Latvia

Latvia

Latvia's GDP reached $43.68 billion in 2024, per World Bank WDI, with GDP per capita of $23,409.08 across a population of 1,866,124 the same year. The IMF WEO projects government debt at 47.4% of GDP for 2026. IMF IFS reports reserves at $5.16 billion for 2025.

Military and power indicators

SIPRI's 2025 data record Latvian military expenditure at $1.732 billion, or 3.608% of GDP on SIPRI's own GDP accounting — the highest milex/GDP ratio appearing in this country's own figures, drawn from SIPRI's internal GDP series rather than the World Bank GDP figure cited above; the two should not be cross-divided. COW NMC lists 7,000 active personnel in 2022 and a CINC score of 0.00022593356 for that year.

Governance

V-Dem v15's 2025 scores place Latvia's electoral democracy index at 0.834 and liberal democracy index at 0.751, with a state capacity score of 0.973 — high values across all three measures on V-Dem's 0-to-1 scale.

Energy

Primary energy consumption was 0.1396 exajoules in 2024, and electricity generation reached 6.27 terawatt-hours in 2025, both per Our World in Data. Oil and gas production are both listed at zero terawatt-hours, dated 2016 — a decade older than the rest of this bundle's energy data and not to be read as a current statement of production.

Overall, the figures describe a government with moderate debt (47.4% of GDP, IMF WEO, 2026), defense spending at 3.608% of GDP on SIPRI's own accounting (SIPRI Milex, 2025), and governance scores — 0.834 electoral democracy, 0.751 liberal democracy, 0.973 state capacity, all V-Dem v15, 2025 — concentrated toward the upper end of V-Dem's 0-to-1 scales.

Data gaps

The oil and gas production figures are stale relative to the 2024-2025 dates elsewhere in this bundle. No trade-balance or inflation series are present. As elsewhere, Latvia's 3.608% milex/GDP share is computed against SIPRI's own GDP accounting and should not be checked against, or derived from, the World Bank's $43.68 billion GDP topline cited above.

Sources: World Bank WDI, IMF WEO, IMF IFS, SIPRI Milex, Correlates of War National Material Capabilities, V-Dem v15, Our World in Data (Energy).