Published: Monday, 21th October 2024
The Standard of living in North Macedonia is 1.01 times lesser as compared to Bosnia and Herzegovina.
In this page, you will find side-by-side Standard of Living comparison between North Macedonia and Bosnia and Herzegovina. 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 North Macedonia and Bosnia and Herzegovina.
 Indicators  | North Macedonia  | Bosnia and Herzegovina  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $15.801 billion USD | $29.078 billion USD |
GDP Per Capita (2023)  | 7,672 USD | 8,416 USD |
GINI Ratio (2023)  | 0.31 | 0.33 |
Inflation on Consumer Prices (2023)  | 9.36 % annually | 2.05 % annually |
Central Government Debt (2023)  | Yet to Update | 41.7 % 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 North Macedonia is $15.801 billion USD and that of Bosnia and Herzegovina is $29.078 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 North Macedonia contributes less to the country's economy compared to a person working in Bosnia and Herzegovina.
Indicators | North Macedonia | Bosnia and Herzegovina |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.765 | 0.779 |
Human Capital Index (HCI) (2024)  | 0.56 | 0.58 |
Literacy Rate (2023)  | 97.6% (15 years+ above age) | 98.3% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 73 years | 74.8 years |
Healthy Life Expectancy Ratio (2023)  | 63.7 years | 65 years |
Poverty Ratio (2023)  | 21.8% of total Population | 16.9% of total Population |
Unemployment Rate (2023)  | 13.07% of total labor force | 10.42% 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 North Macedonia is [ 0.765 ] and the HDI of Bosnia and Herzegovina is [ 0.779 ].
The data shows that the people living in North Macedonia has lower income, life expectancy and education level compared to Bosnia and Herzegovina.
Indicators | North Macedonia | Bosnia and Herzegovina |
|---|---|---|
Gross National Expenditure (2023)  | 113.51 % of GDP | 118.6 % of GDP |
Total Health Expenditure (2023)  | 8.52 % of GDP | 9.56 % of GDP |
Research and Development Expenditure (2023)  | 0.38 % of GDP | 0.19 % of GDP |
Government Expenditure on Education (2023)  | 3.3 % of GDP | Yet to Update |
International Tourism Expenditure (2023)  | 153 million USD | 163 million USD |
Number of International Tourists Arrivals (2023)  | 118,000 | 197,000 |
Military Expenditure (2023)  | 1.61 % of GDP | 0.81 (% of GDP) |
The total Gross National Expenditure of North Macedonia is 113.51% of its GDP and the total Gross National Expenditure of Bosnia and Herzegovina is 118.6% of its GDP.
From the above data, we can say that North Macedonia spends 1.04 times less of its GDP on Gross National Expenditure compared to Bosnia and Herzegovina.
Indicators | North Macedonia | Bosnia and Herzegovina |
|---|---|---|
Number of Doctors (2023)  | 29.64 (Per 10,000 People) | 23.2 (Per 10,000 People) |
Number of Nurses (2023)  | 48.3 (Per 10,000 People) | 64 (Per 10,000 People) |
Number of Pharmacists (2023)  | 5.24 (Per 10,000 People) | 1.38 (Per 10,000 People) |
Available Hospital Beds (2023)  | 4.28 (Per 1000 People) | 3.49 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 97.3 % of total Population | 87 % of total Population |
North Macedonia has 1.28 times more Doctors compared to Bosnia and Herzegovina (Per 10,000 People).
North Macedonia has 1.33 times less Nurses compared to Bosnia and Herzegovina (Per 10,000 People).
Indicators | North Macedonia | Bosnia and Herzegovina |
|---|---|---|
Agricultural Land (2023)  | 12,600 Sq Km | 22,630 Sq Km |
Forest Area (2023)  | 10,014.9 Sq Km | 21,879.1 Sq Km |
CO2 Emissions (2023)  | 0.18 kg per PPP $ of GDP | 0.39 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 83.02 % of total Population | 78.85 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 1.6 Billion cubic meters | 0.3 Billion cubic meters |
100% of the total Population of North Macedonia has access to the electricity in their homes, whereas, in case of Bosnia and Herzegovina, 100% of the total Population has access to electricity.
Indicators | North Macedonia | Bosnia and Herzegovina |
|---|---|---|
Time Required to Start a Business (2023)  | 15 Days | 80 Days |
New Businesses Registered (2023)  | 6,478 (New Businesses) | 3,195 (New Businesses) |
New Businesses Registration Density (2023)  | 4.56 (Per 1000 People) | 1.48 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 3.1 % of GNI Per Capita | 13.7 % of GNI Per Capita |
In the year 2023, 6,478 new businesses got registered in North Macedonia and 3,195 new businesses got registered in Bosnia and Herzegovina.
It usually takes 15 days in North Macedonia and 80 days in Bosnia and Herzegovina to register a new business legally and systematically.
Indicators | North Macedonia | Bosnia and Herzegovina |
|---|---|---|
Imports of Goods and Services (2023)  | 86.31 % of GDP | 56.9 % of GDP |
Total Fuel Imports (2023)  | 13 % of Merchandise Imports | 13.22 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 150 USD | 108.5 USD |
Time to Import Border Compliance (2023)  | 7.5 Hours | 5.95 Hours |
Cost to Import Documentary Compliance (2023)  | 50 USD | 26.5 USD |
Time to Import Documentary Compliance (2023)  | 3 Hours | 8 Hours |
Indicators | North Macedonia | Bosnia and Herzegovina |
|---|---|---|
Exports of Goods and Services (2023)  | 72.79 % of GDP | 44.13 % of GDP |
Total Fuel Exports (2023)  | 4.12 % of Merchandise Exports | 9.51 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 102.5 USD | 70 USD |
Time to Export Border Compliance (2023)  | 8.5 Hours | 5.21 Hours |
Cost to Export Documentary Compliance (2023)  | 45 USD | 21.5 USD |
Time to Export Documentary Compliance (2023)  | 2 Hours | 4.33 Hours |
Indicators | North Macedonia | Bosnia and Herzegovina |
|---|---|---|
Gross National Savings (2023)  | 24.55 % of GDP | 18.15 % of GDP |
Tax Revenue (2023)  | 17.39 % of GDP | 19.09 % of GDP |
Taxes on Exports (2023)  | 0.00002 % of Tax Revenue | 0.003 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 40.14 % of Tax Revenue | 43.29 % of Tax Revenue |
Taxes on International Trade (2023)  | 3.92 % of Revenue | 0.00004 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 119 Hours | 411 Hours |
Customs and Other Import Duties (2023)  | 6.66 % of Tax Revenue | 0.0001 % of Tax Revenue |
The taxes charged by North Macedonia on international trade is 3.92% of the total revenue and the taxes charged by Bosnia and Herzegovina on international trade is 0.00004% of the total revenue.
The Taxes charged on International Trade by North Macedonia is 98000.00 times more of its total revenue than of Bosnia and Herzegovina.
We hope you enjoyed the detailed guide on the standard of living comparsion between North Macedonia and Bosnia and Herzegovina.
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