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Iceland vs Estonia (Standard of Living)

Published: Monday, 21th October 2024

Recently Updated: Sunday, 12th January 2025

The Standard of living in Iceland is 1.54 times better as compared to Estonia.

In this page, you will find side-by-side Standard of Living comparison between Iceland and Estonia. 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 Estonia.

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Economic Factors Comparison

Image representing an indicator
Indicators
Image illustrating an indicator
Pictorial representation of map of iceland
Iceland
Image illustrating the flag of iceland
Pictorial representation of map of estonia
Estonia
Image illustrating the flag of estonia
Gross Domestic Product (GDP)(2023)
Image representing the total Gross Domestic Product of any specific country
$30.570 billion USD$43.486 billion USD
GDP Per Capita
(2023)
Image representing the total Gross Domestic Product Per Capita of any specific country
78,836 USD31,854 USD
GINI Ratio
(2023)
Image representing the total GINI Ratio or GINI Coefficient of any specific country
0.230.31
Inflation on Consumer Prices
(2023)
Image representing the Percentage of Inflation on consumer prices of any specific country
8.74 % annually9.16 % annually
Central Government Debt
(2023)
Image representing the Central Government Debt of any specific country
86.5 % of GDP25.2 % of GDP
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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 Estonia is $43.486 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 Estonia.

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Image representing an indicator
Indicators
Image illustrating an indicator
Pictorial representation of map of iceland
Iceland
Image illustrating the flag of iceland
Pictorial representation of map of estonia
Estonia
Image illustrating the flag of estonia
Human Development Index (HDI) (2024)
Image representing the Human Development Index of any specific country
0.9590.899
Human Capital Index (HCI) (2024)
Image representing the Human Capital Index of any specific country
0.750.78
Literacy Rate
(2023)
Image representing the Literacy Rate of any specific country
99% (15 years+ above age)99.87% (15 years+ above age)
Life Expectancy Ratio
(2023)
Image representation of Life Expectancy Ratio any given country
82.6 years77.1 years
Healthy Life Expectancy Ratio
(2023)
Image representation of Healthy Life Expectancy Ratio any given country
71.4 years66.7 years
Poverty Ratio
(2023)
Image representing the Poverty Rate of any specific country
8.8% of total Population22.5% of total Population
Unemployment Rate
(2023)
Image representing the Unemployment Rate of any specific country
3.56% of total labor force6.34% 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 Estonia is [ 0.899 ].

The data shows that the people living in Iceland has better income, life expectancy and education level compared to Estonia.

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Government National Expenditure Comparison

Image representing an indicator
Indicators
Image illustrating an indicator
Pictorial representation of map of iceland
Iceland
Image illustrating the flag of iceland
Pictorial representation of map of estonia
Estonia
Image illustrating the flag of estonia
Gross National Expenditure
(2023)
Image representing the total Gross National Expenditure of any specific country
100.05 % of GDP100.56 % of GDP
Total Health Expenditure
(2023)
Image representation of total Health Expenditure of any given country
9.73 % of GDP7.49 % of GDP
Research and Development Expenditure (2023)
Image representing the Government Expenditure of any specific country
2.81 % of GDP1.75 % of GDP
Government Expenditure on Education (2023)
Image representing the Government Expenditure of any specific country
7.14 % of GDP5.91 % of GDP
International Tourism Expenditure (2023)
Image representing the International Tourism Expenditure of any specific country
1,336 million USD676 million USD
Number of International Tourists Arrivals (2023)
Image representing the Number of International Tourists Arrival in any specific country
488,0001,695,000
Military Expenditure
(2023)
Image representing the Military Expenditure of any specific country
Yet to Update2.09 (% of GDP)

The total Gross National Expenditure of Iceland is 100.05% of its GDP and the total Gross National Expenditure of Estonia is 100.56% of its GDP.

From the above data, we can say that Iceland spends 1.01 times less of its GDP on Gross National Expenditure compared to Estonia.

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Health System Facilities Comparison

Image representing an indicator
Indicators
Image illustrating an indicator
Pictorial representation of map of iceland
Iceland
Image illustrating the flag of iceland
Pictorial representation of map of estonia
Estonia
Image illustrating the flag of estonia
Number of Doctors
(2023)
Visual representation of number of Doctors in any specific country
44
(Per 10,000 People)
34.38
(Per 10,000 People)
Number of Nurses
(2023)
Visual representation of number of Nurses in any specific country
158.03
(Per 10,000 People)
68.7
(Per 10,000 People)
Number of Pharmacists
(2023)
Visual representation of number of Pharmacists in any specific country
5.94
(Per 10,000 People)
7.13
(Per 10,000 People)
Available Hospital Beds
(2023)
Visual representation of Available Hospital Beds in any specific country
2.83
(Per 1000 People)
4.57
(Per 1000 People)
Pregnant Women Receiving Prenatal Care (2023)
Visual representation of Pregnant Women Receiving Prenatal Care in any specific country
Yet to UpdateYet to Update

Iceland has 1.28 times more Doctors compared to Estonia (Per 10,000 People).

Iceland has 2.30 times more Nurses compared to Estonia (Per 10,000 People).

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Environmental Factors Comparison

Image representing an indicator
Indicators
Image illustrating an indicator
Pictorial representation of map of iceland
Iceland
Image illustrating the flag of iceland
Pictorial representation of map of estonia
Estonia
Image illustrating the flag of estonia
Agricultural Land
(2023)
Image Depicting the total Agricultural Land available in any specific country
18,720 Sq Km9,870 Sq Km
Forest Area
(2023)
Image Depicting the total Forest Area available in any specific country
520.03 Sq Km24,384 Sq Km
CO2 Emissions
(2023)
Image Depicting the total CO2 Emissions from any specific country
0.07 kg per PPP $ of GDP0.13 kg per PPP $ of GDP
Access to Electricity
(2023)
Image Depicting the access of electricity in any specific country
100 % of total Population100 % of total Population
Access to Internet
(2023)
Image Depicting the access of internet in any specific country
99.69 % of total Population91.02 % of total Population
Annual Fresh Water Withdrawals (2023)
Image Depicting the annual freshwater withdrawals from any specific country
0.29 Billion cubic meters0.85 Billion cubic meters

100% of the total Population of Iceland has access to the electricity in their homes, whereas, in case of Estonia, 100% of the total Population has access to electricity.

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Business Registration Comparison

Image representing an indicator
Indicators
Image illustrating an indicator
Pictorial representation of map of iceland
Iceland
Image illustrating the flag of iceland
Pictorial representation of map of estonia
Estonia
Image illustrating the flag of estonia
Time Required to Start a Business (2023)
Image representing Time Required to Start a Business
11.5 Days3.5 Days
New Businesses Registered (2023)
Image representing New Businesses Registered
3,052 (New Businesses)20,608 (New Businesses)
New Businesses Registration Density (2023)
Image representing New Businesses Registration Density
12.07 (Per 1000 People)24.32 (Per 1000 People)
Cost of Business Start-Up Procedures (2023)
Image representing Cost of Business Start-Up Procedures
1.9 % of GNI Per Capita1 % of GNI Per Capita

In the year 2023, 3,052 new businesses got registered in Iceland and 20,608 new businesses got registered in Estonia.

It usually takes 11.5 days in Iceland and 3.5 days in Estonia to register a new business legally and systematically.

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Import & Export Factors Comparison

Image representing an indicator
Indicators
Image illustrating an indicator
Pictorial representation of map of iceland
Iceland
Image illustrating the flag of iceland
Pictorial representation of map of estonia
Estonia
Image illustrating the flag of estonia
Imports of Goods and Services (2023)
Image representing Imports of Goods and Services
43.42 % of GDP77.78 % of GDP
Total Fuel Imports
(2023)
Image representing Total Fuel Imports
13.2 % of Merchandise Imports10.76 % of Merchandise Imports
Cost to Import Border Compliance (2023)
Image representing Cost to Import Border Compliance
365 USD Yet to Update
Time to Import Border Compliance (2023)
Image representing Time to Import Border Compliance
24 HoursYet to Update
Cost to Import Documentary Compliance (2023)
Image representing Cost to Import documentary Compliance
Yet to UpdateYet to Update
Time to Import Documentary Compliance (2023)
Image representing Time to Import Documentary Compliance
2.5 Hours0.5 Hour
Image representing an indicator
Indicators
Image illustrating an indicator
Pictorial representation of map of iceland
Iceland
Image illustrating the flag of iceland
Pictorial representation of map of estonia
Estonia
Image illustrating the flag of estonia
Exports of Goods and Services (2023)
Image representing Exports of Goods and Services
43.37 % of GDP78.38 % of GDP
Total Fuel Exports
(2023)
Image representing Total Fuel Exports
2.51 % of Merchandise Exports8.41 % of Merchandise Exports
Cost to Export Border Compliance (2023)
Image representing Cost to Export Border Compliance
365 USDYet to Update
Time to Export Border Compliance (2023)
Image representing Time to Export Border Compliance
36 Hours2 Hours
Cost to Export Documentary Compliance (2023)
Image representing Cost to Export documentary Compliance
40 USDYet to Update
Time to Export Documentary Compliance (2023)
Image representing Time to Export Documentary Compliance
2 Hours0.5 Hour
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Tax Factors Comparison

Image representing an indicator
Indicators
Image illustrating an indicator
Pictorial representation of map of iceland
Iceland
Image illustrating the flag of iceland
Pictorial representation of map of estonia
Estonia
Image illustrating the flag of estonia
Gross National Savings
(2023)
Image representing the total Gross National Savings of any specific country
25.36 % of GDP23.19 % of GDP
Tax Revenue
(2023)
Image representing the total tax revenue collection of any specific country
22.52 % of GDP21.01 % of GDP
Taxes on Exports
(2023)
Image representing Taxes on Exports
0.0005 % of Tax RevenueYet to Update
Taxes on Goods and Services
(2023)
Image representing Taxes on Goods and Services
35.33 % of Tax Revenue35.51 % of Tax Revenue
Taxes on International Trade
(2023)
Image representing Taxes on International Trade
0.49 % of Revenue0.02 % of Revenue
Time to Prepare and Pay Taxes (2023)
Image representing Time to Prepare and Pay Taxes
140 Hours50 Hours
Customs and Other Import Duties (2023)
Image representing Customs and Other Import Duties
0.69 % of Tax Revenue0.04 % of Tax Revenue

The taxes charged by Iceland on international trade is 0.49% of the total revenue and the taxes charged by Estonia on international trade is 0.02% of the total revenue.

The Taxes charged on International Trade by Iceland is 24.50 times more of its total revenue than of Estonia.

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We hope you enjoyed the detailed guide on the standard of living comparsion between Iceland and Estonia.

For more side-by-side comparsion between Countries, States and Cities, you can use the search box above or click the links below.

The Comparedoo.com family sincerely appreciates your time with us. We look forward to seeing you on our other pages.

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