Published: Monday, 21th October 2024
The Standard of living in Grenada is 1.10 times better as compared to Tuvalu.
In this page, you will find side-by-side Standard of Living comparison between Grenada and Tuvalu. 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 Tuvalu.
 Indicators  | Grenada  | Tuvalu  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $1.3 billion USD | $63 million USD |
GDP Per Capita (2023)  | 11,437 USD | 5,772 USD |
GINI Ratio (2023)  | 0.39 | 0.39 |
Inflation on Consumer Prices (2023)  | 2.7 % annually | 0.5 % 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 Tuvalu is $63 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 Grenada contributes more to the country's economy compared to a person working in Tuvalu.
Indicators | Grenada | Tuvalu |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.793 | 0.653 |
Human Capital Index (HCI) (2024)  | 0.57 | 0.45 |
Literacy Rate (2023)  | 98.4% (15 years+ above age) | 99% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 72.8 years | 82.4 years |
Healthy Life Expectancy Ratio (2023)  | 63.2 years | 73.9 years |
Poverty Ratio (2023)  | 25% of total Population | 26.3% of total Population |
Unemployment Rate (2023)  | Yet to Update | 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 Grenada is [ 0.793 ] and the HDI of Tuvalu is [ 0.653 ].
The data shows that the people living in Grenada has better income, life expectancy and education level compared to Tuvalu.
Indicators | Grenada | Tuvalu |
|---|---|---|
Gross National Expenditure (2023)  | Yet to Update | Yet to Update |
Total Health Expenditure (2023)  | 5.7 % of GDP | 19.97 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | Yet to Update |
Government Expenditure on Education (2023)  | 3.93 % of GDP | 3.73 % of GDP |
International Tourism Expenditure (2023)  | 12 million USD | 9.80 million USD |
Number of International Tourists Arrivals (2023)  | 217,000 | 3,600 |
Military Expenditure (2023)  | Yet to Update | Yet to Update |
Indicators | Grenada | Tuvalu |
|---|---|---|
Number of Doctors (2023)  | 13.14 (Per 10,000 People) | 12.6 (Per 10,000 People) |
Number of Nurses (2023)  | 57.5 (Per 10,000 People) | 36.94 (Per 10,000 People) |
Number of Pharmacists (2023)  | 6.25 (Per 10,000 People) | 1.8 (Per 10,000 People) |
Available Hospital Beds (2023)  | 3.57 (Per 1000 People) | 5.6 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 100 % of total Population | 93.9 % of total Population |
Grenada has 1.04 times more Doctors compared to Tuvalu (Per 10,000 People).
Grenada has 1.56 times more Nurses compared to Tuvalu (Per 10,000 People).
Indicators | Grenada | Tuvalu |
|---|---|---|
Agricultural Land (2023)  | 80 Sq Km | 18 Sq Km |
Forest Area (2023)  | 177 Sq Km | 10 Sq Km |
CO2 Emissions (2023)  | 0.19 kg per PPP $ of GDP | 0.12 kg per PPP $ of GDP |
Access to Electricity (2023)  | 94.2 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 77.77 % of total Population | 71.59 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.01 Billion cubic meters | Yet to Update |
94.2% of the total Population of Grenada has access to the electricity in their homes, whereas, in case of Tuvalu, 100% of the total Population has access to electricity.
Indicators | Grenada | Tuvalu |
|---|---|---|
Time Required to Start a Business (2023)  | 12 Days | Yet to Update |
New Businesses Registered (2023)  | 217 (New Businesses) | 7 (New Businesses) |
New Businesses Registration Density (2023)  | 2.65 (Per 1000 People) | 1 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 14.4 % of GNI Per Capita | Yet to Update |
In the year 2023, 217 new businesses got registered in Grenada and 7 new businesses got registered in Tuvalu.
Indicators | Grenada | Tuvalu |
|---|---|---|
Imports of Goods and Services (2023)  | Yet to Update | Yet to Update |
Total Fuel Imports (2023)  | 17.62 % of Merchandise Imports | 16.76 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 1,256 USD | Yet to Update |
Time to Import Border Compliance (2023)  | 37.33 Hours | Yet to Update |
Cost to Import Documentary Compliance (2023)  | 50 USD | Yet to Update |
Time to Import Documentary Compliance (2023)  | 24 Hours | Yet to Update |
Indicators | Grenada | Tuvalu |
|---|---|---|
Exports of Goods and Services (2023)  | Yet to Update | Yet to Update |
Total Fuel Exports (2023)  | 0.01 % of Merchandise Exports | 7.16 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 1,034.44 USD | Yet to Update |
Time to Export Border Compliance (2023)  | 101.44 Hours | Yet to Update |
Cost to Export Documentary Compliance (2023)  | 40 USD | Yet to Update |
Time to Export Documentary Compliance (2023)  | 13.33 Hours | Yet to Update |
Indicators | Grenada | Tuvalu |
|---|---|---|
Gross National Savings (2023)  | Yet to Update | Yet to Update |
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 | Yet to Update |
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 Tuvalu.
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