Published: Monday, 21th October 2024
The Standard of living in Vanuatu is 1.69 times lesser as compared to Latvia.
In this page, you will find side-by-side Standard of Living comparison between Vanuatu and Latvia. 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 Vanuatu and Latvia.
 Indicators  | Vanuatu  | Latvia  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $1.064 million USD | $45.466 billion USD |
GDP Per Capita (2023)  | 3,188 USD | 24,193 USD |
GINI Ratio (2023)  | 0.38 | 0.36 |
Inflation on Consumer Prices (2023)  | 6.68 % annually | 8.94 % annually |
Central Government Debt (2023)  | 87.1 % of GDP | 10.3 % 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 Vanuatu is $1.064 million USD and that of Latvia is $45.466 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 Vanuatu contributes less to the country's economy compared to a person working in Latvia.
Indicators | Vanuatu | Latvia |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.614 | 0.879 |
Human Capital Index (HCI) (2024)  | 0.45 | 0.71 |
Literacy Rate (2023)  | 89.1% (15 years+ above age) | 99.89% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 66.3 years | 73.2 years |
Healthy Life Expectancy Ratio (2023)  | 58.7 years | 63.8 years |
Poverty Ratio (2023)  | 15.9% of total Population | 22.5% of total Population |
Unemployment Rate (2023)  | 5.1% of total labor force | 6.53% 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 Vanuatu is [ 0.614 ] and the HDI of Latvia is [ 0.879 ].
The data shows that the people living in Vanuatu has lower income, life expectancy and education level compared to Latvia.
Indicators | Vanuatu | Latvia |
|---|---|---|
Gross National Expenditure (2023)  | 143.44 % of GDP | 103.85 % of GDP |
Total Health Expenditure (2023)  | 4.37 % of GDP | 9.04 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | 0.74 % of GDP |
Government Expenditure on Education (2023)  | 2.17 % of GDP | 5.62 % of GDP |
International Tourism Expenditure (2023)  | 22 million USD | 1,021 million USD |
Number of International Tourists Arrivals (2023)  | 82,400 | 3,204,000 |
Military Expenditure (2023)  | Yet to Update | 2.05 (% of GDP) |
The total Gross National Expenditure of Vanuatu is 143.44% of its GDP and the total Gross National Expenditure of Latvia is 103.85% of its GDP.
From the above data, we can say that Vanuatu spends 1.38 times more of its GDP on Gross National Expenditure compared to Latvia.
Indicators | Vanuatu | Latvia |
|---|---|---|
Number of Doctors (2023)  | 1.58 (Per 10,000 People) | 33.77 (Per 10,000 People) |
Number of Nurses (2023)  | 14 (Per 10,000 People) | 44.2 (Per 10,000 People) |
Number of Pharmacists (2023)  | 1.13 (Per 10,000 People) | 8.81 (Per 10,000 People) |
Available Hospital Beds (2023)  | 1.7 (Per 1000 People) | 5.49 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 75.6 % of total Population | 91.8 % of total Population |
Vanuatu has 21.37 times less Doctors compared to Latvia (Per 10,000 People).
Vanuatu has 3.16 times less Nurses compared to Latvia (Per 10,000 People).
Indicators | Vanuatu | Latvia |
|---|---|---|
Agricultural Land (2023)  | 1,870 Sq Km | 19,700 Sq Km |
Forest Area (2023)  | 4,423 Sq Km | 34,146.6 Sq Km |
CO2 Emissions (2023)  | 0.13 kg per PPP $ of GDP | 0.11 kg per PPP $ of GDP |
Access to Electricity (2023)  | 70 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 66.34 % of total Population | 91.03 % of total Population |
Annual Fresh Water Withdrawals (2023)  | Yet to Update | 0.18 Billion cubic meters |
70% of the total Population of Vanuatu has access to the electricity in their homes, whereas, in case of Latvia, 100% of the total Population has access to electricity.
Indicators | Vanuatu | Latvia |
|---|---|---|
Time Required to Start a Business (2023)  | 18 Days | 5.5 Days |
New Businesses Registered (2023)  | 258 (New Businesses) | 7,929 (New Businesses) |
New Businesses Registration Density (2023)  | 1.54 (Per 1000 People) | 6.73 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 42.5 % of GNI Per Capita | 1.5 % of GNI Per Capita |
In the year 2023, 258 new businesses got registered in Vanuatu and 7,929 new businesses got registered in Latvia.
It usually takes 18 days in Vanuatu and 5.5 days in Latvia to register a new business legally and systematically.
Indicators | Vanuatu | Latvia |
|---|---|---|
Imports of Goods and Services (2023)  | 55.46 % of GDP | 67.91 % of GDP |
Total Fuel Imports (2023)  | 18.22 % of Merchandise Imports | 10.97 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 680.63 USD | Yet to Update |
Time to Import Border Compliance (2023)  | 126 Hours | Yet to Update |
Cost to Import Documentary Compliance (2023)  | 182.5 USD | Yet to Update |
Time to Import Documentary Compliance (2023)  | 48 Hours | 0.5 Hour |
Indicators | Vanuatu | Latvia |
|---|---|---|
Exports of Goods and Services (2023)  | 15.3 % of GDP | 64.06 % of GDP |
Total Fuel Exports (2023)  | 0.07 % of Merchandise Exports | 7.25 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 709 USD | 150 USD |
Time to Export Border Compliance (2023)  | 38 Hours | 24 Hours |
Cost to Export Documentary Compliance (2023)  | 190 USD | 35 USD |
Time to Export Documentary Compliance (2023)  | 72 Hours | 2 Hours |
Indicators | Vanuatu | Latvia |
|---|---|---|
Gross National Savings (2023)  | 39.67 % of GDP | 18.78 % of GDP |
Tax Revenue (2023)  | 15.88 % of GDP | 22.79 % of GDP |
Taxes on Exports (2023)  | 1.35 % of Tax Revenue | 0.003 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 28.02 % of Tax Revenue | 45.13 % of Tax Revenue |
Taxes on International Trade (2023)  | 7.07 % of Revenue | Yet to Update |
Time to Prepare and Pay Taxes (2023)  | 120 Hours | 168.5 Hours |
Customs and Other Import Duties (2023)  | 18.11 % of Tax Revenue | Yet to Update |
We hope you enjoyed the detailed guide on the standard of living comparsion between Vanuatu and Latvia.
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