Published: Monday, 21th October 2024
The Standard of living in Hungary is 2.79 times better as compared to Malawi.
In this page, you will find side-by-side Standard of Living comparison between Hungary and Malawi. 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 Hungary and Malawi.
 Indicators  | Hungary  | Malawi  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $223 billion USD | $13.176 billion USD |
GDP Per Capita (2023)  | 23,318 USD | 579 USD |
GINI Ratio (2023)  | 0.29 | 0.45 |
Inflation on Consumer Prices (2023)  | 17.12 % annually | 28.79 % annually |
Central Government Debt (2023)  | 75.5 % of GDP | 52.6 % 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 Hungary is $223 billion USD and that of Malawi is $13.176 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 Hungary contributes more to the country's economy compared to a person working in Malawi.
Indicators | Hungary | Malawi |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.851 | 0.508 |
Human Capital Index (HCI) (2024)  | 0.68 | 0.41 |
Literacy Rate (2023)  | 99.1% (15 years+ above age) | 68.08% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 74.4 years | 62.5 years |
Healthy Life Expectancy Ratio (2023)  | 64.8 years | 54.7 years |
Poverty Ratio (2023)  | 12.1% of total Population | 50.7% of total Population |
Unemployment Rate (2023)  | 4.13% of total labor force | 5.04% 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 Hungary is [ 0.851 ] and the HDI of Malawi is [ 0.508 ].
The data shows that the people living in Hungary has better income, life expectancy and education level compared to Malawi.
Indicators | Hungary | Malawi |
|---|---|---|
Gross National Expenditure (2023)  | 94.89 % of GDP | Yet to Update |
Total Health Expenditure (2023)  | 7.38 % of GDP | 7.41 % of GDP |
Research and Development Expenditure (2023)  | 1.64 % of GDP | Yet to Update |
Government Expenditure on Education (2023)  | 5.01 % of GDP | 3.32 % of GDP |
International Tourism Expenditure (2023)  | 1,334 million USD | 119 million USD |
Number of International Tourists Arrivals (2023)  | 31,641,000 | 871,000 |
Military Expenditure (2023)  | 1.53 % of GDP | 0.64 (% of GDP) |
Indicators | Hungary | Malawi |
|---|---|---|
Number of Doctors (2023)  | 33 (Per 10,000 People) | 0.49 (Per 10,000 People) |
Number of Nurses (2023)  | 55.1 (Per 10,000 People) | 7 (Per 10,000 People) |
Number of Pharmacists (2023)  | 8.14 (Per 10,000 People) | 0.08 (Per 10,000 People) |
Available Hospital Beds (2023)  | 7.01 (Per 1000 People) | 1.3 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | Yet to Update | 96.8 % of total Population |
Hungary has 67.35 times more Doctors compared to Malawi (Per 10,000 People).
Hungary has 7.87 times more Nurses compared to Malawi (Per 10,000 People).
Indicators | Hungary | Malawi |
|---|---|---|
Agricultural Land (2023)  | 50,436.89 Sq Km | 60,500 Sq Km |
Forest Area (2023)  | 20,515.57 Sq Km | 21,997 Sq Km |
CO2 Emissions (2023)  | 0.13 kg per PPP $ of GDP | 0.05 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 14 % of total Population |
Access to Internet (2023)  | 90.46 % of total Population | 24.41 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 4.67 Billion cubic meters | 1.36 Billion cubic meters |
100% of the total Population of Hungary has access to the electricity in their homes, whereas, in case of Malawi, 14% of the total Population has access to electricity.
Indicators | Hungary | Malawi |
|---|---|---|
Time Required to Start a Business (2023)  | 7 Days | 37 Days |
New Businesses Registered (2023)  | 27,399 (New Businesses) | 619 (New Businesses) |
New Businesses Registration Density (2023)  | 4.32 (Per 1000 People) | 0.09 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 4.5 % of GNI Per Capita | 32.6 % of GNI Per Capita |
In the year 2023, 27,399 new businesses got registered in Hungary and 619 new businesses got registered in Malawi.
It usually takes 7 days in Hungary and 37 days in Malawi to register a new business legally and systematically.
Indicators | Hungary | Malawi |
|---|---|---|
Imports of Goods and Services (2023)  | 76.09 % of GDP | Yet to Update |
Total Fuel Imports (2023)  | 9.63 % of Merchandise Imports | 19.19 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | Yet to Update | 143.46 USD |
Time to Import Border Compliance (2023)  | Yet to Update | 55.04 Hours |
Cost to Import Documentary Compliance (2023)  | Yet to Update | 161.54 USD |
Time to Import Documentary Compliance (2023)  | 0.75 Hour | 55 Hours |
Indicators | Hungary | Malawi |
|---|---|---|
Exports of Goods and Services (2023)  | 81.2 % of GDP | Yet to Update |
Total Fuel Exports (2023)  | 3.14 % of Merchandise Exports | 0.0001 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | Yet to Update | 242.94 USD |
Time to Export Border Compliance (2023)  | Yet to Update | 78.12 Hours |
Cost to Export Documentary Compliance (2023)  | Yet to Update | 341.76 USD |
Time to Export Documentary Compliance (2023)  | 0.75 Hour | 75 Hours |
Indicators | Hungary | Malawi |
|---|---|---|
Gross National Savings (2023)  | 26.31 % of GDP | Yet to Update |
Tax Revenue (2023)  | 23.43 % of GDP | 12.78 % of GDP |
Taxes on Exports (2023)  | 1.92 % of Tax Revenue | Yet to Update |
Taxes on Goods and Services (2023)  | 40.14 % of Tax Revenue | 32.74 % of Tax Revenue |
Taxes on International Trade (2023)  | Yet to Update | 7.46 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 277 Hours | 169 Hours |
Customs and Other Import Duties (2023)  | Yet to Update | 9.81 % of Tax Revenue |
We hope you enjoyed the detailed guide on the standard of living comparsion between Hungary and Malawi.
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