GDP per capita in Latvia

Gross Domestic Product (GDP) per capita measures the total value of all final goods and services produced within a country in a given year, divided by its population. It is commonly used as an indicator of a country’s average standard of living and level of economic development.
This indicator is expressed in constant 2021 international dollars per capita. Constant means that the values are adjusted for inflation, allowing meaningful comparisons over time by reflecting changes in real production rather than price changes. International dollars mean that the values are expressed using Purchasing Power Parity (PPP) based on the purchasing power of the U.S. dollar. PPP adjusts for differences in price levels across countries, so that one international dollar has the same purchasing power in any given country as one U.S. dollar has in the United States. As a result, GDP per capita in constant international dollars allows more meaningful comparisons of living standards across countries and over time.