Published: Monday, 21th October 2024
The Standard of living in Nicaragua is 1.43 times better as compared to Eritrea.
In this page, you will find side-by-side Standard of Living comparison between Nicaragua and Eritrea. 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 Nicaragua and Eritrea.
 Indicators  | Nicaragua  | Eritrea  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $17.353 billion USD | $1.98 billion USD |
GDP Per Capita (2023)  | 2,599 USD | 566 USD |
GINI Ratio (2023)  | 0.46 | 0.42 |
Inflation on Consumer Prices (2023)  | 8.39 % annually | Yet to Update |
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 Nicaragua is $17.353 billion USD and that of Eritrea is $1.98 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 Nicaragua contributes more to the country's economy compared to a person working in Eritrea.
Indicators | Nicaragua | Eritrea |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.669 | 0.493 |
Human Capital Index (HCI) (2024)  | 0.51 | Yet to Update |
Literacy Rate (2023)  | 82.61% (15 years+ above age) | 76.57% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 75 years | 63.6 years |
Healthy Life Expectancy Ratio (2023)  | 64.6 years | 55.4 years |
Poverty Ratio (2023)  | 24.9% of total Population | 69% of total Population |
Unemployment Rate (2023)  | 4.79% of total labor force | 5.87% 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 Nicaragua is [ 0.669 ] and the HDI of Eritrea is [ 0.493 ].
The data shows that the people living in Nicaragua has better income, life expectancy and education level compared to Eritrea.
Indicators | Nicaragua | Eritrea |
|---|---|---|
Gross National Expenditure (2023)  | 113.27 % of GDP | 137.41 % of GDP |
Total Health Expenditure (2023)  | 9.68 % of GDP | 4.15 % of GDP |
Research and Development Expenditure (2023)  | 0.11 % of GDP | Yet to Update |
Government Expenditure on Education (2023)  | 4.09 % of GDP | 2.13 % of GDP |
International Tourism Expenditure (2023)  | 102 million USD | Yet to Update |
Number of International Tourists Arrivals (2023)  | 474,000 | 142,000 |
Military Expenditure (2023)  | 0.53 % of GDP | 20.87 (% of GDP) |
The total Gross National Expenditure of Nicaragua is 113.27% of its GDP and the total Gross National Expenditure of Eritrea is 137.41% of its GDP.
From the above data, we can say that Nicaragua spends 1.21 times less of its GDP on Gross National Expenditure compared to Eritrea.
Indicators | Nicaragua | Eritrea |
|---|---|---|
Number of Doctors (2023)  | 6.64 (Per 10,000 People) | 0.79 (Per 10,000 People) |
Number of Nurses (2023)  | 15.29 (Per 10,000 People) | 13.12 (Per 10,000 People) |
Number of Pharmacists (2023)  | 1.84 (Per 10,000 People) | 0.57 (Per 10,000 People) |
Available Hospital Beds (2023)  | 0.93 (Per 1000 People) | 0.7 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 94.6 % of total Population | 88.5 % of total Population |
Nicaragua has 8.41 times more Doctors compared to Eritrea (Per 10,000 People).
Nicaragua has 1.17 times more Nurses compared to Eritrea (Per 10,000 People).
Indicators | Nicaragua | Eritrea |
|---|---|---|
Agricultural Land (2023)  | 50,910 Sq Km | 75,920 Sq Km |
Forest Area (2023)  | 33,075.3 Sq Km | 10,521 Sq Km |
CO2 Emissions (2023)  | 0.11 kg per PPP $ of GDP | 0.11 kg per PPP $ of GDP |
Access to Electricity (2023)  | 86.5 % of total Population | 55.4 % of total Population |
Access to Internet (2023)  | 57.15 % of total Population | 21.73 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 1.27 Billion cubic meters | 0.58 Billion cubic meters |
86.5% of the total Population of Nicaragua has access to the electricity in their homes, whereas, in case of Eritrea, 55.4% of the total Population has access to electricity.
Indicators | Nicaragua | Eritrea |
|---|---|---|
Time Required to Start a Business (2023)  | 14 Days | 84 Days |
New Businesses Registered (2023)  | Yet to Update | Yet to Update |
New Businesses Registration Density (2023)  | Yet to Update | Yet to Update |
Cost of Business Start-Up Procedures (2023)  | 65.7 % of GNI Per Capita | 21.3 % of GNI Per Capita |
It usually takes 14 days in Nicaragua and 84 days in Eritrea to register a new business legally and systematically.
Indicators | Nicaragua | Eritrea |
|---|---|---|
Imports of Goods and Services (2023)  | 59.07 % of GDP | 29.24 % of GDP |
Total Fuel Imports (2023)  | 14.08 % of Merchandise Imports | 0.87 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 399.78 USD | Yet to Update |
Time to Import Border Compliance (2023)  | 72 Hours | Yet to Update |
Cost to Import Documentary Compliance (2023)  | 86.11 USD | Yet to Update |
Time to Import Documentary Compliance (2023)  | 16 Hours | Yet to Update |
Indicators | Nicaragua | Eritrea |
|---|---|---|
Exports of Goods and Services (2023)  | 45.8 % of GDP | 18.15 % of GDP |
Total Fuel Exports (2023)  | 0.64 % of Merchandise Exports | Yet to Update |
Cost to Export Border Compliance (2023)  | 240 USD | Yet to Update |
Time to Export Border Compliance (2023)  | 72 Hours | Yet to Update |
Cost to Export Documentary Compliance (2023)  | 46.67 USD | Yet to Update |
Time to Export Documentary Compliance (2023)  | 48 Hours | Yet to Update |
Indicators | Nicaragua | Eritrea |
|---|---|---|
Gross National Savings (2023)  | 30.22 % of GDP | 15.82 % of GDP |
Tax Revenue (2023)  | 19.84 % of GDP | Yet to Update |
Taxes on Exports (2023)  | 0.01 % of Tax Revenue | Yet to Update |
Taxes on Goods and Services (2023)  | 46.07 % of Tax Revenue | Yet to Update |
Taxes on International Trade (2023)  | 3.24 % of Revenue | Yet to Update |
Time to Prepare and Pay Taxes (2023)  | 201 Hours | 216 Hours |
Customs and Other Import Duties (2023)  | 3.54 % of Tax Revenue | Yet to Update |
We hope you enjoyed the detailed guide on the standard of living comparsion between Nicaragua and Eritrea.
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