Published: Monday, 21th October 2024
The Standard of living in Madagascar is 2.45 times lesser as compared to Guyana.
In this page, you will find side-by-side Standard of Living comparison between Madagascar and Guyana. 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 Madagascar and Guyana.
 Indicators  | Madagascar  | Guyana  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $15.763 billion USD | $21.178 billion USD |
GDP Per Capita (2023)  | 529 USD | 26,592 USD |
GINI Ratio (2023)  | 0.43 | 0.45 |
Inflation on Consumer Prices (2023)  | 9.87 % annually | 2.82 % annually |
Central Government Debt (2023)  | Yet to Update | 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 Madagascar is $15.763 billion USD and that of Guyana is $21.178 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 Madagascar contributes less to the country's economy compared to a person working in Guyana.
Indicators | Madagascar | Guyana |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.487 | 0.742 |
Human Capital Index (HCI) (2024)  | 0.39 | 0.5 |
Literacy Rate (2023)  | 77.48% (15 years+ above age) | 90.03% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 62.9 years | 66.1 years |
Healthy Life Expectancy Ratio (2023)  | 55.1 years | 56.8 years |
Poverty Ratio (2023)  | 70.7% of total Population | Yet to Update |
Unemployment Rate (2023)  | 3.06% of total labor force | 12.43% 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 Madagascar is [ 0.487 ] and the HDI of Guyana is [ 0.742 ].
The data shows that the people living in Madagascar has lower income, life expectancy and education level compared to Guyana.
Indicators | Madagascar | Guyana |
|---|---|---|
Gross National Expenditure (2023)  | 106.53 % of GDP | 132.65 % of GDP |
Total Health Expenditure (2023)  | 3.5 % of GDP | 4.94 % of GDP |
Research and Development Expenditure (2023)  | 0.01 % of GDP | Yet to Update |
Government Expenditure on Education (2023)  | 3.14 % of GDP | 4.45 % of GDP |
International Tourism Expenditure (2023)  | 97 million USD | 30 million USD |
Number of International Tourists Arrivals (2023)  | 87,100 | 86,400 |
Military Expenditure (2023)  | 0.65 % of GDP | 0.57 (% of GDP) |
The total Gross National Expenditure of Madagascar is 106.53% of its GDP and the total Gross National Expenditure of Guyana is 132.65% of its GDP.
From the above data, we can say that Madagascar spends 1.25 times less of its GDP on Gross National Expenditure compared to Guyana.
Indicators | Madagascar | Guyana |
|---|---|---|
Number of Doctors (2023)  | 1.76 (Per 10,000 People) | 14 (Per 10,000 People) |
Number of Nurses (2023)  | 2.92 (Per 10,000 People) | 34.8 (Per 10,000 People) |
Number of Pharmacists (2023)  | 0.01 (Per 10,000 People) | 0.59 (Per 10,000 People) |
Available Hospital Beds (2023)  | 0.2 (Per 1000 People) | 1.71 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 88.9 % of total Population | 89.2 % of total Population |
Madagascar has 7.95 times less Doctors compared to Guyana (Per 10,000 People).
Madagascar has 11.92 times less Nurses compared to Guyana (Per 10,000 People).
Indicators | Madagascar | Guyana |
|---|---|---|
Agricultural Land (2023)  | 408,950 Sq Km | 10,430 Sq Km |
Forest Area (2023)  | 124,165.97 Sq Km | 184,061.33 Sq Km |
CO2 Emissions (2023)  | 0.06 kg per PPP $ of GDP | 0.2 kg per PPP $ of GDP |
Access to Electricity (2023)  | 36.1 % of total Population | 93 % of total Population |
Access to Internet (2023)  | 19.73 % of total Population | 84.79 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 13.46 Billion cubic meters | 1.44 Billion cubic meters |
36.1% of the total Population of Madagascar has access to the electricity in their homes, whereas, in case of Guyana, 93% of the total Population has access to electricity.
Indicators | Madagascar | Guyana |
|---|---|---|
Time Required to Start a Business (2023)  | 8 Days | 18 Days |
New Businesses Registered (2023)  | 1,929 (New Businesses) | 819 (New Businesses) |
New Businesses Registration Density (2023)  | 0.11 (Per 1000 People) | 1.58 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 30.2 % of GNI Per Capita | 9.4 % of GNI Per Capita |
In the year 2023, 1,929 new businesses got registered in Madagascar and 819 new businesses got registered in Guyana.
It usually takes 8 days in Madagascar and 18 days in Guyana to register a new business legally and systematically.
Indicators | Madagascar | Guyana |
|---|---|---|
Imports of Goods and Services (2023)  | 39.06 % of GDP | 109.73 % of GDP |
Total Fuel Imports (2023)  | 20.66 % of Merchandise Imports | 19.37 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 595 USD | 265 USD |
Time to Import Border Compliance (2023)  | 98.73 Hours | 84 Hours |
Cost to Import Documentary Compliance (2023)  | 149.55 USD | 62.5 USD |
Time to Import Documentary Compliance (2023)  | 57.64 Hours | 156 Hours |
Indicators | Madagascar | Guyana |
|---|---|---|
Exports of Goods and Services (2023)  | 32.53 % of GDP | 84.62 % of GDP |
Total Fuel Exports (2023)  | 2.33 % of Merchandise Exports | 86.12 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 867.73 USD | 467.78 USD |
Time to Export Border Compliance (2023)  | 69.82 Hours | 72 Hours |
Cost to Export Documentary Compliance (2023)  | 116.82 USD | 77.78 USD |
Time to Export Documentary Compliance (2023)  | 48.91 Hours | 200 Hours |
Indicators | Madagascar | Guyana |
|---|---|---|
Gross National Savings (2023)  | 15.56 % of GDP | 17.48 % of GDP |
Tax Revenue (2023)  | 9.25 % of GDP | Yet to Update |
Taxes on Exports (2023)  | 3.92 % of Tax Revenue | Yet to Update |
Taxes on Goods and Services (2023)  | 54.99 % of Tax Revenue | Yet to Update |
Taxes on International Trade (2023)  | 0.42 % of Revenue | Yet to Update |
Time to Prepare and Pay Taxes (2023)  | 183 Hours | 256 Hours |
Customs and Other Import Duties (2023)  | 0.53 % of Tax Revenue | Yet to Update |
We hope you enjoyed the detailed guide on the standard of living comparsion between Madagascar and Guyana.
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