Published: Monday, 21th October 2024
The Standard of living in Finland is 1.81 times better as compared to Dominica.
In this page, you will find side-by-side Standard of Living comparison between Finland and Dominica. 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 Finland and Dominica.
 Indicators  | Finland  | Dominica  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $305.689 billion USD | $485 million USD |
GDP Per Capita (2023)  | 54,507 USD | 7,860 USD |
GINI Ratio (2023)  | 0.27 | 0.41 |
Inflation on Consumer Prices (2023)  | 6.25 % annually | 3.48 % annually |
Central Government Debt (2023)  | 58.2 % 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 Finland is $305.689 billion USD and that of Dominica is $485 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 Finland contributes more to the country's economy compared to a person working in Dominica.
Indicators | Finland | Dominica |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.942 | 0.740 |
Human Capital Index (HCI) (2024)  | 0.8 | 0.54 |
Literacy Rate (2023)  | 99% (15 years+ above age) | 95% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 81.5 years | 77.6 years |
Healthy Life Expectancy Ratio (2023)  | 69.9 years | 68.2 years |
Poverty Ratio (2023)  | 12.2% of total Population | Yet to Update |
Unemployment Rate (2023)  | 7.16% 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 Finland is [ 0.942 ] and the HDI of Dominica is [ 0.740 ].
The data shows that the people living in Finland has better income, life expectancy and education level compared to Dominica.
Indicators | Finland | Dominica |
|---|---|---|
Gross National Expenditure (2023)  | 100.3 % of GDP | 147.83 % of GDP |
Total Health Expenditure (2023)  | 10.25 % of GDP | 6.5 % of GDP |
Research and Development Expenditure (2023)  | 2.99 % of GDP | Yet to Update |
Government Expenditure on Education (2023)  | 5.71 % of GDP | 4.66 % of GDP |
International Tourism Expenditure (2023)  | 1,940 million USD | 9 million USD |
Number of International Tourists Arrivals (2023)  | 896,000 | 140,000 |
Military Expenditure (2023)  | 1.72 % of GDP | Yet to Update |
The total Gross National Expenditure of Finland is 100.3% of its GDP and the total Gross National Expenditure of Dominica is 147.83% of its GDP.
From the above data, we can say that Finland spends 1.47 times less of its GDP on Gross National Expenditure compared to Dominica.
Indicators | Finland | Dominica |
|---|---|---|
Number of Doctors (2023)  | 43.8 (Per 10,000 People) | 11.16 (Per 10,000 People) |
Number of Nurses (2023)  | 522 (Per 10,000 People) | 65.1 (Per 10,000 People) |
Number of Pharmacists (2023)  | 20.3 (Per 10,000 People) | 1.5 (Per 10,000 People) |
Available Hospital Beds (2023)  | 3.61 (Per 1000 People) | 3.8 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 99.8 % of total Population | 100 % of total Population |
Finland has 3.92 times more Doctors compared to Dominica (Per 10,000 People).
Finland has 8.02 times more Nurses compared to Dominica (Per 10,000 People).
Indicators | Finland | Dominica |
|---|---|---|
Agricultural Land (2023)  | 22,680 Sq Km | 250 Sq Km |
Forest Area (2023)  | 224,090 Sq Km | 478.7 Sq Km |
CO2 Emissions (2023)  | 0.12 kg per PPP $ of GDP | 0.18 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 92.99 % of total Population | 80.93 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 3 Billion cubic meters | 0.02 Billion cubic meters |
100% of the total Population of Finland has access to the electricity in their homes, whereas, in case of Dominica, 100% of the total Population has access to electricity.
Indicators | Finland | Dominica |
|---|---|---|
Time Required to Start a Business (2023)  | 13 Days | 12 Days |
New Businesses Registered (2023)  | 20,896 (New Businesses) | 170 (New Businesses) |
New Businesses Registration Density (2023)  | 6.11 (Per 1000 People) | 3.3 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 0.7 % of GNI Per Capita | 15.2 % of GNI Per Capita |
In the year 2023, 20,896 new businesses got registered in Finland and 170 new businesses got registered in Dominica.
It usually takes 13 days in Finland and 12 days in Dominica to register a new business legally and systematically.
Indicators | Finland | Dominica |
|---|---|---|
Imports of Goods and Services (2023)  | 41.38 % of GDP | 77.77 % of GDP |
Total Fuel Imports (2023)  | 14.23 % of Merchandise Imports | 5.44 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | Yet to Update | 905.56 USD |
Time to Import Border Compliance (2023)  | 2 Hours | 39.27 Hours |
Cost to Import Documentary Compliance (2023)  | Yet to Update | 50 USD |
Time to Import Documentary Compliance (2023)  | 0.5 Hour | 24 Hours |
Indicators | Finland | Dominica |
|---|---|---|
Exports of Goods and Services (2023)  | 40.96 % of GDP | 29.19 % of GDP |
Total Fuel Exports (2023)  | 9.52 % of Merchandise Exports | 0.0003 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 212.5 USD | 625 USD |
Time to Export Border Compliance (2023)  | 36 Hours | 36 Hours |
Cost to Export Documentary Compliance (2023)  | 70 USD | 50 USD |
Time to Export Documentary Compliance (2023)  | 2 Hours | 12 Hours |
Indicators | Finland | Dominica |
|---|---|---|
Gross National Savings (2023)  | 21.33 % of GDP | Yet to Update |
Tax Revenue (2023)  | 21.08 % of GDP | Yet to Update |
Taxes on Exports (2023)  | 0.5 % of Tax Revenue | Yet to Update |
Taxes on Goods and Services (2023)  | 37.37 % of Tax Revenue | Yet to Update |
Taxes on International Trade (2023)  | 0.001 % of Revenue | Yet to Update |
Time to Prepare and Pay Taxes (2023)  | 90 Hours | 117 Hours |
Customs and Other Import Duties (2023)  | 0.002 % of Tax Revenue | Yet to Update |
We hope you enjoyed the detailed guide on the standard of living comparsion between Finland and Dominica.
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