Published: Monday, 21th October 2024
The Standard of living in Iceland is 2.75 times better as compared to Equatorial Guinea.
In this page, you will find side-by-side Standard of Living comparison between Iceland and Equatorial Guinea. 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 Iceland and Equatorial Guinea.
 Indicators  | Iceland  | Equatorial Guinea  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $30.570 billion USD | $10.041 billion USD |
GDP Per Capita (2023)  | 78,836 USD | 6,502 USD |
GINI Ratio (2023)  | 0.23 | 0.44 |
Inflation on Consumer Prices (2023)  | 8.74 % annually | 4.79 % annually |
Central Government Debt (2023)  | 86.5 % 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 Iceland is $30.570 billion USD and that of Equatorial Guinea is $10.041 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 Iceland contributes more to the country's economy compared to a person working in Equatorial Guinea.
Indicators | Iceland | Equatorial Guinea |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.959 | 0.650 |
Human Capital Index (HCI) (2024)  | 0.75 | Yet to Update |
Literacy Rate (2023)  | 99% (15 years+ above age) | 94.37% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 82.6 years | 61.6 years |
Healthy Life Expectancy Ratio (2023)  | 71.4 years | 53.3 years |
Poverty Ratio (2023)  | 8.8% of total Population | 76.8% of total Population |
Unemployment Rate (2023)  | 3.56% of total labor force | 8.67% 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 Iceland is [ 0.959 ] and the HDI of Equatorial Guinea is [ 0.650 ].
The data shows that the people living in Iceland has better income, life expectancy and education level compared to Equatorial Guinea.
Indicators | Iceland | Equatorial Guinea |
|---|---|---|
Gross National Expenditure (2023)  | 100.05 % of GDP | 92.62 % of GDP |
Total Health Expenditure (2023)  | 9.73 % of GDP | 3.4 % of GDP |
Research and Development Expenditure (2023)  | 2.81 % of GDP | Yet to Update |
Government Expenditure on Education (2023)  | 7.14 % of GDP | 2.19 % of GDP |
International Tourism Expenditure (2023)  | 1,336 million USD | 30 million USD |
Number of International Tourists Arrivals (2023)  | 488,000 | Yet to Update |
Military Expenditure (2023)  | Yet to Update | 1.1 (% of GDP) |
The total Gross National Expenditure of Iceland is 100.05% of its GDP and the total Gross National Expenditure of Equatorial Guinea is 92.62% of its GDP.
From the above data, we can say that Iceland spends 1.08 times more of its GDP on Gross National Expenditure compared to Equatorial Guinea.
Indicators | Iceland | Equatorial Guinea |
|---|---|---|
Number of Doctors (2023)  | 44 (Per 10,000 People) | 3.5 (Per 10,000 People) |
Number of Nurses (2023)  | 158.03 (Per 10,000 People) | 4.37 (Per 10,000 People) |
Number of Pharmacists (2023)  | 5.94 (Per 10,000 People) | 0.07 (Per 10,000 People) |
Available Hospital Beds (2023)  | 2.83 (Per 1000 People) | 2.1 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | Yet to Update | 91.3 % of total Population |
Iceland has 12.57 times more Doctors compared to Equatorial Guinea (Per 10,000 People).
Iceland has 36.16 times more Nurses compared to Equatorial Guinea (Per 10,000 People).
Indicators | Iceland | Equatorial Guinea |
|---|---|---|
Agricultural Land (2023)  | 18,720 Sq Km | 1,049.2 Sq Km |
Forest Area (2023)  | 520.03 Sq Km | 24,400.6 Sq Km |
CO2 Emissions (2023)  | 0.07 kg per PPP $ of GDP | 0.19 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 67 % of total Population |
Access to Internet (2023)  | 99.69 % of total Population | 53.92 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.29 Billion cubic meters | 0.02 Billion cubic meters |
100% of the total Population of Iceland has access to the electricity in their homes, whereas, in case of Equatorial Guinea, 67% of the total Population has access to electricity.
Indicators | Iceland | Equatorial Guinea |
|---|---|---|
Time Required to Start a Business (2023)  | 11.5 Days | 33 Days |
New Businesses Registered (2023)  | 3,052 (New Businesses) | Yet to Update |
New Businesses Registration Density (2023)  | 12.07 (Per 1000 People) | Yet to Update |
Cost of Business Start-Up Procedures (2023)  | 1.9 % of GNI Per Capita | 59.1 % of GNI Per Capita |
It usually takes 11.5 days in Iceland and 33 days in Equatorial Guinea to register a new business legally and systematically.
Indicators | Iceland | Equatorial Guinea |
|---|---|---|
Imports of Goods and Services (2023)  | 43.42 % of GDP | 39.32 % of GDP |
Total Fuel Imports (2023)  | 13.2 % of Merchandise Imports | 2.75 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 365 USD | 985 USD |
Time to Import Border Compliance (2023)  | 24 Hours | 240 Hours |
Cost to Import Documentary Compliance (2023)  | Yet to Update | 70 USD |
Time to Import Documentary Compliance (2023)  | 2.5 Hours | 240 Hours |
Indicators | Iceland | Equatorial Guinea |
|---|---|---|
Exports of Goods and Services (2023)  | 43.37 % of GDP | 47.81 % of GDP |
Total Fuel Exports (2023)  | 2.51 % of Merchandise Exports | 1.71 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 365 USD | 760 USD |
Time to Export Border Compliance (2023)  | 36 Hours | 132 Hours |
Cost to Export Documentary Compliance (2023)  | 40 USD | 85 USD |
Time to Export Documentary Compliance (2023)  | 2 Hours | 154 Hours |
Indicators | Iceland | Equatorial Guinea |
|---|---|---|
Gross National Savings (2023)  | 25.36 % of GDP | Yet to Update |
Tax Revenue (2023)  | 22.52 % of GDP | 6.69 % of GDP |
Taxes on Exports (2023)  | 0.0005 % of Tax Revenue | 0.56 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 35.33 % of Tax Revenue | 3.95 % of Tax Revenue |
Taxes on International Trade (2023)  | 0.49 % of Revenue | 1.13 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 140 Hours | 492 Hours |
Customs and Other Import Duties (2023)  | 0.69 % of Tax Revenue | 3.99 % of Tax Revenue |
The taxes charged by Iceland on international trade is 0.49% of the total revenue and the taxes charged by Equatorial Guinea on international trade is 1.13% of the total revenue.
The Taxes charged on International Trade by Iceland is 2.31 times less of its total revenue than of Equatorial Guinea.
We hope you enjoyed the detailed guide on the standard of living comparsion between Iceland and Equatorial Guinea.
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