Published: Monday, 21th October 2024
The Standard of living in Latvia is 1.22 times better as compared to Saint Lucia.
In this page, you will find side-by-side Standard of Living comparison between Latvia and Saint Lucia. 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 Saint Lucia.
 Indicators  | Latvia  | Saint Lucia  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $45.466 billion USD | $2.469 billion USD |
GDP Per Capita (2023)  | 24,193 USD | 13,572 USD |
GINI Ratio (2023)  | 0.36 | 0.51 |
Inflation on Consumer Prices (2023)  | 8.94 % annually | 4.07 % annually |
Central Government Debt (2023)  | 10.3 % of GDP | 45.9 % 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 Saint Lucia is $2.469 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 more to the country's economy compared to a person working in Saint Lucia.
Indicators | Latvia | Saint Lucia |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.879 | 0.725 |
Human Capital Index (HCI) (2024)  | 0.71 | 0.6 |
Literacy Rate (2023)  | 99.89% (15 years+ above age) | 96% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 73.2 years | 71.1 years |
Healthy Life Expectancy Ratio (2023)  | 63.8 years | 61.8 years |
Poverty Ratio (2023)  | 22.5% of total Population | 25% of total Population |
Unemployment Rate (2023)  | 6.53% of total labor force | 11.09% 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 Saint Lucia is [ 0.725 ].
The data shows that the people living in Latvia has better income, life expectancy and education level compared to Saint Lucia.
Indicators | Latvia | Saint Lucia |
|---|---|---|
Gross National Expenditure (2023)  | 103.85 % of GDP | Yet to Update |
Total Health Expenditure (2023)  | 9.04 % of GDP | 6.21 % of GDP |
Research and Development Expenditure (2023)  | 0.74 % of GDP | 0.27 % of GDP |
Government Expenditure on Education (2023)  | 5.62 % of GDP | 4.2 % of GDP |
International Tourism Expenditure (2023)  | 1,021 million USD | 28 million USD |
Number of International Tourists Arrivals (2023)  | 3,204,000 | 432,500 |
Military Expenditure (2023)  | 2.05 % of GDP | Yet to Update |
Indicators | Latvia | Saint Lucia |
|---|---|---|
Number of Doctors (2023)  | 33.77 (Per 10,000 People) | 6.5 (Per 10,000 People) |
Number of Nurses (2023)  | 44.2 (Per 10,000 People) | 32.22 (Per 10,000 People) |
Number of Pharmacists (2023)  | 8.81 (Per 10,000 People) | 4.46 (Per 10,000 People) |
Available Hospital Beds (2023)  | 5.49 (Per 1000 People) | 1.3 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 91.8 % of total Population | 96.9 % of total Population |
Latvia has 5.20 times more Doctors compared to Saint Lucia (Per 10,000 People).
Latvia has 1.37 times more Nurses compared to Saint Lucia (Per 10,000 People).
Indicators | Latvia | Saint Lucia |
|---|---|---|
Agricultural Land (2023)  | 19,700 Sq Km | 99.4 Sq Km |
Forest Area (2023)  | 34,146.6 Sq Km | 207.7 Sq Km |
CO2 Emissions (2023)  | 0.11 kg per PPP $ of GDP | 0.19 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 | 78.1 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.18 Billion cubic meters | 0.04 Billion cubic meters |
100% of the total Population of Latvia has access to the electricity in their homes, whereas, in case of Saint Lucia, 100% of the total Population has access to electricity.
Indicators | Latvia | Saint Lucia |
|---|---|---|
Time Required to Start a Business (2023)  | 5.5 Days | 11 Days |
New Businesses Registered (2023)  | 7,929 (New Businesses) | 244 (New Businesses) |
New Businesses Registration Density (2023)  | 6.73 (Per 1000 People) | 1.88 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 1.5 % of GNI Per Capita | 17 % of GNI Per Capita |
In the year 2023, 7,929 new businesses got registered in Latvia and 244 new businesses got registered in Saint Lucia.
It usually takes 5.5 days in Latvia and 11 days in Saint Lucia to register a new business legally and systematically.
Indicators | Latvia | Saint Lucia |
|---|---|---|
Imports of Goods and Services (2023)  | 67.91 % of GDP | Yet to Update |
Total Fuel Imports (2023)  | 10.97 % of Merchandise Imports | 11.42 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | Yet to Update | 842.05 USD |
Time to Import Border Compliance (2023)  | Yet to Update | 26.57 Hours |
Cost to Import Documentary Compliance (2023)  | Yet to Update | 97.5 USD |
Time to Import Documentary Compliance (2023)  | 0.5 Hour | 14.07 Hours |
Indicators | Latvia | Saint Lucia |
|---|---|---|
Exports of Goods and Services (2023)  | 64.06 % of GDP | Yet to Update |
Total Fuel Exports (2023)  | 7.25 % of Merchandise Exports | 3.4 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 150 USD | 717.5 USD |
Time to Export Border Compliance (2023)  | 24 Hours | 27 Hours |
Cost to Export Documentary Compliance (2023)  | 35 USD | 62.5 USD |
Time to Export Documentary Compliance (2023)  | 2 Hours | 19 Hours |
Indicators | Latvia | Saint Lucia |
|---|---|---|
Gross National Savings (2023)  | 18.78 % of GDP | Yet to Update |
Tax Revenue (2023)  | 22.79 % of GDP | 18.23 % of GDP |
Taxes on Exports (2023)  | 0.003 % of Tax Revenue | Yet to Update |
Taxes on Goods and Services (2023)  | 45.13 % of Tax Revenue | 34.8 % of Tax Revenue |
Taxes on International Trade (2023)  | Yet to Update | 29.18 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 168.5 Hours | 110 Hours |
Customs and Other Import Duties (2023)  | Yet to Update | 0.61 % of Tax Revenue |
We hope you enjoyed the detailed guide on the standard of living comparsion between Latvia and Saint Lucia.
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