Published: Monday, 21th October 2024
The Standard of living in Latvia is 1.95 times better as compared to Solomon Islands.
In this page, you will find side-by-side Standard of Living comparison between Latvia and Solomon Islands. 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 Solomon Islands.
 Indicators  | Latvia  | Solomon Islands  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $45.466 billion USD | $2.707 billion USD |
GDP Per Capita (2023)  | 24,193 USD | 2,252 USD |
GINI Ratio (2023)  | 0.36 | 0.37 |
Inflation on Consumer Prices (2023)  | 8.94 % annually | 5.89 % annually |
Central Government Debt (2023)  | 10.3 % of GDP | 15.4 % 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 Solomon Islands is $2.707 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 Solomon Islands.
Indicators | Latvia | Solomon Islands |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.879 | 0.562 |
Human Capital Index (HCI) (2024)  | 0.71 | 0.42 |
Literacy Rate (2023)  | 99.89% (15 years+ above age) | 76.6% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 73.2 years | 64.8 years |
Healthy Life Expectancy Ratio (2023)  | 63.8 years | 57.4 years |
Poverty Ratio (2023)  | 22.5% of total Population | 12.7% of total Population |
Unemployment Rate (2023)  | 6.53% of total labor force | 1.54% 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 Solomon Islands is [ 0.562 ].
The data shows that the people living in Latvia has better income, life expectancy and education level compared to Solomon Islands.
Indicators | Latvia | Solomon Islands |
|---|---|---|
Gross National Expenditure (2023)  | 103.85 % of GDP | 114.28 % of GDP |
Total Health Expenditure (2023)  | 9.04 % of GDP | 4.76 % of GDP |
Research and Development Expenditure (2023)  | 0.74 % of GDP | Yet to Update |
Government Expenditure on Education (2023)  | 5.62 % of GDP | 7.48 % of GDP |
International Tourism Expenditure (2023)  | 1,021 million USD | 30.91 million USD |
Number of International Tourists Arrivals (2023)  | 3,204,000 | 4,400 |
Military Expenditure (2023)  | 2.05 % of GDP | Yet to Update |
The total Gross National Expenditure of Latvia is 103.85% of its GDP and the total Gross National Expenditure of Solomon Islands is 114.28% of its GDP.
From the above data, we can say that Latvia spends 1.10 times less of its GDP on Gross National Expenditure compared to Solomon Islands.
Indicators | Latvia | Solomon Islands |
|---|---|---|
Number of Doctors (2023)  | 33.77 (Per 10,000 People) | 1.91 (Per 10,000 People) |
Number of Nurses (2023)  | 44.2 (Per 10,000 People) | 21.4 (Per 10,000 People) |
Number of Pharmacists (2023)  | 8.81 (Per 10,000 People) | 1.18 (Per 10,000 People) |
Available Hospital Beds (2023)  | 5.49 (Per 1000 People) | 1.4 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 91.8 % of total Population | 88.5 % of total Population |
Latvia has 17.68 times more Doctors compared to Solomon Islands (Per 10,000 People).
Latvia has 2.07 times more Nurses compared to Solomon Islands (Per 10,000 People).
Indicators | Latvia | Solomon Islands |
|---|---|---|
Agricultural Land (2023)  | 19,700 Sq Km | 1,200 Sq Km |
Forest Area (2023)  | 34,146.6 Sq Km | 25,222.4 Sq Km |
CO2 Emissions (2023)  | 0.11 kg per PPP $ of GDP | 0.12 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 76 % of total Population |
Access to Internet (2023)  | 91.03 % of total Population | 36.13 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.18 Billion cubic meters | Yet to Update |
100% of the total Population of Latvia has access to the electricity in their homes, whereas, in case of Solomon Islands, 76% of the total Population has access to electricity.
Indicators | Latvia | Solomon Islands |
|---|---|---|
Time Required to Start a Business (2023)  | 5.5 Days | 9 Days |
New Businesses Registered (2023)  | 7,929 (New Businesses) | 444 (New Businesses) |
New Businesses Registration Density (2023)  | 6.73 (Per 1000 People) | 1.19 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 1.5 % of GNI Per Capita | 27.4 % of GNI Per Capita |
In the year 2023, 7,929 new businesses got registered in Latvia and 444 new businesses got registered in Solomon Islands.
It usually takes 5.5 days in Latvia and 9 days in Solomon Islands to register a new business legally and systematically.
Indicators | Latvia | Solomon Islands |
|---|---|---|
Imports of Goods and Services (2023)  | 67.91 % of GDP | 51.75 % of GDP |
Total Fuel Imports (2023)  | 10.97 % of Merchandise Imports | 16.85 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | Yet to Update | 740 USD |
Time to Import Border Compliance (2023)  | Yet to Update | 108 Hours |
Cost to Import Documentary Compliance (2023)  | Yet to Update | 215 USD |
Time to Import Documentary Compliance (2023)  | 0.5 Hour | 36.5 Hours |
Indicators | Latvia | Solomon Islands |
|---|---|---|
Exports of Goods and Services (2023)  | 64.06 % of GDP | 26.29 % of GDP |
Total Fuel Exports (2023)  | 7.25 % of Merchandise Exports | 0.00001 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 150 USD | 630 USD |
Time to Export Border Compliance (2023)  | 24 Hours | 109.5 Hours |
Cost to Export Documentary Compliance (2023)  | 35 USD | 257 USD |
Time to Export Documentary Compliance (2023)  | 2 Hours | 60 Hours |
Indicators | Latvia | Solomon Islands |
|---|---|---|
Gross National Savings (2023)  | 18.78 % of GDP | 17.54 % of GDP |
Tax Revenue (2023)  | 22.79 % of GDP | 20.67 % of GDP |
Taxes on Exports (2023)  | 0.003 % of Tax Revenue | 12.32 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 45.13 % of Tax Revenue | 19.05 % of Tax Revenue |
Taxes on International Trade (2023)  | Yet to Update | 27.55 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 168.5 Hours | 80 Hours |
Customs and Other Import Duties (2023)  | Yet to Update | 24.8 % of Tax Revenue |
We hope you enjoyed the detailed guide on the standard of living comparsion between Latvia and Solomon Islands.
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