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Latvia vs Denmark (Standard of Living)

Published: Monday, 21th October 2024

Recently Updated: Sunday, 12th January 2025

The Standard of living in Latvia is 1.57 times lesser as compared to Denmark.

In this page, you will find side-by-side Standard of Living comparison between Latvia and Denmark. 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 Denmark.

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Economic Factors Comparison

Image representing an indicator
Indicators
Image illustrating an indicator
Pictorial representation of map of latvia
Latvia
Image illustrating the flag of latvia
Pictorial representation of map of denmark
Denmark
Image illustrating the flag of denmark
Gross Domestic Product (GDP)(2023)
Image representing the total Gross Domestic Product of any specific country
$45.466 billion USD$409.989 billion USD
GDP Per Capita
(2023)
Image representing the total Gross Domestic Product Per Capita of any specific country
24,193 USD68,898 USD
GINI Ratio
(2023)
Image representing the total GINI Ratio or GINI Coefficient of any specific country
0.360.28
Inflation on Consumer Prices
(2023)
Image representing the Percentage of Inflation on consumer prices of any specific country
8.94 % annually3.31 % annually
Central Government Debt
(2023)
Image representing the Central Government Debt of any specific country
10.3 % of GDP75.3 % of GDP
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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 Denmark is $409.989 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 Denmark.

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Image representing an indicator
Indicators
Image illustrating an indicator
Pictorial representation of map of latvia
Latvia
Image illustrating the flag of latvia
Pictorial representation of map of denmark
Denmark
Image illustrating the flag of denmark
Human Development Index (HDI) (2024)
Image representing the Human Development Index of any specific country
0.8790.952
Human Capital Index (HCI) (2024)
Image representing the Human Capital Index of any specific country
0.710.76
Literacy Rate
(2023)
Image representing the Literacy Rate of any specific country
99.89% (15 years+ above age)99% (15 years+ above age)
Life Expectancy Ratio
(2023)
Image representation of Life Expectancy Ratio any given country
73.2 years81.2 years
Healthy Life Expectancy Ratio
(2023)
Image representation of Healthy Life Expectancy Ratio any given country
63.8 years70.1 years
Poverty Ratio
(2023)
Image representing the Poverty Rate of any specific country
22.5% of total Population12.4% of total Population
Unemployment Rate
(2023)
Image representing the Unemployment Rate of any specific country
6.53% of total labor force5.14% 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 Denmark is [ 0.952 ].

The data shows that the people living in Latvia has lower income, life expectancy and education level compared to Denmark.

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Government National Expenditure Comparison

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Indicators
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Pictorial representation of map of latvia
Latvia
Image illustrating the flag of latvia
Pictorial representation of map of denmark
Denmark
Image illustrating the flag of denmark
Gross National Expenditure
(2023)
Image representing the total Gross National Expenditure of any specific country
103.85 % of GDP90.43 % of GDP
Total Health Expenditure
(2023)
Image representation of total Health Expenditure of any given country
9.04 % of GDP10.82 % of GDP
Research and Development Expenditure (2023)
Image representing the Government Expenditure of any specific country
0.74 % of GDP2.81 % of GDP
Government Expenditure on Education (2023)
Image representing the Government Expenditure of any specific country
5.62 % of GDP5.93 % of GDP
International Tourism Expenditure (2023)
Image representing the International Tourism Expenditure of any specific country
1,021 million USD10,485 million USD
Number of International Tourists Arrivals (2023)
Image representing the Number of International Tourists Arrival in any specific country
3,204,00015,595,000
Military Expenditure
(2023)
Image representing the Military Expenditure of any specific country
2.05 % of GDP1.42 (% of GDP)

The total Gross National Expenditure of Latvia is 103.85% of its GDP and the total Gross National Expenditure of Denmark is 90.43% of its GDP.

From the above data, we can say that Latvia spends 1.15 times more of its GDP on Gross National Expenditure compared to Denmark.

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Health System Facilities Comparison

Image representing an indicator
Indicators
Image illustrating an indicator
Pictorial representation of map of latvia
Latvia
Image illustrating the flag of latvia
Pictorial representation of map of denmark
Denmark
Image illustrating the flag of denmark
Number of Doctors
(2023)
Visual representation of number of Doctors in any specific country
33.77
(Per 10,000 People)
43.8
(Per 10,000 People)
Number of Nurses
(2023)
Visual representation of number of Nurses in any specific country
44.2
(Per 10,000 People)
106.4
(Per 10,000 People)
Number of Pharmacists
(2023)
Visual representation of number of Pharmacists in any specific country
8.81
(Per 10,000 People)
5.56
(Per 10,000 People)
Available Hospital Beds
(2023)
Visual representation of Available Hospital Beds in any specific country
5.49
(Per 1000 People)
2.6
(Per 1000 People)
Pregnant Women Receiving Prenatal Care (2023)
Visual representation of Pregnant Women Receiving Prenatal Care in any specific country
91.8 % of total PopulationYet to Update

Latvia has 1.30 times less Doctors compared to Denmark (Per 10,000 People).

Latvia has 2.41 times less Nurses compared to Denmark (Per 10,000 People).

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Environmental Factors Comparison

Image representing an indicator
Indicators
Image illustrating an indicator
Pictorial representation of map of latvia
Latvia
Image illustrating the flag of latvia
Pictorial representation of map of denmark
Denmark
Image illustrating the flag of denmark
Agricultural Land
(2023)
Image Depicting the total Agricultural Land available in any specific country
19,700 Sq Km26,180 Sq Km
Forest Area
(2023)
Image Depicting the total Forest Area available in any specific country
34,146.6 Sq Km6,293.8 Sq Km
CO2 Emissions
(2023)
Image Depicting the total CO2 Emissions from any specific country
0.11 kg per PPP $ of GDP0.08 kg per PPP $ of GDP
Access to Electricity
(2023)
Image Depicting the access of electricity in any specific country
100 % of total Population100 % of total Population
Access to Internet
(2023)
Image Depicting the access of internet in any specific country
91.03 % of total Population97.86 % of total Population
Annual Fresh Water Withdrawals (2023)
Image Depicting the annual freshwater withdrawals from any specific country
0.18 Billion cubic meters0.98 Billion cubic meters

100% of the total Population of Latvia has access to the electricity in their homes, whereas, in case of Denmark, 100% of the total Population has access to electricity.

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Business Registration Comparison

Image representing an indicator
Indicators
Image illustrating an indicator
Pictorial representation of map of latvia
Latvia
Image illustrating the flag of latvia
Pictorial representation of map of denmark
Denmark
Image illustrating the flag of denmark
Time Required to Start a Business (2023)
Image representing Time Required to Start a Business
5.5 Days3.5 Days
New Businesses Registered (2023)
Image representing New Businesses Registered
7,929 (New Businesses)27,333 (New Businesses)
New Businesses Registration Density (2023)
Image representing New Businesses Registration Density
6.73 (Per 1000 People)7.3 (Per 1000 People)
Cost of Business Start-Up Procedures (2023)
Image representing Cost of Business Start-Up Procedures
1.5 % of GNI Per Capita0.2 % of GNI Per Capita

In the year 2023, 7,929 new businesses got registered in Latvia and 27,333 new businesses got registered in Denmark.

It usually takes 5.5 days in Latvia and 3.5 days in Denmark to register a new business legally and systematically.

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Import & Export Factors Comparison

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Indicators
Image illustrating an indicator
Pictorial representation of map of latvia
Latvia
Image illustrating the flag of latvia
Pictorial representation of map of denmark
Denmark
Image illustrating the flag of denmark
Imports of Goods and Services (2023)
Image representing Imports of Goods and Services
67.91 % of GDP59.44 % of GDP
Total Fuel Imports
(2023)
Image representing Total Fuel Imports
10.97 % of Merchandise Imports12.99 % of Merchandise Imports
Cost to Import Border Compliance (2023)
Image representing Cost to Import Border Compliance
Yet to UpdateYet to Update
Time to Import Border Compliance (2023)
Image representing Time to Import Border Compliance
Yet to UpdateYet to Update
Cost to Import Documentary Compliance (2023)
Image representing Cost to Import documentary Compliance
Yet to UpdateYet to Update
Time to Import Documentary Compliance (2023)
Image representing Time to Import Documentary Compliance
0.5 Hour0.5 Hour
Image representing an indicator
Indicators
Image illustrating an indicator
Pictorial representation of map of latvia
Latvia
Image illustrating the flag of latvia
Pictorial representation of map of denmark
Denmark
Image illustrating the flag of denmark
Exports of Goods and Services (2023)
Image representing Exports of Goods and Services
64.06 % of GDP69.01 % of GDP
Total Fuel Exports
(2023)
Image representing Total Fuel Exports
7.25 % of Merchandise Exports3.67 % of Merchandise Exports
Cost to Export Border Compliance (2023)
Image representing Cost to Export Border Compliance
150 USDYet to Update
Time to Export Border Compliance (2023)
Image representing Time to Export Border Compliance
24 HoursYet to Update
Cost to Export Documentary Compliance (2023)
Image representing Cost to Export documentary Compliance
35 USDYet to Update
Time to Export Documentary Compliance (2023)
Image representing Time to Export Documentary Compliance
2 Hours0.5 Hour
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Tax Factors Comparison

Image representing an indicator
Indicators
Image illustrating an indicator
Pictorial representation of map of latvia
Latvia
Image illustrating the flag of latvia
Pictorial representation of map of denmark
Denmark
Image illustrating the flag of denmark
Gross National Savings
(2023)
Image representing the total Gross National Savings of any specific country
18.78 % of GDP33.95 % of GDP
Tax Revenue
(2023)
Image representing the total tax revenue collection of any specific country
22.79 % of GDP30.56 % of GDP
Taxes on Exports
(2023)
Image representing Taxes on Exports
0.003 % of Tax RevenueYet to Update
Taxes on Goods and Services
(2023)
Image representing Taxes on Goods and Services
45.13 % of Tax Revenue33.91 % of Tax Revenue
Taxes on International Trade
(2023)
Image representing Taxes on International Trade
Yet to Update0.05 % of Revenue
Time to Prepare and Pay Taxes (2023)
Image representing Time to Prepare and Pay Taxes
168.5 Hours132 Hours
Customs and Other Import Duties (2023)
Image representing Customs and Other Import Duties
Yet to Update0.07 % of Tax Revenue
0
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We hope you enjoyed the detailed guide on the standard of living comparsion between Latvia and Denmark.

For more side-by-side comparsion between Countries, States and Cities, you can use the search box above or click the links below.

The Comparedoo.com family sincerely appreciates your time with us. We look forward to seeing you on our other pages.

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