Published: Monday, 21th October 2024
The Standard of living in Mongolia is 1.74 times better as compared to Benin.
In this page, you will find side-by-side Standard of Living comparison between Mongolia and Benin. 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 Mongolia and Benin.
 Indicators  | Mongolia  | Benin  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $18.782 billion USD | $19.940 billion USD |
GDP Per Capita (2023)  | 5,348 USD | 1,449 USD |
GINI Ratio (2023)  | 0.33 | 0.48 |
Inflation on Consumer Prices (2023)  | 10.35 % annually | 2.73 % annually |
Central Government Debt (2023)  | 67.6 % 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 Mongolia is $18.782 billion USD and that of Benin is $19.940 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 Mongolia contributes more to the country's economy compared to a person working in Benin.
Indicators | Mongolia | Benin |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.741 | 0.545 |
Human Capital Index (HCI) (2024)  | 0.61 | 0.4 |
Literacy Rate (2023)  | 99.18% (15 years+ above age) | 47.1% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 70.1 years | 64 years |
Healthy Life Expectancy Ratio (2023)  | 61.3 years | 55.7 years |
Poverty Ratio (2023)  | 27.8% of total Population | 38.5% of total Population |
Unemployment Rate (2023)  | 6.13% of total labor force | 1.45% 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 Mongolia is [ 0.741 ] and the HDI of Benin is [ 0.545 ].
The data shows that the people living in Mongolia has better income, life expectancy and education level compared to Benin.
Indicators | Mongolia | Benin |
|---|---|---|
Gross National Expenditure (2023)  | 93.5 % of GDP | 108.96 % of GDP |
Total Health Expenditure (2023)  | 6.91 % of GDP | 2.58 % of GDP |
Research and Development Expenditure (2023)  | 0.09 % of GDP | Yet to Update |
Government Expenditure on Education (2023)  | 4.26 % of GDP | 3.21 % of GDP |
International Tourism Expenditure (2023)  | 573 million USD | 130 million USD |
Number of International Tourists Arrivals (2023)  | 66,900 | 337,000 |
Military Expenditure (2023)  | 0.6 % of GDP | 0.56 (% of GDP) |
The total Gross National Expenditure of Mongolia is 93.5% of its GDP and the total Gross National Expenditure of Benin is 108.96% of its GDP.
From the above data, we can say that Mongolia spends 1.17 times less of its GDP on Gross National Expenditure compared to Benin.
Indicators | Mongolia | Benin |
|---|---|---|
Number of Doctors (2023)  | 38.7 (Per 10,000 People) | 2.12 (Per 10,000 People) |
Number of Nurses (2023)  | 42.2 (Per 10,000 People) | 5.82 (Per 10,000 People) |
Number of Pharmacists (2023)  | 6.83 (Per 10,000 People) | 0.31 (Per 10,000 People) |
Available Hospital Beds (2023)  | 8 (Per 1000 People) | 0.5 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 99.1 % of total Population | 83.2 % of total Population |
Mongolia has 18.25 times more Doctors compared to Benin (Per 10,000 People).
Mongolia has 7.25 times more Nurses compared to Benin (Per 10,000 People).
Indicators | Mongolia | Benin |
|---|---|---|
Agricultural Land (2023)  | 1,126,312 Sq Km | 39,500 Sq Km |
Forest Area (2023)  | 141,716.7 Sq Km | 30,851.5 Sq Km |
CO2 Emissions (2023)  | 0.46 kg per PPP $ of GDP | 0.19 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 56.5 % of total Population |
Access to Internet (2023)  | 81.61 % of total Population | 33.97 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.46 Billion cubic meters | 0.13 Billion cubic meters |
100% of the total Population of Mongolia has access to the electricity in their homes, whereas, in case of Benin, 56.5% of the total Population has access to electricity.
Indicators | Mongolia | Benin |
|---|---|---|
Time Required to Start a Business (2023)  | 12 Days | 8.5 Days |
New Businesses Registered (2023)  | 15,488 (New Businesses) | 5,560 (New Businesses) |
New Businesses Registration Density (2023)  | 7.24 (Per 1000 People) | 0.76 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 1.2 % of GNI Per Capita | 3.5 % of GNI Per Capita |
In the year 2023, 15,488 new businesses got registered in Mongolia and 5,560 new businesses got registered in Benin.
It usually takes 12 days in Mongolia and 8.5 days in Benin to register a new business legally and systematically.
Indicators | Mongolia | Benin |
|---|---|---|
Imports of Goods and Services (2023)  | 69.23 % of GDP | 30.16 % of GDP |
Total Fuel Imports (2023)  | 22.29 % of Merchandise Imports | 17.05 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 209.78 USD | 599.11 USD |
Time to Import Border Compliance (2023)  | 48 Hours | 82 Hours |
Cost to Import Documentary Compliance (2023)  | 82.56 USD | 110 USD |
Time to Import Documentary Compliance (2023)  | 114.67 Hours | 58.67 Hours |
Indicators | Mongolia | Benin |
|---|---|---|
Exports of Goods and Services (2023)  | 78.01 % of GDP | 21.19 % of GDP |
Total Fuel Exports (2023)  | 53.88 % of Merchandise Exports | 0.002 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 225.11 USD | 354.33 USD |
Time to Export Border Compliance (2023)  | 134 Hours | 78 Hours |
Cost to Export Documentary Compliance (2023)  | 63.89 USD | 80 USD |
Time to Export Documentary Compliance (2023)  | 168 Hours | 48 Hours |
Indicators | Mongolia | Benin |
|---|---|---|
Gross National Savings (2023)  | 31.38 % of GDP | 23.4 % of GDP |
Tax Revenue (2023)  | 16.91 % of GDP | 10.79 % of GDP |
Taxes on Exports (2023)  | 0.001 % of Tax Revenue | 1.85 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 30.94 % of Tax Revenue | 8.5 % of Tax Revenue |
Taxes on International Trade (2023)  | 7.01 % of Revenue | 41.22 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 134 Hours | 270 Hours |
Customs and Other Import Duties (2023)  | 12.81 % of Tax Revenue | 62.02 % of Tax Revenue |
The taxes charged by Mongolia on international trade is 7.01% of the total revenue and the taxes charged by Benin on international trade is 41.22% of the total revenue.
The Taxes charged on International Trade by Mongolia is 5.88 times less of its total revenue than of Benin.
We hope you enjoyed the detailed guide on the standard of living comparsion between Mongolia and Benin.
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