 11.03% in Latvia, lower than the average of 14.77%. Latvia ranks 69th out of 122 countries in this aspect.

Interest payments as a percentage of expense in Latvia are 1.91%, below the average of 6.85%. Latvia is placed at the 100th rank out of 121 countries.

Other expenses as a percentage of total expense come in at 12.23% for Latvia, which surpasses the average of 8.29%. This places Latvia at the 27th rank out of 120 countries.

Subsidies and other transfers account for 57.14% of Latvia's expenses, higher than the average of 43.29%. Latvia is ranked 28th out of 121 countries in this category.

Summary

Latvia's expense as a percentage of GDP is higher than the average, ranking 11th out of 123 countries. However, its compensation of employees as a percentage of expense is below average, placing it at 77th. Goods and services expense, interest payments, other expenses, and subsidies are also either below or above average, positioning Latvia uniquely in the global landscape.

These indicators are crucial in understanding Latvia's economic structure and priorities. A higher expense as a percentage of GDP could indicate government spending or investment, while lower compensation for employees may suggest potential issues in income distribution or labor market conditions. Deviations from average values in different expense categories show where Latvia stands in terms of financial management and allocation, providing insights for policymakers and investors.

Top Stats

Ranks in Top Decile For:

Attribute Rank/Total
Population ages 65 and above (% of total population) 10/194
Death rate, crude (per 1,000 people) 7/192
Other manufacturing (% of value added in manufacturing) 6/94
Agricultural raw materials exports (% of merchandise exports) 8/151
Agricultural raw materials imports (% of merchandise imports) 4/152
Revenue, excluding grants (% of GDP) 7/122
Expense (% of GDP) 11/123

Ranks in Bottom Decile For:

Attribute Rank/Total
Patent applications, nonresidents 129/129
Merchandise imports by the reporting economy, residual (% of total merchandise imports) 168/180
Taxes on international trade (% of revenue) 101/101
Taxes on income, profits and capital gains (% of revenue) 113/119
Customs and other import duties (% of tax revenue) 99/99
Taxes on income, profits and capital gains (% of total taxes) 114/120