Published: Monday, 21th October 2024
The Standard of living in Guinea-Bissau is 1.36 times lesser as compared to Solomon Islands.
In this page, you will find side-by-side Standard of Living comparison between Guinea-Bissau and Solomon 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 Guinea-Bissau and Solomon Islands.
 Indicators  | Guinea-Bissau  | Solomon Islands  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $2 billion USD | $2.707 billion USD |
GDP Per Capita (2023)  | 1,028 USD | 2,252 USD |
GINI Ratio (2023)  | 0.51 | 0.37 |
Inflation on Consumer Prices (2023)  | 9.39 % annually | 5.89 % annually |
Central Government Debt (2023)  | Yet to Update | 15.4 % 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 Guinea-Bissau is $2 billion USD and that of Solomon Islands is $2.707 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 Guinea-Bissau contributes less to the country's economy compared to a person working in Solomon Islands.
Indicators | Guinea-Bissau | Solomon Islands |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.483 | 0.562 |
Human Capital Index (HCI) (2024)  | Yet to Update | 0.42 |
Literacy Rate (2023)  | 53.9% (15 years+ above age) | 76.6% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 58.6 years | 64.8 years |
Healthy Life Expectancy Ratio (2023)  | 51.5 years | 57.4 years |
Poverty Ratio (2023)  | 47.7% of total Population | 12.7% of total Population |
Unemployment Rate (2023)  | 3.18% of total labor force | 1.54% 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 Guinea-Bissau is [ 0.483 ] and the HDI of Solomon Islands is [ 0.562 ].
The data shows that the people living in Guinea-Bissau has lower income, life expectancy and education level compared to Solomon Islands.
Indicators | Guinea-Bissau | Solomon Islands |
|---|---|---|
Gross National Expenditure (2023)  | 109.59 % of GDP | 114.28 % of GDP |
Total Health Expenditure (2023)  | 8.22 % of GDP | 4.76 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | Yet to Update |
Government Expenditure on Education (2023)  | 2.13 % of GDP | 7.48 % of GDP |
International Tourism Expenditure (2023)  | 88.90 million USD | 30.91 million USD |
Number of International Tourists Arrivals (2023)  | 52,400 | 4,400 |
Military Expenditure (2023)  | 1.61 % of GDP | Yet to Update |
The total Gross National Expenditure of Guinea-Bissau is 109.59% of its GDP and the total Gross National Expenditure of Solomon Islands is 114.28% of its GDP.
From the above data, we can say that Guinea-Bissau spends 1.04 times less of its GDP on Gross National Expenditure compared to Solomon Islands.
Indicators | Guinea-Bissau | Solomon Islands |
|---|---|---|
Number of Doctors (2023)  | 2.2 (Per 10,000 People) | 1.91 (Per 10,000 People) |
Number of Nurses (2023)  | 10.5 (Per 10,000 People) | 21.4 (Per 10,000 People) |
Number of Pharmacists (2023)  | 0.01 (Per 10,000 People) | 1.18 (Per 10,000 People) |
Available Hospital Beds (2023)  | 1 (Per 1000 People) | 1.4 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 97 % of total Population | 88.5 % of total Population |
Guinea-Bissau has 1.15 times more Doctors compared to Solomon Islands (Per 10,000 People).
Guinea-Bissau has 2.04 times less Nurses compared to Solomon Islands (Per 10,000 People).
Indicators | Guinea-Bissau | Solomon Islands |
|---|---|---|
Agricultural Land (2023)  | 8,151.1 Sq Km | 1,200 Sq Km |
Forest Area (2023)  | 19,715.7 Sq Km | 25,222.4 Sq Km |
CO2 Emissions (2023)  | 0.08 kg per PPP $ of GDP | 0.12 kg per PPP $ of GDP |
Access to Electricity (2023)  | 37.4 % of total Population | 76 % of total Population |
Access to Internet (2023)  | 35.15 % of total Population | 36.13 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.17 Billion cubic meters | Yet to Update |
37.4% of the total Population of Guinea-Bissau has access to the electricity in their homes, whereas, in case of Solomon Islands, 76% of the total Population has access to electricity.
Indicators | Guinea-Bissau | Solomon Islands |
|---|---|---|
Time Required to Start a Business (2023)  | 8.5 Days | 9 Days |
New Businesses Registered (2023)  | Yet to Update | 444 (New Businesses) |
New Businesses Registration Density (2023)  | Yet to Update | 1.19 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 88.8 % of GNI Per Capita | 27.4 % of GNI Per Capita |
It usually takes 8.5 days in Guinea-Bissau and 9 days in Solomon Islands to register a new business legally and systematically.
Indicators | Guinea-Bissau | Solomon Islands |
|---|---|---|
Imports of Goods and Services (2023)  | 28.26 % of GDP | 51.75 % of GDP |
Total Fuel Imports (2023)  | 17.44 % of Merchandise Imports | 16.85 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 550 USD | 740 USD |
Time to Import Border Compliance (2023)  | 84 Hours | 108 Hours |
Cost to Import Documentary Compliance (2023)  | 205 USD | 215 USD |
Time to Import Documentary Compliance (2023)  | 36 Hours | 36.5 Hours |
Indicators | Guinea-Bissau | Solomon Islands |
|---|---|---|
Exports of Goods and Services (2023)  | 17.92 % of GDP | 26.29 % of GDP |
Total Fuel Exports (2023)  | 0.002 % of Merchandise Exports | 0.00001 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 585 USD | 630 USD |
Time to Export Border Compliance (2023)  | 118 Hours | 109.5 Hours |
Cost to Export Documentary Compliance (2023)  | 160 USD | 257 USD |
Time to Export Documentary Compliance (2023)  | 60 Hours | 60 Hours |
Indicators | Guinea-Bissau | Solomon Islands |
|---|---|---|
Gross National Savings (2023)  | 22.62 % of GDP | 17.54 % of GDP |
Tax Revenue (2023)  | 9.16 % of GDP | 20.67 % of GDP |
Taxes on Exports (2023)  | 14.71 % of Tax Revenue | 12.32 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 23.41 % of Tax Revenue | 19.05 % of Tax Revenue |
Taxes on International Trade (2023)  | 18.22 % of Revenue | 27.55 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 218 Hours | 80 Hours |
Customs and Other Import Duties (2023)  | 14.75 % of Tax Revenue | 24.8 % of Tax Revenue |
The taxes charged by Guinea-Bissau on international trade is 18.22% of the total revenue and the taxes charged by Solomon Islands on international trade is 27.55% of the total revenue.
The Taxes charged on International Trade by Guinea-Bissau is 1.51 times less of its total revenue than of Solomon Islands.
We hope you enjoyed the detailed guide on the standard of living comparsion between Guinea-Bissau and Solomon Islands.
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