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🇱🇻 VS 🇭🇺

Latvia vs Hungary Economy: GDP, Tax and Key Indicators 2026

Latvia and Hungary: A Side-by-Side EU Economic Analysis

3
Latvia leads
7
Indicators
4
Hungary leads
Hungary leads overall

Analysis by Eunomist Research Team  •  Updated 2026

Executive Summary

How Does Latvia Compare to Hungary? The Key Economic Story

Latvia and Hungary represent two distinct economic models within the European Union. With Latvia leading on 3 of 7 measured indicators and Hungary ahead on 4, this comparison reveals important structural differences across growth, labour markets, and fiscal policy.

The GDP per capita gap — €21,030 for Latvia versus €20,560 for Hungary — tells one part of the story, but the full picture emerges from examining unemployment rates, debt levels, and productivity trends side by side.

For businesses and investors, understanding which country performs better on which dimensions is essential. The data presented here draws on Eurostat indicators across economy, labour, fiscal, and social domains.

Key Numbers

The Most Important Metrics at a Glance

GDP per Capita
€21,030
🇱🇻 Latvia
€20,560
🇭🇺 Hungary
Primary measure of living standards and productive output per person.
GDP Growth Rate
-0.9%
🇱🇻 Latvia
-0.8%
🇭🇺 Hungary
Annual real economic expansion — the pulse of short-term economic health.
Unemployment Rate
6.5%
🇱🇻 Latvia
4.1%
🇭🇺 Hungary
Percentage actively seeking but unable to find work. The EU average benchmark is around 6%.
Government Debt
44.4% GDP
🇱🇻 Latvia
73.2% GDP
🇭🇺 Hungary
Total accumulated government debt. The EU's Stability Pact reference target is below 60% of GDP.
Inflation (HICP)
143.4%
🇱🇻 Latvia
160.6%
🇭🇺 Hungary
The EU's harmonised measure of consumer price changes. The ECB targets 2% across the eurozone.
Employment Rate
77.5%
🇱🇻 Latvia
80.7%
🇭🇺 Hungary
Share of working-age population with a job — higher means more productive capacity being used.
All Indicators

Latvia vs Hungary: Full Indicator Comparison

All 7 available EU indicators compared side by side. Green highlights indicate the stronger performer on each metric. Each row includes a one-line interpretation of what the indicator measures.

Economy
Indicator 🇱🇻 Latvia 🇭🇺 Hungary Gap
GDP per Capita
Primary measure of living standards and productive output per person.
€21,030 €20,560 €470
GDP Growth Rate
Annual real economic expansion — the pulse of short-term economic health.
-0.9% -0.8% 0.1%
Current Account Balance
A surplus means the economy earns more from abroad than it spends — a sign of competitiveness.
-3.8% +0.0% +3.8%
Labour
Indicator 🇱🇻 Latvia 🇭🇺 Hungary Gap
Unemployment Rate
Percentage actively seeking but unable to find work. The EU average benchmark is around 6%.
6.5% 4.1% 2.4%
Employment Rate
Share of working-age population with a job — higher means more productive capacity being used.
77.5% 80.7% 3.2%
Prices
Indicator 🇱🇻 Latvia 🇭🇺 Hungary Gap
Inflation (HICP)
The EU's harmonised measure of consumer price changes. The ECB targets 2% across the eurozone.
143.4% 160.6% 17.2%
Fiscal
Indicator 🇱🇻 Latvia 🇭🇺 Hungary Gap
Government Debt
Total accumulated government debt. The EU's Stability Pact reference target is below 60% of GDP.
44.4% GDP 73.2% GDP 28.8% GDP
Verdict

Choose Latvia or Hungary? The Bottom Line

🇱🇻
Choose Latvia if...
  • you prioritise the indicators where it leads — including GDP per Capita and Inflation (HICP).
  • its economic structure aligns better with your sector.
  • market size and regional positioning in the EU matter for your strategy.
🇭🇺
Choose Hungary if...
  • you prioritise the indicators where it leads — including GDP Growth Rate and Unemployment Rate.
  • its fiscal and labour market profile suits your business model.
  • growth trajectory is your primary investment criterion.
🇱🇻
Latvia Full Profile
Baltic Economy Catching Up Through Open Trade
Explore Latvia →
🇭🇺
Hungary Full Profile
Central European Economy on Its Own Path
Explore Hungary →
← Compare other EU country pairs