Published: Monday, 21th October 2024
The Standard of living in Mexico is 1.51 times better as compared to Nepal.
In this page, you will find side-by-side Standard of Living comparison between Mexico and Nepal. 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 Mexico and Nepal.
 Indicators  | Mexico  | Nepal  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $2.017 trillion USD | $41.339 billion USD |
GDP Per Capita (2023)  | 15,249 USD | 1,352 USD |
GINI Ratio (2023)  | 0.42 | 0.33 |
Inflation on Consumer Prices (2023)  | 5.53 % annually | 7.11 % annually |
Central Government Debt (2023)  | 44 % of GDP | 39.9 % 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 Mexico is $2.017 trillion USD and that of Nepal is $41.339 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 Mexico contributes more to the country's economy compared to a person working in Nepal.
Indicators | Mexico | Nepal |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.781 | 0.602 |
Human Capital Index (HCI) (2024)  | 0.61 | 0.5 |
Literacy Rate (2023)  | 95.25% (15 years+ above age) | 71.15% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 70.8 years | 70 years |
Healthy Life Expectancy Ratio (2023)  | 61.4 years | 60.2 years |
Poverty Ratio (2023)  | 36.3% of total Population | 25.2% of total Population |
Unemployment Rate (2023)  | 2.81% of total labor force | 10.69% 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 Mexico is [ 0.781 ] and the HDI of Nepal is [ 0.602 ].
The data shows that the people living in Mexico has better income, life expectancy and education level compared to Nepal.
Indicators | Mexico | Nepal |
|---|---|---|
Gross National Expenditure (2023)  | 106.14 % of GDP | 124.25 % of GDP |
Total Health Expenditure (2023)  | 6.08 % of GDP | 5.42 % of GDP |
Research and Development Expenditure (2023)  | 0.27 % of GDP | 0.3 % of GDP |
Government Expenditure on Education (2023)  | 4.63 % of GDP | 3.65 % of GDP |
International Tourism Expenditure (2023)  | 4,286 million USD | 267 million USD |
Number of International Tourists Arrivals (2023)  | 51,128,000 | 230,000 |
Military Expenditure (2023)  | 0.61 % of GDP | 1.14 (% of GDP) |
The total Gross National Expenditure of Mexico is 106.14% of its GDP and the total Gross National Expenditure of Nepal is 124.25% of its GDP.
From the above data, we can say that Mexico spends 1.17 times less of its GDP on Gross National Expenditure compared to Nepal.
Indicators | Mexico | Nepal |
|---|---|---|
Number of Doctors (2023)  | 25.6 (Per 10,000 People) | 8.7 (Per 10,000 People) |
Number of Nurses (2023)  | 29.9 (Per 10,000 People) | 34.9 (Per 10,000 People) |
Number of Pharmacists (2023)  | Yet to Update | 1.71 (Per 10,000 People) |
Available Hospital Beds (2023)  | 0.98 (Per 1000 People) | 0.3 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 98.5 % of total Population | 88.8 % of total Population |
Mexico has 2.94 times more Doctors compared to Nepal (Per 10,000 People).
Mexico has 1.17 times less Nurses compared to Nepal (Per 10,000 People).
Indicators | Mexico | Nepal |
|---|---|---|
Agricultural Land (2023)  | 971,260 Sq Km | 41,210 Sq Km |
Forest Area (2023)  | 655,643.2 Sq Km | 59,620.3 Sq Km |
CO2 Emissions (2023)  | 0.16 kg per PPP $ of GDP | 0.12 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 91.3 % of total Population |
Access to Internet (2023)  | 75.63 % of total Population | 51.63 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 89.55 Billion cubic meters | 9.5 Billion cubic meters |
100% of the total Population of Mexico has access to the electricity in their homes, whereas, in case of Nepal, 91.3% of the total Population has access to electricity.
Indicators | Mexico | Nepal |
|---|---|---|
Time Required to Start a Business (2023)  | 8.4 Days | 22.5 Days |
New Businesses Registered (2023)  | 75,242 (New Businesses) | 25,859 (New Businesses) |
New Businesses Registration Density (2023)  | 0.88 (Per 1000 People) | 1.38 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 15.2 % of GNI Per Capita | 20.2 % of GNI Per Capita |
In the year 2023, 75,242 new businesses got registered in Mexico and 25,859 new businesses got registered in Nepal.
It usually takes 8.4 days in Mexico and 22.5 days in Nepal to register a new business legally and systematically.
Indicators | Mexico | Nepal |
|---|---|---|
Imports of Goods and Services (2023)  | 37.92 % of GDP | 34.68 % of GDP |
Total Fuel Imports (2023)  | 6.9 % of Merchandise Imports | 22.97 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 450 USD | 190 USD |
Time to Import Border Compliance (2023)  | 44.22 Hours | 11 Hours |
Cost to Import Documentary Compliance (2023)  | 100 USD | 80 USD |
Time to Import Documentary Compliance (2023)  | 17.56 Hours | 48 Hours |
Indicators | Mexico | Nepal |
|---|---|---|
Exports of Goods and Services (2023)  | 36.2 % of GDP | 6.96 % of GDP |
Total Fuel Exports (2023)  | 5.47 % of Merchandise Exports | 0.0004 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 400 USD | 102.86 USD |
Time to Export Border Compliance (2023)  | 20.39 Hours | 11 Hours |
Cost to Export Documentary Compliance (2023)  | 60 USD | 110 USD |
Time to Export Documentary Compliance (2023)  | 8 Hours | 43 Hours |
Indicators | Mexico | Nepal |
|---|---|---|
Gross National Savings (2023)  | 19.68 % of GDP | 36.38 % of GDP |
Tax Revenue (2023)  | 13.44 % of GDP | 17.49 % of GDP |
Taxes on Exports (2023)  | 0.000001 % of Tax Revenue | 0.04 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 26.3 % of Tax Revenue | 39.27 % of Tax Revenue |
Taxes on International Trade (2023)  | 1.69 % of Revenue | 19.87 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 240.5 Hours | 377 Hours |
Customs and Other Import Duties (2023)  | 2.42 % of Tax Revenue | 22.1 % of Tax Revenue |
The taxes charged by Mexico on international trade is 1.69% of the total revenue and the taxes charged by Nepal on international trade is 19.87% of the total revenue.
The Taxes charged on International Trade by Mexico is 11.76 times less of its total revenue than of Nepal.
We hope you enjoyed the detailed guide on the standard of living comparsion between Mexico and Nepal.
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