Published: Monday, 21th October 2024
The Standard of living in Costa Rica is 1.11 times better as compared to Grenada.
In this page, you will find side-by-side Standard of Living comparison between Costa Rica and Grenada. 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 Costa Rica and Grenada.
 Indicators  | Costa Rica  | Grenada  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $85.590 billion USD | $1.3 billion USD |
GDP Per Capita (2023)  | 16,213 USD | 11,437 USD |
GINI Ratio (2023)  | 0.47 | 0.39 |
Inflation on Consumer Prices (2023)  | 0.53 % annually | 2.7 % annually |
Central Government Debt (2023)  | 71.1 % 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 Costa Rica is $85.590 billion USD and that of Grenada is $1.3 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 Costa Rica contributes more to the country's economy compared to a person working in Grenada.
Indicators | Costa Rica | Grenada |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.806 | 0.793 |
Human Capital Index (HCI) (2024)  | 0.63 | 0.57 |
Literacy Rate (2023)  | 98.04% (15 years+ above age) | 98.4% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 78.6 years | 72.8 years |
Healthy Life Expectancy Ratio (2023)  | 67.6 years | 63.2 years |
Poverty Ratio (2023)  | 25.5% of total Population | 25% of total Population |
Unemployment Rate (2023)  | 8.3% 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 Costa Rica is [ 0.806 ] and the HDI of Grenada is [ 0.793 ].
The data shows that the people living in Costa Rica has better income, life expectancy and education level compared to Grenada.
Indicators | Costa Rica | Grenada |
|---|---|---|
Gross National Expenditure (2023)  | 95.71 % of GDP | Yet to Update |
Total Health Expenditure (2023)  | 7.57 % of GDP | 5.7 % of GDP |
Research and Development Expenditure (2023)  | 0.28 % of GDP | Yet to Update |
Government Expenditure on Education (2023)  | 6.28 % of GDP | 3.93 % of GDP |
International Tourism Expenditure (2023)  | 697 million USD | 12 million USD |
Number of International Tourists Arrivals (2023)  | 1,146,500 | 217,000 |
Military Expenditure (2023)  | Yet to Update | Yet to Update |
Indicators | Costa Rica | Grenada |
|---|---|---|
Number of Doctors (2023)  | 25.18 (Per 10,000 People) | 13.14 (Per 10,000 People) |
Number of Nurses (2023)  | 60.8 (Per 10,000 People) | 57.5 (Per 10,000 People) |
Number of Pharmacists (2023)  | 11.6 (Per 10,000 People) | 6.25 (Per 10,000 People) |
Available Hospital Beds (2023)  | 1.1 (Per 1000 People) | 3.57 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 97.6 % of total Population | 100 % of total Population |
Costa Rica has 1.92 times more Doctors compared to Grenada (Per 10,000 People).
Costa Rica has 1.06 times more Nurses compared to Grenada (Per 10,000 People).
Indicators | Costa Rica | Grenada |
|---|---|---|
Agricultural Land (2023)  | 18,110 Sq Km | 80 Sq Km |
Forest Area (2023)  | 30,512.4 Sq Km | 177 Sq Km |
CO2 Emissions (2023)  | 0.06 kg per PPP $ of GDP | 0.19 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 94.2 % of total Population |
Access to Internet (2023)  | 82.6 % of total Population | 77.77 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 3.14 Billion cubic meters | 0.01 Billion cubic meters |
100% of the total Population of Costa Rica has access to the electricity in their homes, whereas, in case of Grenada, 94.2% of the total Population has access to electricity.
Indicators | Costa Rica | Grenada |
|---|---|---|
Time Required to Start a Business (2023)  | 23 Days | 12 Days |
New Businesses Registered (2023)  | 20,733 (New Businesses) | 217 (New Businesses) |
New Businesses Registration Density (2023)  | 5.8 (Per 1000 People) | 2.65 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 9.6 % of GNI Per Capita | 14.4 % of GNI Per Capita |
In the year 2023, 20,733 new businesses got registered in Costa Rica and 217 new businesses got registered in Grenada.
It usually takes 23 days in Costa Rica and 12 days in Grenada to register a new business legally and systematically.
Indicators | Costa Rica | Grenada |
|---|---|---|
Imports of Goods and Services (2023)  | 33 % of GDP | Yet to Update |
Total Fuel Imports (2023)  | 12.72 % of Merchandise Imports | 17.62 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 500 USD | 1,256 USD |
Time to Import Border Compliance (2023)  | 80 Hours | 37.33 Hours |
Cost to Import Documentary Compliance (2023)  | 75 USD | 50 USD |
Time to Import Documentary Compliance (2023)  | 26 Hours | 24 Hours |
Indicators | Costa Rica | Grenada |
|---|---|---|
Exports of Goods and Services (2023)  | 37.29 % of GDP | Yet to Update |
Total Fuel Exports (2023)  | 0.02 % of Merchandise Exports | 0.01 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 450 USD | 1,034.44 USD |
Time to Export Border Compliance (2023)  | 20 Hours | 101.44 Hours |
Cost to Export Documentary Compliance (2023)  | 80 USD | 40 USD |
Time to Export Documentary Compliance (2023)  | 24 Hours | 13.33 Hours |
Indicators | Costa Rica | Grenada |
|---|---|---|
Gross National Savings (2023)  | 12.63 % of GDP | Yet to Update |
Tax Revenue (2023)  | 14.35 % of GDP | Yet to Update |
Taxes on Exports (2023)  | 0.2 % of Tax Revenue | Yet to Update |
Taxes on Goods and Services (2023)  | 24.51 % of Tax Revenue | Yet to Update |
Taxes on International Trade (2023)  | 4.18 % of Revenue | Yet to Update |
Time to Prepare and Pay Taxes (2023)  | 151 Hours | 140 Hours |
Customs and Other Import Duties (2023)  | 2.66 % of Tax Revenue | Yet to Update |
We hope you enjoyed the detailed guide on the standard of living comparsion between Costa Rica and Grenada.
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