Published: Monday, 21th October 2024
The Standard of living in Grenada is 1.20 times lesser as compared to Guyana.
In this page, you will find side-by-side Standard of Living comparison between Grenada and Guyana. 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 Grenada and Guyana.
 Indicators  | Grenada  | Guyana  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $1.3 billion USD | $21.178 billion USD |
GDP Per Capita (2023)  | 11,437 USD | 26,592 USD |
GINI Ratio (2023)  | 0.39 | 0.45 |
Inflation on Consumer Prices (2023)  | 2.7 % annually | 2.82 % annually |
Central Government Debt (2023)  | Yet to Update | 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 Grenada is $1.3 billion USD and that of Guyana is $21.178 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 Grenada contributes less to the country's economy compared to a person working in Guyana.
Indicators | Grenada | Guyana |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.793 | 0.742 |
Human Capital Index (HCI) (2024)  | 0.57 | 0.5 |
Literacy Rate (2023)  | 98.4% (15 years+ above age) | 90.03% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 72.8 years | 66.1 years |
Healthy Life Expectancy Ratio (2023)  | 63.2 years | 56.8 years |
Poverty Ratio (2023)  | 25% of total Population | Yet to Update |
Unemployment Rate (2023)  | Yet to Update | 12.43% 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 Grenada is [ 0.793 ] and the HDI of Guyana is [ 0.742 ].
The data shows that the people living in Grenada has better income, life expectancy and education level compared to Guyana.
Indicators | Grenada | Guyana |
|---|---|---|
Gross National Expenditure (2023)  | Yet to Update | 132.65 % of GDP |
Total Health Expenditure (2023)  | 5.7 % of GDP | 4.94 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | Yet to Update |
Government Expenditure on Education (2023)  | 3.93 % of GDP | 4.45 % of GDP |
International Tourism Expenditure (2023)  | 12 million USD | 30 million USD |
Number of International Tourists Arrivals (2023)  | 217,000 | 86,400 |
Military Expenditure (2023)  | Yet to Update | 0.57 (% of GDP) |
Indicators | Grenada | Guyana |
|---|---|---|
Number of Doctors (2023)  | 13.14 (Per 10,000 People) | 14 (Per 10,000 People) |
Number of Nurses (2023)  | 57.5 (Per 10,000 People) | 34.8 (Per 10,000 People) |
Number of Pharmacists (2023)  | 6.25 (Per 10,000 People) | 0.59 (Per 10,000 People) |
Available Hospital Beds (2023)  | 3.57 (Per 1000 People) | 1.71 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 100 % of total Population | 89.2 % of total Population |
Grenada has 1.07 times less Doctors compared to Guyana (Per 10,000 People).
Grenada has 1.65 times more Nurses compared to Guyana (Per 10,000 People).
Indicators | Grenada | Guyana |
|---|---|---|
Agricultural Land (2023)  | 80 Sq Km | 10,430 Sq Km |
Forest Area (2023)  | 177 Sq Km | 184,061.33 Sq Km |
CO2 Emissions (2023)  | 0.19 kg per PPP $ of GDP | 0.2 kg per PPP $ of GDP |
Access to Electricity (2023)  | 94.2 % of total Population | 93 % of total Population |
Access to Internet (2023)  | 77.77 % of total Population | 84.79 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.01 Billion cubic meters | 1.44 Billion cubic meters |
94.2% of the total Population of Grenada has access to the electricity in their homes, whereas, in case of Guyana, 93% of the total Population has access to electricity.
Indicators | Grenada | Guyana |
|---|---|---|
Time Required to Start a Business (2023)  | 12 Days | 18 Days |
New Businesses Registered (2023)  | 217 (New Businesses) | 819 (New Businesses) |
New Businesses Registration Density (2023)  | 2.65 (Per 1000 People) | 1.58 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 14.4 % of GNI Per Capita | 9.4 % of GNI Per Capita |
In the year 2023, 217 new businesses got registered in Grenada and 819 new businesses got registered in Guyana.
It usually takes 12 days in Grenada and 18 days in Guyana to register a new business legally and systematically.
Indicators | Grenada | Guyana |
|---|---|---|
Imports of Goods and Services (2023)  | Yet to Update | 109.73 % of GDP |
Total Fuel Imports (2023)  | 17.62 % of Merchandise Imports | 19.37 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 1,256 USD | 265 USD |
Time to Import Border Compliance (2023)  | 37.33 Hours | 84 Hours |
Cost to Import Documentary Compliance (2023)  | 50 USD | 62.5 USD |
Time to Import Documentary Compliance (2023)  | 24 Hours | 156 Hours |
Indicators | Grenada | Guyana |
|---|---|---|
Exports of Goods and Services (2023)  | Yet to Update | 84.62 % of GDP |
Total Fuel Exports (2023)  | 0.01 % of Merchandise Exports | 86.12 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 1,034.44 USD | 467.78 USD |
Time to Export Border Compliance (2023)  | 101.44 Hours | 72 Hours |
Cost to Export Documentary Compliance (2023)  | 40 USD | 77.78 USD |
Time to Export Documentary Compliance (2023)  | 13.33 Hours | 200 Hours |
Indicators | Grenada | Guyana |
|---|---|---|
Gross National Savings (2023)  | Yet to Update | 17.48 % of GDP |
Tax Revenue (2023)  | Yet to Update | Yet to Update |
Taxes on Exports (2023)  | Yet to Update | Yet to Update |
Taxes on Goods and Services (2023)  | Yet to Update | Yet to Update |
Taxes on International Trade (2023)  | Yet to Update | Yet to Update |
Time to Prepare and Pay Taxes (2023)  | 140 Hours | 256 Hours |
Customs and Other Import Duties (2023)  | Yet to Update | Yet to Update |
We hope you enjoyed the detailed guide on the standard of living comparsion between Grenada and Guyana.
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