Published: Monday, 21th October 2024
The Standard of living in Oman is 1.20 times better as compared to Palau.
In this page, you will find side-by-side Standard of Living comparison between Oman and Palau. 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 Oman and Palau.
 Indicators  | Oman  | Palau  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $108.282 billion USD | $322 million USD |
GDP Per Capita (2023)  | 21,265 USD | 17,448 USD |
GINI Ratio (2023)  | 0.31 | 0.42 |
Inflation on Consumer Prices (2023)  | 0.94 % annually | 12.8 % annually |
Central Government Debt (2023)  | Yet to Update | 85.2 % 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 Oman is $108.282 billion USD and that of Palau is $322 million 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 Oman contributes more to the country's economy compared to a person working in Palau.
Indicators | Oman | Palau |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.819 | 0.797 |
Human Capital Index (HCI) (2024)  | 0.61 | 0.59 |
Literacy Rate (2023)  | 97.34% (15 years+ above age) | 96.59% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 72.5 years | 73.4 years |
Healthy Life Expectancy Ratio (2023)  | 63.2 years | 61.2 years |
Poverty Ratio (2023)  | Yet to Update | 24.9% of total Population |
Unemployment Rate (2023)  | 1.46% of total labor force | Yet to Update |
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 Oman is [ 0.819 ] and the HDI of Palau is [ 0.797 ].
The data shows that the people living in Oman has better income, life expectancy and education level compared to Palau.
Indicators | Oman | Palau |
|---|---|---|
Gross National Expenditure (2023)  | 88.86 % of GDP | 160.24 % of GDP |
Total Health Expenditure (2023)  | 4.37 % of GDP | 17.1 % of GDP |
Research and Development Expenditure (2023)  | 0.28 % of GDP | Yet to Update |
Government Expenditure on Education (2023)  | 4.2 % of GDP | 7.52 % of GDP |
International Tourism Expenditure (2023)  | 1,236 million USD | 23.30 million USD |
Number of International Tourists Arrivals (2023)  | 869,000 | 18,400 |
Military Expenditure (2023)  | 5.17 % of GDP | Yet to Update |
The total Gross National Expenditure of Oman is 88.86% of its GDP and the total Gross National Expenditure of Palau is 160.24% of its GDP.
From the above data, we can say that Oman spends 1.80 times less of its GDP on Gross National Expenditure compared to Palau.
Indicators | Oman | Palau |
|---|---|---|
Number of Doctors (2023)  | 19.97 (Per 10,000 People) | 18.2 (Per 10,000 People) |
Number of Nurses (2023)  | 45.07 (Per 10,000 People) | 82.7 (Per 10,000 People) |
Number of Pharmacists (2023)  | 6.18 (Per 10,000 People) | 3.6 (Per 10,000 People) |
Available Hospital Beds (2023)  | 1.47 (Per 1000 People) | 4.8 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 98.6 % of total Population | 90.3 % of total Population |
Oman has 1.10 times more Doctors compared to Palau (Per 10,000 People).
Oman has 1.83 times less Nurses compared to Palau (Per 10,000 People).
Indicators | Oman | Palau |
|---|---|---|
Agricultural Land (2023)  | 14,662.2 Sq Km | 43 Sq Km |
Forest Area (2023)  | 24.33 Sq Km | 414.9 Sq Km |
CO2 Emissions (2023)  | 0.45 kg per PPP $ of GDP | 0.5 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 96.38 % of total Population | 26.97 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 1.63 Billion cubic meters | Yet to Update |
100% of the total Population of Oman has access to the electricity in their homes, whereas, in case of Palau, 100% of the total Population has access to electricity.
Indicators | Oman | Palau |
|---|---|---|
Time Required to Start a Business (2023)  | 4.3 Days | 28 Days |
New Businesses Registered (2023)  | 5,804 (New Businesses) | Yet to Update |
New Businesses Registration Density (2023)  | 1.78 (Per 1000 People) | Yet to Update |
Cost of Business Start-Up Procedures (2023)  | 3.1 % of GNI Per Capita | 2.2 % of GNI Per Capita |
It usually takes 4.3 days in Oman and 28 days in Palau to register a new business legally and systematically.
Indicators | Oman | Palau |
|---|---|---|
Imports of Goods and Services (2023)  | 41.39 % of GDP | 78.34 % of GDP |
Total Fuel Imports (2023)  | 24.15 % of Merchandise Imports | 24.07 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 243.57 USD | 605 USD |
Time to Import Border Compliance (2023)  | 39 Hours | 84 Hours |
Cost to Import Documentary Compliance (2023)  | 124 USD | 100 USD |
Time to Import Documentary Compliance (2023)  | 7 Hours | 96 Hours |
Indicators | Oman | Palau |
|---|---|---|
Exports of Goods and Services (2023)  | 52.53 % of GDP | 14.2 % of GDP |
Total Fuel Exports (2023)  | 74.04 % of Merchandise Exports | 0.46 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 279 USD | 505 USD |
Time to Export Border Compliance (2023)  | 27.5 Hours | 101.71 Hours |
Cost to Export Documentary Compliance (2023)  | 107.14 USD | 100 USD |
Time to Export Documentary Compliance (2023)  | 7 Hours | 72 Hours |
Indicators | Oman | Palau |
|---|---|---|
Gross National Savings (2023)  | 17.51 % of GDP | 2.82 % of GDP |
Tax Revenue (2023)  | Yet to Update | 17.93 % of GDP |
Taxes on Exports (2023)  | Yet to Update | Yet to Update |
Taxes on Goods and Services (2023)  | Yet to Update | 14.15 % of Tax Revenue |
Taxes on International Trade (2023)  | Yet to Update | 12.34 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 68 Hours | 52 Hours |
Customs and Other Import Duties (2023)  | Yet to Update | 32.32 % of Tax Revenue |
We hope you enjoyed the detailed guide on the standard of living comparsion between Oman and Palau.
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