Published: Monday, 21th October 2024
The Standard of living in Iceland is 5.67 times better as compared to Somalia.
In this page, you will find side-by-side Standard of Living comparison between Iceland and Somalia. 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 Somalia.
 Indicators  | Iceland  | Somalia  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $30.570 billion USD | $12.8 billion USD |
GDP Per Capita (2023)  | 78,836 USD | 775 USD |
GINI Ratio (2023)  | 0.23 | 0.41 |
Inflation on Consumer Prices (2023)  | 8.74 % annually | Yet to Update |
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 Somalia is $12.8 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 Somalia.
Indicators | Iceland | Somalia |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.959 | 0.380 |
Human Capital Index (HCI) (2024)  | 0.75 | Yet to Update |
Literacy Rate (2023)  | 99% (15 years+ above age) | 41.03% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 82.6 years | 54 years |
Healthy Life Expectancy Ratio (2023)  | 71.4 years | 47.4 years |
Poverty Ratio (2023)  | 8.8% of total Population | 54.4% of total Population |
Unemployment Rate (2023)  | 3.56% of total labor force | 19.03% 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 Somalia is [ 0.380 ].
The data shows that the people living in Iceland has better income, life expectancy and education level compared to Somalia.
Indicators | Iceland | Somalia |
|---|---|---|
Gross National Expenditure (2023)  | 100.05 % of GDP | 113.78 % of GDP |
Total Health Expenditure (2023)  | 9.73 % of GDP | Yet to Update |
Research and Development Expenditure (2023)  | 2.81 % of GDP | Yet to Update |
Government Expenditure on Education (2023)  | 7.14 % of GDP | 0.27 % of GDP |
International Tourism Expenditure (2023)  | 1,336 million USD | Yet to Update |
Number of International Tourists Arrivals (2023)  | 488,000 | Yet to Update |
Military Expenditure (2023)  | Yet to Update | 1.53 (% of GDP) |
The total Gross National Expenditure of Iceland is 100.05% of its GDP and the total Gross National Expenditure of Somalia is 113.78% of its GDP.
From the above data, we can say that Iceland spends 1.14 times less of its GDP on Gross National Expenditure compared to Somalia.
Indicators | Iceland | Somalia |
|---|---|---|
Number of Doctors (2023)  | 44 (Per 10,000 People) | 0.23 (Per 10,000 People) |
Number of Nurses (2023)  | 158.03 (Per 10,000 People) | 1.13 (Per 10,000 People) |
Number of Pharmacists (2023)  | 5.94 (Per 10,000 People) | Yet to Update |
Available Hospital Beds (2023)  | 2.83 (Per 1000 People) | 0.87 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | Yet to Update | 31.1 % of total Population |
Iceland has 191.30 times more Doctors compared to Somalia (Per 10,000 People).
Iceland has 139.85 times more Nurses compared to Somalia (Per 10,000 People).
Indicators | Iceland | Somalia |
|---|---|---|
Agricultural Land (2023)  | 18,720 Sq Km | 441,290 Sq Km |
Forest Area (2023)  | 520.03 Sq Km | 59,032.5 Sq Km |
CO2 Emissions (2023)  | 0.07 kg per PPP $ of GDP | 0.03 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 48.9 % of total Population |
Access to Internet (2023)  | 99.69 % of total Population | 2 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.29 Billion cubic meters | 3.3 Billion cubic meters |
100% of the total Population of Iceland has access to the electricity in their homes, whereas, in case of Somalia, 48.9% of the total Population has access to electricity.
Indicators | Iceland | Somalia |
|---|---|---|
Time Required to Start a Business (2023)  | 11.5 Days | 70 Days |
New Businesses Registered (2023)  | 3,052 (New Businesses) | 2,700 (New Businesses) |
New Businesses Registration Density (2023)  | 12.07 (Per 1000 People) | 0.31 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 1.9 % of GNI Per Capita | 198.2 % of GNI Per Capita |
In the year 2023, 3,052 new businesses got registered in Iceland and 2,700 new businesses got registered in Somalia.
It usually takes 11.5 days in Iceland and 70 days in Somalia to register a new business legally and systematically.
Indicators | Iceland | Somalia |
|---|---|---|
Imports of Goods and Services (2023)  | 43.42 % of GDP | 76.69 % of GDP |
Total Fuel Imports (2023)  | 13.2 % of Merchandise Imports | 12.44 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 365 USD | 952 USD |
Time to Import Border Compliance (2023)  | 24 Hours | 85 Hours |
Cost to Import Documentary Compliance (2023)  | Yet to Update | 300 USD |
Time to Import Documentary Compliance (2023)  | 2.5 Hours | 76 Hours |
Indicators | Iceland | Somalia |
|---|---|---|
Exports of Goods and Services (2023)  | 43.37 % of GDP | 17.89 % of GDP |
Total Fuel Exports (2023)  | 2.51 % of Merchandise Exports | 1.12 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 365 USD | 495 USD |
Time to Export Border Compliance (2023)  | 36 Hours | 44 Hours |
Cost to Export Documentary Compliance (2023)  | 40 USD | 350 USD |
Time to Export Documentary Compliance (2023)  | 2 Hours | 72.5 Hours |
Indicators | Iceland | Somalia |
|---|---|---|
Gross National Savings (2023)  | 25.36 % of GDP | Yet to Update |
Tax Revenue (2023)  | 22.52 % of GDP | 0.0001 % of GDP |
Taxes on Exports (2023)  | 0.0005 % of Tax Revenue | 0.37 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 35.33 % of Tax Revenue | 6.38 % of Tax Revenue |
Taxes on International Trade (2023)  | 0.49 % of Revenue | 17.98 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 140 Hours | Yet to Update |
Customs and Other Import Duties (2023)  | 0.69 % of Tax Revenue | 65.24 % of Tax Revenue |
The taxes charged by Iceland on international trade is 0.49% of the total revenue and the taxes charged by Somalia on international trade is 17.98% of the total revenue.
The Taxes charged on International Trade by Iceland is 36.69 times less of its total revenue than of Somalia.
We hope you enjoyed the detailed guide on the standard of living comparsion between Iceland and Somalia.
For more side-by-side comparsion between Countries, States and Cities, you can use the search box above or click the links below.
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