Published: Monday, 21th October 2024
The Standard of living in Colombia is 1.28 times lesser as compared to Barbados.
In this page, you will find side-by-side Standard of Living comparison between Colombia and Barbados. 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 Colombia and Barbados.
 Indicators  | Colombia  | Barbados  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $386.076 billion USD | $6.220 billion USD |
GDP Per Capita (2023)  | 7,327 USD | 21,442 USD |
GINI Ratio (2023)  | 0.54 | Yet to Update |
Inflation on Consumer Prices (2023)  | 11.74 % annually | 9.79 % annually |
Central Government Debt (2023)  | 70.1 % of GDP | 146.5 % 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 Colombia is $386.076 billion USD and that of Barbados is $6.220 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 Colombia contributes less to the country's economy compared to a person working in Barbados.
Indicators | Colombia | Barbados |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.758 | 0.809 |
Human Capital Index (HCI) (2024)  | 0.6 | Yet to Update |
Literacy Rate (2023)  | 95.64% (15 years+ above age) | 99.5% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 74.5 years | 76.8 years |
Healthy Life Expectancy Ratio (2023)  | 65 years | 66.7 years |
Poverty Ratio (2023)  | 36.6% of total Population | Yet to Update |
Unemployment Rate (2023)  | 9.56% of total labor force | 7.95% 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 Colombia is [ 0.758 ] and the HDI of Barbados is [ 0.809 ].
The data shows that the people living in Colombia has lower income, life expectancy and education level compared to Barbados.
Indicators | Colombia | Barbados |
|---|---|---|
Gross National Expenditure (2023)  | 104.96 % of GDP | 104.06 % of GDP |
Total Health Expenditure (2023)  | 9.02 % of GDP | 8.09 % of GDP |
Research and Development Expenditure (2023)  | 0.29 % of GDP | Yet to Update |
Government Expenditure on Education (2023)  | 3.92 % of GDP | 5.13 % of GDP |
International Tourism Expenditure (2023)  | 1,576 million USD | 99 million USD |
Number of International Tourists Arrivals (2023)  | 1,396,000 | 966,000 |
Military Expenditure (2023)  | 3.08 % of GDP | Yet to Update |
The total Gross National Expenditure of Colombia is 104.96% of its GDP and the total Gross National Expenditure of Barbados is 104.06% of its GDP.
From the above data, we can say that Colombia spends 1.01 times more of its GDP on Gross National Expenditure compared to Barbados.
Indicators | Colombia | Barbados |
|---|---|---|
Number of Doctors (2023)  | 24.5 (Per 10,000 People) | 28.8 (Per 10,000 People) |
Number of Nurses (2023)  | 14.5 (Per 10,000 People) | 31.36 (Per 10,000 People) |
Number of Pharmacists (2023)  | 1.85 (Per 10,000 People) | Yet to Update |
Available Hospital Beds (2023)  | 1.71 (Per 1000 People) | 5.97 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 97.2 % of total Population | 93.4 % of total Population |
Colombia has 1.18 times less Doctors compared to Barbados (Per 10,000 People).
Colombia has 2.16 times less Nurses compared to Barbados (Per 10,000 People).
Indicators | Colombia | Barbados |
|---|---|---|
Agricultural Land (2023)  | 427,180 Sq Km | 100 Sq Km |
Forest Area (2023)  | 589,426.25 Sq Km | 63 Sq Km |
CO2 Emissions (2023)  | 0.1 kg per PPP $ of GDP | 0.27 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 72.8 % of total Population | 85.82 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 29.12 Billion cubic meters | 0.07 Billion cubic meters |
100% of the total Population of Colombia has access to the electricity in their homes, whereas, in case of Barbados, 100% of the total Population has access to electricity.
Indicators | Colombia | Barbados |
|---|---|---|
Time Required to Start a Business (2023)  | 10 Days | 16 Days |
New Businesses Registered (2023)  | 81,834 (New Businesses) | 1,028 (New Businesses) |
New Businesses Registration Density (2023)  | 2.26 (Per 1000 People) | 5.46 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 14.1 % of GNI Per Capita | 7.3 % of GNI Per Capita |
In the year 2023, 81,834 new businesses got registered in Colombia and 1,028 new businesses got registered in Barbados.
It usually takes 10 days in Colombia and 16 days in Barbados to register a new business legally and systematically.
Indicators | Colombia | Barbados |
|---|---|---|
Imports of Goods and Services (2023)  | 22.72 % of GDP | 42.18 % of GDP |
Total Fuel Imports (2023)  | 10.33 % of Merchandise Imports | 24.8 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 545 USD | 1,776 USD |
Time to Import Border Compliance (2023)  | 112 Hours | 81 Hours |
Cost to Import Documentary Compliance (2023)  | 50 USD | 150 USD |
Time to Import Documentary Compliance (2023)  | 64 Hours | 46 Hours |
Indicators | Colombia | Barbados |
|---|---|---|
Exports of Goods and Services (2023)  | 17.76 % of GDP | 34.28 % of GDP |
Total Fuel Exports (2023)  | 50.72 % of Merchandise Exports | 8.61 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 630 USD | 486 USD |
Time to Export Border Compliance (2023)  | 112 Hours | 41.38 Hours |
Cost to Export Documentary Compliance (2023)  | 90 USD | 117 USD |
Time to Export Documentary Compliance (2023)  | 48 Hours | 48 Hours |
Indicators | Colombia | Barbados |
|---|---|---|
Gross National Savings (2023)  | 10.79 % of GDP | 4.96 % of GDP |
Tax Revenue (2023)  | 15.28 % of GDP | 27.39 % of GDP |
Taxes on Exports (2023)  | Yet to Update | 0.04 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 27.02 % of Tax Revenue | 45.88 % of Tax Revenue |
Taxes on International Trade (2023)  | 1.67 % of Revenue | 8.57 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 255.5 Hours | 241 Hours |
Customs and Other Import Duties (2023)  | 2.79 % of Tax Revenue | 9.23 % of Tax Revenue |
The taxes charged by Colombia on international trade is 1.67% of the total revenue and the taxes charged by Barbados on international trade is 8.57% of the total revenue.
The Taxes charged on International Trade by Colombia is 5.13 times less of its total revenue than of Barbados.
We hope you enjoyed the detailed guide on the standard of living comparsion between Colombia and Barbados.
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