Published: Monday, 21th October 2024
The Standard of living in Palau is 1.07 times better as compared to Colombia.
In this page, you will find side-by-side Standard of Living comparison between Palau and Colombia. 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 Palau and Colombia.
 Indicators  | Palau  | Colombia  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $322 million USD | $386.076 billion USD |
GDP Per Capita (2023)  | 17,448 USD | 7,327 USD |
GINI Ratio (2023)  | 0.42 | 0.54 |
Inflation on Consumer Prices (2023)  | 12.8 % annually | 11.74 % annually |
Central Government Debt (2023)  | 85.2 % of GDP | 70.1 % 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 Palau is $322 million USD and that of Colombia is $386.076 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 Palau contributes more to the country's economy compared to a person working in Colombia.
Indicators | Palau | Colombia |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.797 | 0.758 |
Human Capital Index (HCI) (2024)  | 0.59 | 0.6 |
Literacy Rate (2023)  | 96.59% (15 years+ above age) | 95.64% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 73.4 years | 74.5 years |
Healthy Life Expectancy Ratio (2023)  | 61.2 years | 65 years |
Poverty Ratio (2023)  | 24.9% of total Population | 36.6% of total Population |
Unemployment Rate (2023)  | Yet to Update | 9.56% 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 Palau is [ 0.797 ] and the HDI of Colombia is [ 0.758 ].
The data shows that the people living in Palau has better income, life expectancy and education level compared to Colombia.
Indicators | Palau | Colombia |
|---|---|---|
Gross National Expenditure (2023)  | 160.24 % of GDP | 104.96 % of GDP |
Total Health Expenditure (2023)  | 17.1 % of GDP | 9.02 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | 0.29 % of GDP |
Government Expenditure on Education (2023)  | 7.52 % of GDP | 3.92 % of GDP |
International Tourism Expenditure (2023)  | 23.30 million USD | 1,576 million USD |
Number of International Tourists Arrivals (2023)  | 18,400 | 1,396,000 |
Military Expenditure (2023)  | Yet to Update | 3.08 (% of GDP) |
The total Gross National Expenditure of Palau is 160.24% of its GDP and the total Gross National Expenditure of Colombia is 104.96% of its GDP.
From the above data, we can say that Palau spends 1.53 times more of its GDP on Gross National Expenditure compared to Colombia.
Indicators | Palau | Colombia |
|---|---|---|
Number of Doctors (2023)  | 18.2 (Per 10,000 People) | 24.5 (Per 10,000 People) |
Number of Nurses (2023)  | 82.7 (Per 10,000 People) | 14.5 (Per 10,000 People) |
Number of Pharmacists (2023)  | 3.6 (Per 10,000 People) | 1.85 (Per 10,000 People) |
Available Hospital Beds (2023)  | 4.8 (Per 1000 People) | 1.71 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 90.3 % of total Population | 97.2 % of total Population |
Palau has 1.35 times less Doctors compared to Colombia (Per 10,000 People).
Palau has 5.70 times more Nurses compared to Colombia (Per 10,000 People).
Indicators | Palau | Colombia |
|---|---|---|
Agricultural Land (2023)  | 43 Sq Km | 427,180 Sq Km |
Forest Area (2023)  | 414.9 Sq Km | 589,426.25 Sq Km |
CO2 Emissions (2023)  | 0.5 kg per PPP $ of GDP | 0.1 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 26.97 % of total Population | 72.8 % of total Population |
Annual Fresh Water Withdrawals (2023)  | Yet to Update | 29.12 Billion cubic meters |
100% of the total Population of Palau has access to the electricity in their homes, whereas, in case of Colombia, 100% of the total Population has access to electricity.
Indicators | Palau | Colombia |
|---|---|---|
Time Required to Start a Business (2023)  | 28 Days | 10 Days |
New Businesses Registered (2023)  | Yet to Update | 81,834 (New Businesses) |
New Businesses Registration Density (2023)  | Yet to Update | 2.26 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 2.2 % of GNI Per Capita | 14.1 % of GNI Per Capita |
It usually takes 28 days in Palau and 10 days in Colombia to register a new business legally and systematically.
Indicators | Palau | Colombia |
|---|---|---|
Imports of Goods and Services (2023)  | 78.34 % of GDP | 22.72 % of GDP |
Total Fuel Imports (2023)  | 24.07 % of Merchandise Imports | 10.33 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 605 USD | 545 USD |
Time to Import Border Compliance (2023)  | 84 Hours | 112 Hours |
Cost to Import Documentary Compliance (2023)  | 100 USD | 50 USD |
Time to Import Documentary Compliance (2023)  | 96 Hours | 64 Hours |
Indicators | Palau | Colombia |
|---|---|---|
Exports of Goods and Services (2023)  | 14.2 % of GDP | 17.76 % of GDP |
Total Fuel Exports (2023)  | 0.46 % of Merchandise Exports | 50.72 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 505 USD | 630 USD |
Time to Export Border Compliance (2023)  | 101.71 Hours | 112 Hours |
Cost to Export Documentary Compliance (2023)  | 100 USD | 90 USD |
Time to Export Documentary Compliance (2023)  | 72 Hours | 48 Hours |
Indicators | Palau | Colombia |
|---|---|---|
Gross National Savings (2023)  | 2.82 % of GDP | 10.79 % of GDP |
Tax Revenue (2023)  | 17.93 % of GDP | 15.28 % of GDP |
Taxes on Exports (2023)  | Yet to Update | Yet to Update |
Taxes on Goods and Services (2023)  | 14.15 % of Tax Revenue | 27.02 % of Tax Revenue |
Taxes on International Trade (2023)  | 12.34 % of Revenue | 1.67 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 52 Hours | 255.5 Hours |
Customs and Other Import Duties (2023)  | 32.32 % of Tax Revenue | 2.79 % of Tax Revenue |
The taxes charged by Palau on international trade is 12.34% of the total revenue and the taxes charged by Colombia on international trade is 1.67% of the total revenue.
The Taxes charged on International Trade by Palau is 7.39 times more of its total revenue than of Colombia.
We hope you enjoyed the detailed guide on the standard of living comparsion between Palau and Colombia.
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