Published: Monday, 21th October 2024
The Standard of living in Micronesia is 2.02 times lesser as compared to Cyprus.
In this page, you will find side-by-side Standard of Living comparison between Micronesia and Cyprus. 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 Micronesia and Cyprus.
 Indicators  | Micronesia  | Cyprus  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $396 million USD | $34.221 billion USD |
GDP Per Capita (2023)  | 3,430 USD | 37,149 USD |
GINI Ratio (2023)  | 0.42 | 0.29 |
Inflation on Consumer Prices (2023)  | 5.41 % annually | 3.54 % annually |
Central Government Debt (2023)  | 27.9 % of GDP | 91.7 % 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 Micronesia is $396 million USD and that of Cyprus is $34.221 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 Micronesia contributes less to the country's economy compared to a person working in Cyprus.
Indicators | Micronesia | Cyprus |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.623 | 0.907 |
Human Capital Index (HCI) (2024)  | 0.51 | 0.76 |
Literacy Rate (2023)  | 89% (15 years+ above age) | 99.36% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 65.7 years | 81.9 years |
Healthy Life Expectancy Ratio (2023)  | 57.9 years | 70.7 years |
Poverty Ratio (2023)  | 41.2% of total Population | 13.9% of total Population |
Unemployment Rate (2023)  | Yet to Update | 5.96% 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 Micronesia is [ 0.623 ] and the HDI of Cyprus is [ 0.907 ].
The data shows that the people living in Micronesia has lower income, life expectancy and education level compared to Cyprus.
Indicators | Micronesia | Cyprus |
|---|---|---|
Gross National Expenditure (2023)  | 227.91 % of GDP | 100.92 % of GDP |
Total Health Expenditure (2023)  | 10.96 % of GDP | 9.43 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | 0.83 % of GDP |
Government Expenditure on Education (2023)  | 10.54 % of GDP | 5.48 % of GDP |
International Tourism Expenditure (2023)  | 29 million USD | 880 million USD |
Number of International Tourists Arrivals (2023)  | 18,000 | 4,117,000 |
Military Expenditure (2023)  | Yet to Update | 1.81 (% of GDP) |
The total Gross National Expenditure of Micronesia is 227.91% of its GDP and the total Gross National Expenditure of Cyprus is 100.92% of its GDP.
From the above data, we can say that Micronesia spends 2.26 times more of its GDP on Gross National Expenditure compared to Cyprus.
Indicators | Micronesia | Cyprus |
|---|---|---|
Number of Doctors (2023)  | 9.63 (Per 10,000 People) | 35.5 (Per 10,000 People) |
Number of Nurses (2023)  | 21.99 (Per 10,000 People) | 46.3 (Per 10,000 People) |
Number of Pharmacists (2023)  | Yet to Update | 13.3 (Per 10,000 People) |
Available Hospital Beds (2023)  | 3.2 (Per 1000 People) | 3.4 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 80 % of total Population | 99.2 % of total Population |
Micronesia has 3.69 times less Doctors compared to Cyprus (Per 10,000 People).
Micronesia has 2.11 times less Nurses compared to Cyprus (Per 10,000 People).
Indicators | Micronesia | Cyprus |
|---|---|---|
Agricultural Land (2023)  | 50 Sq Km | 1,231.35 Sq Km |
Forest Area (2023)  | 644.5 Sq Km | 1,725.1 Sq Km |
CO2 Emissions (2023)  | 0.26 kg per PPP $ of GDP | 0.18 kg per PPP $ of GDP |
Access to Electricity (2023)  | 85.3 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 40.41 % of total Population | 89.6 % of total Population |
Annual Fresh Water Withdrawals (2023)  | Yet to Update | 0.28 Billion cubic meters |
85.3% of the total Population of Micronesia has access to the electricity in their homes, whereas, in case of Cyprus, 100% of the total Population has access to electricity.
Indicators | Micronesia | Cyprus |
|---|---|---|
Time Required to Start a Business (2023)  | 16 Days | 6 Days |
New Businesses Registered (2023)  | 25 (New Businesses) | 11,053 (New Businesses) |
New Businesses Registration Density (2023)  | 0.36 (Per 1000 People) | 12.79 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 141.4 % of GNI Per Capita | 5.6 % of GNI Per Capita |
In the year 2023, 25 new businesses got registered in Micronesia and 11,053 new businesses got registered in Cyprus.
It usually takes 16 days in Micronesia and 6 days in Cyprus to register a new business legally and systematically.
Indicators | Micronesia | Cyprus |
|---|---|---|
Imports of Goods and Services (2023)  | 67.54 % of GDP | 90.27 % of GDP |
Total Fuel Imports (2023)  | 30.09 % of Merchandise Imports | 22.43 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 180 USD | 335 USD |
Time to Import Border Compliance (2023)  | 56 Hours | 14.67 Hours |
Cost to Import Documentary Compliance (2023)  | 80 USD | 50 USD |
Time to Import Documentary Compliance (2023)  | 35 Hours | 2 Hours |
Indicators | Micronesia | Cyprus |
|---|---|---|
Exports of Goods and Services (2023)  | 27.35 % of GDP | 89.35 % of GDP |
Total Fuel Exports (2023)  | Yet to Update | 49 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 168 USD | 300 USD |
Time to Export Border Compliance (2023)  | 36 Hours | 18 Hours |
Cost to Export Documentary Compliance (2023)  | 60 USD | 50 USD |
Time to Export Documentary Compliance (2023)  | 26 Hours | 2 Hours |
Indicators | Micronesia | Cyprus |
|---|---|---|
Gross National Savings (2023)  | Yet to Update | 9.74 % of GDP |
Tax Revenue (2023)  | 7.05 % of GDP | 24.71 % of GDP |
Taxes on Exports (2023)  | Yet to Update | 0.1 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 3.4 % of Tax Revenue | 32.22 % of Tax Revenue |
Taxes on International Trade (2023)  | 4.5 % of Revenue | 0.02 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 128 Hours | 119.5 Hours |
Customs and Other Import Duties (2023)  | 23.63 % of Tax Revenue | 0.03 % of Tax Revenue |
The taxes charged by Micronesia on international trade is 4.5% of the total revenue and the taxes charged by Cyprus on international trade is 0.02% of the total revenue.
The Taxes charged on International Trade by Micronesia is 225.00 times more of its total revenue than of Cyprus.
We hope you enjoyed the detailed guide on the standard of living comparsion between Micronesia and Cyprus.
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.
