Published: Monday, 21th October 2024
The Standard of living in Paraguay is 1.21 times better as compared to Nicaragua.
In this page, you will find side-by-side Standard of Living comparison between Paraguay and Nicaragua. 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 Paraguay and Nicaragua.
 Indicators  | Paraguay  | Nicaragua  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $45.817 billion USD | $17.353 billion USD |
GDP Per Capita (2023)  | 7,368 USD | 2,599 USD |
GINI Ratio (2023)  | 0.45 | 0.46 |
Inflation on Consumer Prices (2023)  | 4.63 % annually | 8.39 % annually |
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 Paraguay is $45.817 billion USD and that of Nicaragua is $17.353 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 Paraguay contributes more to the country's economy compared to a person working in Nicaragua.
Indicators | Paraguay | Nicaragua |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.731 | 0.669 |
Human Capital Index (HCI) (2024)  | 0.53 | 0.51 |
Literacy Rate (2023)  | 94.54% (15 years+ above age) | 82.61% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 70.3 years | 75 years |
Healthy Life Expectancy Ratio (2023)  | 60.9 years | 64.6 years |
Poverty Ratio (2023)  | 24.7% of total Population | 24.9% of total Population |
Unemployment Rate (2023)  | 5.78% of total labor force | 4.79% 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 Paraguay is [ 0.731 ] and the HDI of Nicaragua is [ 0.669 ].
The data shows that the people living in Paraguay has better income, life expectancy and education level compared to Nicaragua.
Indicators | Paraguay | Nicaragua |
|---|---|---|
Gross National Expenditure (2023)  | 97.89 % of GDP | 113.27 % of GDP |
Total Health Expenditure (2023)  | 8.03 % of GDP | 9.68 % of GDP |
Research and Development Expenditure (2023)  | 0.14 % of GDP | 0.11 % of GDP |
Government Expenditure on Education (2023)  | 3.41 % of GDP | 4.09 % of GDP |
International Tourism Expenditure (2023)  | 226 million USD | 102 million USD |
Number of International Tourists Arrivals (2023)  | 1,077,000 | 474,000 |
Military Expenditure (2023)  | 0.83 % of GDP | 0.53 (% of GDP) |
The total Gross National Expenditure of Paraguay is 97.89% of its GDP and the total Gross National Expenditure of Nicaragua is 113.27% of its GDP.
From the above data, we can say that Paraguay spends 1.16 times less of its GDP on Gross National Expenditure compared to Nicaragua.
Indicators | Paraguay | Nicaragua |
|---|---|---|
Number of Doctors (2023)  | 32.4 (Per 10,000 People) | 6.64 (Per 10,000 People) |
Number of Nurses (2023)  | 90.3 (Per 10,000 People) | 15.29 (Per 10,000 People) |
Number of Pharmacists (2023)  | 5.5 (Per 10,000 People) | 1.84 (Per 10,000 People) |
Available Hospital Beds (2023)  | 0.83 (Per 1000 People) | 0.93 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 98.7 % of total Population | 94.6 % of total Population |
Paraguay has 4.88 times more Doctors compared to Nicaragua (Per 10,000 People).
Paraguay has 5.91 times more Nurses compared to Nicaragua (Per 10,000 People).
Indicators | Paraguay | Nicaragua |
|---|---|---|
Agricultural Land (2023)  | 168,091.4 Sq Km | 50,910 Sq Km |
Forest Area (2023)  | 158,229.27 Sq Km | 33,075.3 Sq Km |
CO2 Emissions (2023)  | 0.08 kg per PPP $ of GDP | 0.11 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 86.5 % of total Population |
Access to Internet (2023)  | 76.26 % of total Population | 57.15 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 2.41 Billion cubic meters | 1.27 Billion cubic meters |
100% of the total Population of Paraguay has access to the electricity in their homes, whereas, in case of Nicaragua, 86.5% of the total Population has access to electricity.
Indicators | Paraguay | Nicaragua |
|---|---|---|
Time Required to Start a Business (2023)  | 35 Days | 14 Days |
New Businesses Registered (2023)  | 3,072 (New Businesses) | Yet to Update |
New Businesses Registration Density (2023)  | 0.7 (Per 1000 People) | Yet to Update |
Cost of Business Start-Up Procedures (2023)  | 52.2 % of GNI Per Capita | 65.7 % of GNI Per Capita |
It usually takes 35 days in Paraguay and 14 days in Nicaragua to register a new business legally and systematically.
Indicators | Paraguay | Nicaragua |
|---|---|---|
Imports of Goods and Services (2023)  | 40.44 % of GDP | 59.07 % of GDP |
Total Fuel Imports (2023)  | 13.08 % of Merchandise Imports | 14.08 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 500 USD | 399.78 USD |
Time to Import Border Compliance (2023)  | 24 Hours | 72 Hours |
Cost to Import Documentary Compliance (2023)  | 135 USD | 86.11 USD |
Time to Import Documentary Compliance (2023)  | 36 Hours | 16 Hours |
Indicators | Paraguay | Nicaragua |
|---|---|---|
Exports of Goods and Services (2023)  | 42.55 % of GDP | 45.8 % of GDP |
Total Fuel Exports (2023)  | 13.22 % of Merchandise Exports | 0.64 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 815 USD | 240 USD |
Time to Export Border Compliance (2023)  | 120 Hours | 72 Hours |
Cost to Export Documentary Compliance (2023)  | 120 USD | 46.67 USD |
Time to Export Documentary Compliance (2023)  | 24 Hours | 48 Hours |
Indicators | Paraguay | Nicaragua |
|---|---|---|
Gross National Savings (2023)  | 20.1 % of GDP | 30.22 % of GDP |
Tax Revenue (2023)  | 10.27 % of GDP | 19.84 % of GDP |
Taxes on Exports (2023)  | Yet to Update | 0.01 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 36.13 % of Tax Revenue | 46.07 % of Tax Revenue |
Taxes on International Trade (2023)  | 5.73 % of Revenue | 3.24 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 378 Hours | 201 Hours |
Customs and Other Import Duties (2023)  | 9.5 % of Tax Revenue | 3.54 % of Tax Revenue |
The taxes charged by Paraguay on international trade is 5.73% of the total revenue and the taxes charged by Nicaragua on international trade is 3.24% of the total revenue.
The Taxes charged on International Trade by Paraguay is 1.77 times more of its total revenue than of Nicaragua.
We hope you enjoyed the detailed guide on the standard of living comparsion between Paraguay and Nicaragua.
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