Published: Monday, 21th October 2024
The Standard of living in Equatorial Guinea is 1.05 times lesser as compared to Marshall Islands.
In this page, you will find side-by-side Standard of Living comparison between Equatorial Guinea 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 Equatorial Guinea and Marshall Islands.
 Indicators  | Equatorial Guinea  | Marshall Islands  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $10.041 billion USD | $220 million USD |
GDP Per Capita (2023)  | 6,502 USD | 3,866 USD |
GINI Ratio (2023)  | 0.44 | 0.51 |
Inflation on Consumer Prices (2023)  | 4.79 % annually | Yet to Update |
Central Government Debt (2023)  | Yet to Update | 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 Equatorial Guinea is $10.041 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 Equatorial Guinea contributes more to the country's economy compared to a person working in Marshall Islands.
Indicators | Equatorial Guinea | Marshall Islands |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.650 | 0.731 |
Human Capital Index (HCI) (2024)  | Yet to Update | 0.42 |
Literacy Rate (2023)  | 94.37% (15 years+ above age) | 98.27% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 61.6 years | 72.5 years |
Healthy Life Expectancy Ratio (2023)  | 53.3 years | 63.4 years |
Poverty Ratio (2023)  | 76.8% of total Population | 7.2% of total Population |
Unemployment Rate (2023)  | 8.67% 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 Equatorial Guinea is [ 0.650 ] and the HDI of Marshall Islands is [ 0.731 ].
The data shows that the people living in Equatorial Guinea has lower income, life expectancy and education level compared to Marshall Islands.
Indicators | Equatorial Guinea | Marshall Islands |
|---|---|---|
Gross National Expenditure (2023)  | 92.62 % of GDP | 149.2 % of GDP |
Total Health Expenditure (2023)  | 3.4 % of GDP | 12.55 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | Yet to Update |
Government Expenditure on Education (2023)  | 2.19 % of GDP | 6.98 % of GDP |
International Tourism Expenditure (2023)  | 30 million USD | 31.40 million USD |
Number of International Tourists Arrivals (2023)  | Yet to Update | 6,100 |
Military Expenditure (2023)  | 1.1 % of GDP | Yet to Update |
The total Gross National Expenditure of Equatorial Guinea is 92.62% 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 Equatorial Guinea spends 1.61 times less of its GDP on Gross National Expenditure compared to Marshall Islands.
Indicators | Equatorial Guinea | Marshall Islands |
|---|---|---|
Number of Doctors (2023)  | 3.5 (Per 10,000 People) | 4.6 (Per 10,000 People) |
Number of Nurses (2023)  | 4.37 (Per 10,000 People) | 42.4 (Per 10,000 People) |
Number of Pharmacists (2023)  | 0.07 (Per 10,000 People) | 0.77 (Per 10,000 People) |
Available Hospital Beds (2023)  | 2.1 (Per 1000 People) | 2.7 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 91.3 % of total Population | 81.2 % of total Population |
Equatorial Guinea has 1.31 times less Doctors compared to Marshall Islands (Per 10,000 People).
Equatorial Guinea has 9.70 times less Nurses compared to Marshall Islands (Per 10,000 People).
Indicators | Equatorial Guinea | Marshall Islands |
|---|---|---|
Agricultural Land (2023)  | 1,049.2 Sq Km | 70 Sq Km |
Forest Area (2023)  | 24,400.6 Sq Km | 94 Sq Km |
CO2 Emissions (2023)  | 0.19 kg per PPP $ of GDP | 0.42 kg per PPP $ of GDP |
Access to Electricity (2023)  | 67 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 53.92 % of total Population | 38.7 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.02 Billion cubic meters | Yet to Update |
67% of the total Population of Equatorial Guinea has access to the electricity in their homes, whereas, in case of Marshall Islands, 100% of the total Population has access to electricity.
Indicators | Equatorial Guinea | Marshall Islands |
|---|---|---|
Time Required to Start a Business (2023)  | 33 Days | 17 Days |
New Businesses Registered (2023)  | Yet to Update | 5 (New Businesses) |
New Businesses Registration Density (2023)  | Yet to Update | 0.19 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 59.1 % of GNI Per Capita | 12.9 % of GNI Per Capita |
It usually takes 33 days in Equatorial Guinea and 17 days in Marshall Islands to register a new business legally and systematically.
Indicators | Equatorial Guinea | Marshall Islands |
|---|---|---|
Imports of Goods and Services (2023)  | 39.32 % of GDP | 73.67 % of GDP |
Total Fuel Imports (2023)  | 2.75 % of Merchandise Imports | Yet to Update |
Cost to Import Border Compliance (2023)  | 985 USD | 297.5 USD |
Time to Import Border Compliance (2023)  | 240 Hours | 84 Hours |
Cost to Import Documentary Compliance (2023)  | 70 USD | 42.5 USD |
Time to Import Documentary Compliance (2023)  | 240 Hours | 60 Hours |
Indicators | Equatorial Guinea | Marshall Islands |
|---|---|---|
Exports of Goods and Services (2023)  | 47.81 % of GDP | 46.27 % of GDP |
Total Fuel Exports (2023)  | 1.71 % of Merchandise Exports | Yet to Update |
Cost to Export Border Compliance (2023)  | 760 USD | 297.5 USD |
Time to Export Border Compliance (2023)  | 132 Hours | 60 Hours |
Cost to Export Documentary Compliance (2023)  | 85 USD | 20 USD |
Time to Export Documentary Compliance (2023)  | 154 Hours | 24 Hours |
Indicators | Equatorial Guinea | Marshall Islands |
|---|---|---|
Gross National Savings (2023)  | Yet to Update | 11.74 % of GDP |
Tax Revenue (2023)  | 6.69 % of GDP | 17.23 % of GDP |
Taxes on Exports (2023)  | 0.56 % of Tax Revenue | Yet to Update |
Taxes on Goods and Services (2023)  | 3.95 % of Tax Revenue | 8.39 % of Tax Revenue |
Taxes on International Trade (2023)  | 1.13 % of Revenue | 5.41 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 492 Hours | 56 Hours |
Customs and Other Import Duties (2023)  | 3.99 % of Tax Revenue | 22.34 % of Tax Revenue |
The taxes charged by Equatorial Guinea on international trade is 1.13% 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 Equatorial Guinea is 4.79 times less of its total revenue than of Marshall Islands.
We hope you enjoyed the detailed guide on the standard of living comparsion between Equatorial Guinea and Marshall Islands.
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