Published: Monday, 21th October 2024
The Standard of living in Albania is 1.38 times better as compared to Libya.
In this page, you will find side-by-side Standard of Living comparison between Albania and Libya. 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 Albania and Libya.
 Indicators  | Albania  | Libya  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $25.297 billion USD | $48.22 billion USD |
GDP Per Capita (2023)  | 8,877 USD | 6,987 USD |
GINI Ratio (2023)  | 0.34 | 0.30 |
Inflation on Consumer Prices (2023)  | 6.73 % annually | 2.37 % annually |
Central Government Debt (2023)  | 82.4 % of GDP | Yet to Update |
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 Albania is $25.297 billion USD and that of Libya is $48.22 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 Albania contributes more to the country's economy compared to a person working in Libya.
Indicators | Albania | Libya |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.789 | 0.746 |
Human Capital Index (HCI) (2024)  | 0.63 | Yet to Update |
Literacy Rate (2023)  | 98.5% (15 years+ above age) | 76.5% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 76.4 years | 72.2 years |
Healthy Life Expectancy Ratio (2023)  | 66.7 years | 62.1 years |
Poverty Ratio (2023)  | 22% of total Population | Yet to Update |
Unemployment Rate (2023)  | 11.58% of total labor force | 18.74% 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 Albania is [ 0.789 ] and the HDI of Libya is [ 0.746 ].
The data shows that the people living in Albania has better income, life expectancy and education level compared to Libya.
Indicators | Albania | Libya |
|---|---|---|
Gross National Expenditure (2023)  | 113.37 % of GDP | 72.67 % of GDP |
Total Health Expenditure (2023)  | 7.27 % of GDP | 4.02 % of GDP |
Research and Development Expenditure (2023)  | 0.15 % of GDP | Yet to Update |
Government Expenditure on Education (2023)  | 2.75 % of GDP | 2.26 % of GDP |
International Tourism Expenditure (2023)  | 805 million USD | 2,042 million USD |
Number of International Tourists Arrivals (2023)  | 2,658,000 | 760,000 |
Military Expenditure (2023)  | 1.58 % of GDP | 15.48 (% of GDP) |
The total Gross National Expenditure of Albania is 113.37% of its GDP and the total Gross National Expenditure of Libya is 72.67% of its GDP.
From the above data, we can say that Albania spends 1.56 times more of its GDP on Gross National Expenditure compared to Libya.
Indicators | Albania | Libya |
|---|---|---|
Number of Doctors (2023)  | 18.8 (Per 10,000 People) | 21.57 (Per 10,000 People) |
Number of Nurses (2023)  | 58.3 (Per 10,000 People) | 67.4 (Per 10,000 People) |
Number of Pharmacists (2023)  | 10.9 (Per 10,000 People) | 6.2 (Per 10,000 People) |
Available Hospital Beds (2023)  | 2.89 (Per 1000 People) | 3.2 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 88.4 % of total Population | 93 % of total Population |
Albania has 1.15 times less Doctors compared to Libya (Per 10,000 People).
Albania has 1.16 times less Nurses compared to Libya (Per 10,000 People).
Indicators | Albania | Libya |
|---|---|---|
Agricultural Land (2023)  | 11,363.3 Sq Km | 153,500 Sq Km |
Forest Area (2023)  | 7,889 Sq Km | 2,170 Sq Km |
CO2 Emissions (2023)  | 0.11 kg per PPP $ of GDP | 0.41 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 70 % of total Population |
Access to Internet (2023)  | 82.61 % of total Population | 17.76 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.79 Billion cubic meters | 5.72 Billion cubic meters |
100% of the total Population of Albania has access to the electricity in their homes, whereas, in case of Libya, 70% of the total Population has access to electricity.
Indicators | Albania | Libya |
|---|---|---|
Time Required to Start a Business (2023)  | 4.5 Days | 35 Days |
New Businesses Registered (2023)  | 3,365 (New Businesses) | Yet to Update |
New Businesses Registration Density (2023)  | 1.8 (Per 1000 People) | Yet to Update |
Cost of Business Start-Up Procedures (2023)  | 10.8 % of GNI Per Capita | 24.6 % of GNI Per Capita |
It usually takes 4.5 days in Albania and 35 days in Libya to register a new business legally and systematically.
Indicators | Albania | Libya |
|---|---|---|
Imports of Goods and Services (2023)  | 44.91 % of GDP | 41.3 % of GDP |
Total Fuel Imports (2023)  | 0.26 % of Merchandise Imports | 13.14 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 77.3 USD | 637.43 USD |
Time to Import Border Compliance (2023)  | 10 Hours | 78.86 Hours |
Cost to Import Documentary Compliance (2023)  | 10 USD | 60 USD |
Time to Import Documentary Compliance (2023)  | 8 Hours | 96 Hours |
Indicators | Albania | Libya |
|---|---|---|
Exports of Goods and Services (2023)  | 39.62 % of GDP | 68.63 % of GDP |
Total Fuel Exports (2023)  | 0.41 % of Merchandise Exports | 94.41 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 54.67 USD | 574.86 USD |
Time to Export Border Compliance (2023)  | 9 Hours | 72 Hours |
Cost to Export Documentary Compliance (2023)  | 10 USD | 50 USD |
Time to Export Documentary Compliance (2023)  | 6 Hours | 72 Hours |
Indicators | Albania | Libya |
|---|---|---|
Gross National Savings (2023)  | 17.76 % of GDP | 39.62 % of GDP |
Tax Revenue (2023)  | 18.2 % of GDP | Yet to Update |
Taxes on Exports (2023)  | 0.00001 % of Tax Revenue | Yet to Update |
Taxes on Goods and Services (2023)  | 45.59 % of Tax Revenue | Yet to Update |
Taxes on International Trade (2023)  | 1.36 % of Revenue | Yet to Update |
Time to Prepare and Pay Taxes (2023)  | 252 Hours | 889 Hours |
Customs and Other Import Duties (2023)  | 2.21 % of Tax Revenue | Yet to Update |
We hope you enjoyed the detailed guide on the standard of living comparsion between Albania and Libya.
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