Published: Monday, 21th October 2024
The Standard of living in Bosnia and Herzegovina is 1.00 times lesser as compared to Armenia.
In this page, you will find side-by-side Standard of Living comparison between Bosnia and Herzegovina and Armenia. 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 Bosnia and Herzegovina and Armenia.
 Indicators  | Bosnia and Herzegovina  | Armenia  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $29.078 billion USD | $25.408 billion USD |
GDP Per Capita (2023)  | 8,416 USD | 8,575 USD |
GINI Ratio (2023)  | 0.33 | 0.28 |
Inflation on Consumer Prices (2023)  | 2.05 % annually | 1.98 % annually |
Central Government Debt (2023)  | 41.7 % of GDP | 46.6 % 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 Bosnia and Herzegovina is $29.078 billion USD and that of Armenia is $25.408 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 Bosnia and Herzegovina contributes less to the country's economy compared to a person working in Armenia.
Indicators | Bosnia and Herzegovina | Armenia |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.779 | 0.786 |
Human Capital Index (HCI) (2024)  | 0.58 | 0.58 |
Literacy Rate (2023)  | 98.3% (15 years+ above age) | 99.79% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 74.8 years | 73 years |
Healthy Life Expectancy Ratio (2023)  | 65 years | 64 years |
Poverty Ratio (2023)  | 16.9% of total Population | 24.8% of total Population |
Unemployment Rate (2023)  | 10.42% of total labor force | 8.59% 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 Bosnia and Herzegovina is [ 0.779 ] and the HDI of Armenia is [ 0.786 ].
The data shows that the people living in Bosnia and Herzegovina has lower income, life expectancy and education level compared to Armenia.
Indicators | Bosnia and Herzegovina | Armenia |
|---|---|---|
Gross National Expenditure (2023)  | 118.6 % of GDP | 100.68 % of GDP |
Total Health Expenditure (2023)  | 9.56 % of GDP | 12.34 % of GDP |
Research and Development Expenditure (2023)  | 0.19 % of GDP | 0.21 % of GDP |
Government Expenditure on Education (2023)  | Yet to Update | 2.49 % of GDP |
International Tourism Expenditure (2023)  | 163 million USD | 330 million USD |
Number of International Tourists Arrivals (2023)  | 197,000 | 375,000 |
Military Expenditure (2023)  | 0.81 % of GDP | 4.32 (% of GDP) |
The total Gross National Expenditure of Bosnia and Herzegovina is 118.6% of its GDP and the total Gross National Expenditure of Armenia is 100.68% of its GDP.
From the above data, we can say that Bosnia and Herzegovina spends 1.18 times more of its GDP on Gross National Expenditure compared to Armenia.
Indicators | Bosnia and Herzegovina | Armenia |
|---|---|---|
Number of Doctors (2023)  | 23.2 (Per 10,000 People) | 31.2 (Per 10,000 People) |
Number of Nurses (2023)  | 64 (Per 10,000 People) | 48.3 (Per 10,000 People) |
Number of Pharmacists (2023)  | 1.38 (Per 10,000 People) | 0.26 (Per 10,000 People) |
Available Hospital Beds (2023)  | 3.49 (Per 1000 People) | 4.2 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 87 % of total Population | 99.6 % of total Population |
Bosnia and Herzegovina has 1.34 times less Doctors compared to Armenia (Per 10,000 People).
Bosnia and Herzegovina has 1.33 times more Nurses compared to Armenia (Per 10,000 People).
Indicators | Bosnia and Herzegovina | Armenia |
|---|---|---|
Agricultural Land (2023)  | 22,630 Sq Km | 16,748.2 Sq Km |
Forest Area (2023)  | 21,879.1 Sq Km | 3,282.6 Sq Km |
CO2 Emissions (2023)  | 0.39 kg per PPP $ of GDP | 0.15 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 78.85 % of total Population | 78.61 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.3 Billion cubic meters | 2.83 Billion cubic meters |
100% of the total Population of Bosnia and Herzegovina has access to the electricity in their homes, whereas, in case of Armenia, 100% of the total Population has access to electricity.
Indicators | Bosnia and Herzegovina | Armenia |
|---|---|---|
Time Required to Start a Business (2023)  | 80 Days | 4 Days |
New Businesses Registered (2023)  | 3,195 (New Businesses) | 11,723 (New Businesses) |
New Businesses Registration Density (2023)  | 1.48 (Per 1000 People) | 6.35 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 13.7 % of GNI Per Capita | 0.8 % of GNI Per Capita |
In the year 2023, 3,195 new businesses got registered in Bosnia and Herzegovina and 11,723 new businesses got registered in Armenia.
It usually takes 80 days in Bosnia and Herzegovina and 4 days in Armenia to register a new business legally and systematically.
Indicators | Bosnia and Herzegovina | Armenia |
|---|---|---|
Imports of Goods and Services (2023)  | 56.9 % of GDP | 58.86 % of GDP |
Total Fuel Imports (2023)  | 13.22 % of Merchandise Imports | 8.79 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 108.5 USD | Yet to Update |
Time to Import Border Compliance (2023)  | 5.95 Hours | 2.54 Hours |
Cost to Import Documentary Compliance (2023)  | 26.5 USD | 100 USD |
Time to Import Documentary Compliance (2023)  | 8 Hours | 1.62 Hours |
Indicators | Bosnia and Herzegovina | Armenia |
|---|---|---|
Exports of Goods and Services (2023)  | 44.13 % of GDP | 58.18 % of GDP |
Total Fuel Exports (2023)  | 9.51 % of Merchandise Exports | 0.91 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 70 USD | 100 USD |
Time to Export Border Compliance (2023)  | 5.21 Hours | 26.54 Hours |
Cost to Export Documentary Compliance (2023)  | 21.5 USD | 100 USD |
Time to Export Documentary Compliance (2023)  | 4.33 Hours | 2 Hours |
Indicators | Bosnia and Herzegovina | Armenia |
|---|---|---|
Gross National Savings (2023)  | 18.15 % of GDP | 19.16 % of GDP |
Tax Revenue (2023)  | 19.09 % of GDP | 21.83 % of GDP |
Taxes on Exports (2023)  | 0.003 % of Tax Revenue | Yet to Update |
Taxes on Goods and Services (2023)  | 43.29 % of Tax Revenue | 54.4 % of Tax Revenue |
Taxes on International Trade (2023)  | 0.00004 % of Revenue | 2.82 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 411 Hours | 264 Hours |
Customs and Other Import Duties (2023)  | 0.0001 % of Tax Revenue | 3.05 % of Tax Revenue |
The taxes charged by Bosnia and Herzegovina on international trade is 0.00004% of the total revenue and the taxes charged by Armenia on international trade is 2.82% of the total revenue.
The Taxes charged on International Trade by Bosnia and Herzegovina is 70500.00 times less of its total revenue than of Armenia.
We hope you enjoyed the detailed guide on the standard of living comparsion between Bosnia and Herzegovina and Armenia.
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