Published: Monday, 21th October 2024
The Standard of living in Bosnia and Herzegovina is 1.20 times better as compared to Marshall Islands.
In this page, you will find side-by-side Standard of Living comparison between Bosnia and Herzegovina and Marshall Islands. 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 Marshall Islands.
 Indicators  | Bosnia and Herzegovina  | Marshall Islands  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $29.078 billion USD | $220 million USD |
GDP Per Capita (2023)  | 8,416 USD | 3,866 USD |
GINI Ratio (2023)  | 0.33 | 0.51 |
Inflation on Consumer Prices (2023)  | 2.05 % annually | Yet to Update |
Central Government Debt (2023)  | 41.7 % of GDP | 41.7 % 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 Marshall Islands is $220 million 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 more to the country's economy compared to a person working in Marshall Islands.
Indicators | Bosnia and Herzegovina | Marshall Islands |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.779 | 0.731 |
Human Capital Index (HCI) (2024)  | 0.58 | 0.42 |
Literacy Rate (2023)  | 98.3% (15 years+ above age) | 98.27% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 74.8 years | 72.5 years |
Healthy Life Expectancy Ratio (2023)  | 65 years | 63.4 years |
Poverty Ratio (2023)  | 16.9% of total Population | 7.2% of total Population |
Unemployment Rate (2023)  | 10.42% of total labor force | Yet to Update |
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 Marshall Islands is [ 0.731 ].
The data shows that the people living in Bosnia and Herzegovina has better income, life expectancy and education level compared to Marshall Islands.
Indicators | Bosnia and Herzegovina | Marshall Islands |
|---|---|---|
Gross National Expenditure (2023)  | 118.6 % of GDP | 149.2 % of GDP |
Total Health Expenditure (2023)  | 9.56 % of GDP | 12.55 % of GDP |
Research and Development Expenditure (2023)  | 0.19 % of GDP | Yet to Update |
Government Expenditure on Education (2023)  | Yet to Update | 6.98 % of GDP |
International Tourism Expenditure (2023)  | 163 million USD | 31.40 million USD |
Number of International Tourists Arrivals (2023)  | 197,000 | 6,100 |
Military Expenditure (2023)  | 0.81 % of GDP | Yet to Update |
The total Gross National Expenditure of Bosnia and Herzegovina is 118.6% of its GDP and the total Gross National Expenditure of Marshall Islands is 149.2% of its GDP.
From the above data, we can say that Bosnia and Herzegovina spends 1.26 times less of its GDP on Gross National Expenditure compared to Marshall Islands.
Indicators | Bosnia and Herzegovina | Marshall Islands |
|---|---|---|
Number of Doctors (2023)  | 23.2 (Per 10,000 People) | 4.6 (Per 10,000 People) |
Number of Nurses (2023)  | 64 (Per 10,000 People) | 42.4 (Per 10,000 People) |
Number of Pharmacists (2023)  | 1.38 (Per 10,000 People) | 0.77 (Per 10,000 People) |
Available Hospital Beds (2023)  | 3.49 (Per 1000 People) | 2.7 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 87 % of total Population | 81.2 % of total Population |
Bosnia and Herzegovina has 5.04 times more Doctors compared to Marshall Islands (Per 10,000 People).
Bosnia and Herzegovina has 1.51 times more Nurses compared to Marshall Islands (Per 10,000 People).
Indicators | Bosnia and Herzegovina | Marshall Islands |
|---|---|---|
Agricultural Land (2023)  | 22,630 Sq Km | 70 Sq Km |
Forest Area (2023)  | 21,879.1 Sq Km | 94 Sq Km |
CO2 Emissions (2023)  | 0.39 kg per PPP $ of GDP | 0.42 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 | 38.7 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.3 Billion cubic meters | Yet to Update |
100% of the total Population of Bosnia and Herzegovina has access to the electricity in their homes, whereas, in case of Marshall Islands, 100% of the total Population has access to electricity.
Indicators | Bosnia and Herzegovina | Marshall Islands |
|---|---|---|
Time Required to Start a Business (2023)  | 80 Days | 17 Days |
New Businesses Registered (2023)  | 3,195 (New Businesses) | 5 (New Businesses) |
New Businesses Registration Density (2023)  | 1.48 (Per 1000 People) | 0.19 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 13.7 % of GNI Per Capita | 12.9 % of GNI Per Capita |
In the year 2023, 3,195 new businesses got registered in Bosnia and Herzegovina and 5 new businesses got registered in Marshall Islands.
It usually takes 80 days in Bosnia and Herzegovina and 17 days in Marshall Islands to register a new business legally and systematically.
Indicators | Bosnia and Herzegovina | Marshall Islands |
|---|---|---|
Imports of Goods and Services (2023)  | 56.9 % of GDP | 73.67 % of GDP |
Total Fuel Imports (2023)  | 13.22 % of Merchandise Imports | Yet to Update |
Cost to Import Border Compliance (2023)  | 108.5 USD | 297.5 USD |
Time to Import Border Compliance (2023)  | 5.95 Hours | 84 Hours |
Cost to Import Documentary Compliance (2023)  | 26.5 USD | 42.5 USD |
Time to Import Documentary Compliance (2023)  | 8 Hours | 60 Hours |
Indicators | Bosnia and Herzegovina | Marshall Islands |
|---|---|---|
Exports of Goods and Services (2023)  | 44.13 % of GDP | 46.27 % of GDP |
Total Fuel Exports (2023)  | 9.51 % of Merchandise Exports | Yet to Update |
Cost to Export Border Compliance (2023)  | 70 USD | 297.5 USD |
Time to Export Border Compliance (2023)  | 5.21 Hours | 60 Hours |
Cost to Export Documentary Compliance (2023)  | 21.5 USD | 20 USD |
Time to Export Documentary Compliance (2023)  | 4.33 Hours | 24 Hours |
Indicators | Bosnia and Herzegovina | Marshall Islands |
|---|---|---|
Gross National Savings (2023)  | 18.15 % of GDP | 11.74 % of GDP |
Tax Revenue (2023)  | 19.09 % of GDP | 17.23 % 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 | 8.39 % of Tax Revenue |
Taxes on International Trade (2023)  | 0.00004 % of Revenue | 5.41 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 411 Hours | 56 Hours |
Customs and Other Import Duties (2023)  | 0.0001 % of Tax Revenue | 22.34 % 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 Marshall Islands on international trade is 5.41% of the total revenue.
The Taxes charged on International Trade by Bosnia and Herzegovina is 135250.00 times less of its total revenue than of Marshall Islands.
We hope you enjoyed the detailed guide on the standard of living comparsion between Bosnia and Herzegovina and Marshall Islands.
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