Published: Monday, 21th October 2024
The Standard of living in Latvia is 1.17 times lesser as compared to Cyprus.
In this page, you will find side-by-side Standard of Living comparison between Latvia and Cyprus. We have created 53 standard-of-living indicators. We average the values and ranges of all those indicators and take a mathematically calculated approach to determine which country has a better standard of living between Latvia and Cyprus.
 Indicators  | Latvia  | Cyprus  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $45.466 billion USD | $34.221 billion USD |
GDP Per Capita (2023)  | 24,193 USD | 37,149 USD |
GINI Ratio (2023)  | 0.36 | 0.29 |
Inflation on Consumer Prices (2023)  | 8.94 % annually | 3.54 % annually |
Central Government Debt (2023)  | 10.3 % of GDP | 91.7 % of GDP |
Gross Domestic Product (GDP) is a measure of the total value of all goods and services produced within a country in a specific time period, usually a year. It is used to gauge the economic performance of a country and indicates how wealthy and productive a nation is. In simple terms, GDP tells us how much a country is producing and how well its economy is doing.
As per the statistics from the World Bank Data for the year 2023, the total GDP of Latvia is $45.466 billion USD and that of Cyprus is $34.221 billion USD.
On the other hand, Gross Domestic Product (GDP) Per Capita is the average economic output per person in a country. Simply put, it shows how much, on average, each person contributes to the economy, giving an idea of the standard of living and economic well-being of the people in that country.
From the above data, we can say that a person living and working in Latvia contributes less to the country's economy compared to a person working in Cyprus.
Indicators | Latvia | Cyprus |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.879 | 0.907 |
Human Capital Index (HCI) (2024)  | 0.71 | 0.76 |
Literacy Rate (2023)  | 99.89% (15 years+ above age) | 99.36% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 73.2 years | 81.9 years |
Healthy Life Expectancy Ratio (2023)  | 63.8 years | 70.7 years |
Poverty Ratio (2023)  | 22.5% of total Population | 13.9% of total Population |
Unemployment Rate (2023)  | 6.53% of total labor force | 5.96% of total labor force |
The Human Development Index (HDI) is a measure used to assess the overall well-being and quality of life of people living in a country. The key dimensions that give a country good HDI rank are a long and healthy life, being knowledgeable and having a decent standard of living.
From the above given statistics, we can see that the HDI of Latvia is [ 0.879 ] and the HDI of Cyprus is [ 0.907 ].
The data shows that the people living in Latvia has lower income, life expectancy and education level compared to Cyprus.
Indicators | Latvia | Cyprus |
|---|---|---|
Gross National Expenditure (2023)  | 103.85 % of GDP | 100.92 % of GDP |
Total Health Expenditure (2023)  | 9.04 % of GDP | 9.43 % of GDP |
Research and Development Expenditure (2023)  | 0.74 % of GDP | 0.83 % of GDP |
Government Expenditure on Education (2023)  | 5.62 % of GDP | 5.48 % of GDP |
International Tourism Expenditure (2023)  | 1,021 million USD | 880 million USD |
Number of International Tourists Arrivals (2023)  | 3,204,000 | 4,117,000 |
Military Expenditure (2023)  | 2.05 % of GDP | 1.81 (% of GDP) |
The total Gross National Expenditure of Latvia is 103.85% of its GDP and the total Gross National Expenditure of Cyprus is 100.92% of its GDP.
From the above data, we can say that Latvia spends 1.03 times more of its GDP on Gross National Expenditure compared to Cyprus.
Indicators | Latvia | Cyprus |
|---|---|---|
Number of Doctors (2023)  | 33.77 (Per 10,000 People) | 35.5 (Per 10,000 People) |
Number of Nurses (2023)  | 44.2 (Per 10,000 People) | 46.3 (Per 10,000 People) |
Number of Pharmacists (2023)  | 8.81 (Per 10,000 People) | 13.3 (Per 10,000 People) |
Available Hospital Beds (2023)  | 5.49 (Per 1000 People) | 3.4 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 91.8 % of total Population | 99.2 % of total Population |
Latvia has 1.05 times less Doctors compared to Cyprus (Per 10,000 People).
Latvia has 1.05 times less Nurses compared to Cyprus (Per 10,000 People).
Indicators | Latvia | Cyprus |
|---|---|---|
Agricultural Land (2023)  | 19,700 Sq Km | 1,231.35 Sq Km |
Forest Area (2023)  | 34,146.6 Sq Km | 1,725.1 Sq Km |
CO2 Emissions (2023)  | 0.11 kg per PPP $ of GDP | 0.18 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 91.03 % of total Population | 89.6 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.18 Billion cubic meters | 0.28 Billion cubic meters |
100% of the total Population of Latvia has access to the electricity in their homes, whereas, in case of Cyprus, 100% of the total Population has access to electricity.
Indicators | Latvia | Cyprus |
|---|---|---|
Time Required to Start a Business (2023)  | 5.5 Days | 6 Days |
New Businesses Registered (2023)  | 7,929 (New Businesses) | 11,053 (New Businesses) |
New Businesses Registration Density (2023)  | 6.73 (Per 1000 People) | 12.79 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 1.5 % of GNI Per Capita | 5.6 % of GNI Per Capita |
In the year 2023, 7,929 new businesses got registered in Latvia and 11,053 new businesses got registered in Cyprus.
It usually takes 5.5 days in Latvia and 6 days in Cyprus to register a new business legally and systematically.
Indicators | Latvia | Cyprus |
|---|---|---|
Imports of Goods and Services (2023)  | 67.91 % of GDP | 90.27 % of GDP |
Total Fuel Imports (2023)  | 10.97 % of Merchandise Imports | 22.43 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | Yet to Update | 335 USD |
Time to Import Border Compliance (2023)  | Yet to Update | 14.67 Hours |
Cost to Import Documentary Compliance (2023)  | Yet to Update | 50 USD |
Time to Import Documentary Compliance (2023)  | 0.5 Hour | 2 Hours |
Indicators | Latvia | Cyprus |
|---|---|---|
Exports of Goods and Services (2023)  | 64.06 % of GDP | 89.35 % of GDP |
Total Fuel Exports (2023)  | 7.25 % of Merchandise Exports | 49 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 150 USD | 300 USD |
Time to Export Border Compliance (2023)  | 24 Hours | 18 Hours |
Cost to Export Documentary Compliance (2023)  | 35 USD | 50 USD |
Time to Export Documentary Compliance (2023)  | 2 Hours | 2 Hours |
Indicators | Latvia | Cyprus |
|---|---|---|
Gross National Savings (2023)  | 18.78 % of GDP | 9.74 % of GDP |
Tax Revenue (2023)  | 22.79 % of GDP | 24.71 % of GDP |
Taxes on Exports (2023)  | 0.003 % of Tax Revenue | 0.1 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 45.13 % of Tax Revenue | 32.22 % of Tax Revenue |
Taxes on International Trade (2023)  | Yet to Update | 0.02 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 168.5 Hours | 119.5 Hours |
Customs and Other Import Duties (2023)  | Yet to Update | 0.03 % of Tax Revenue |
We hope you enjoyed the detailed guide on the standard of living comparsion between Latvia and Cyprus.
For more side-by-side comparsion between Countries, States and Cities, you can use the search box above or click the links below.
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