Published: Monday, 21th October 2024
The Standard of living in Sierra Leone is 2.30 times lesser as compared to Colombia.
In this page, you will find side-by-side Standard of Living comparison between Sierra Leone 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 Sierra Leone and Colombia.
 Indicators  | Sierra Leone  | Colombia  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $3.519 billion USD | $386.076 billion USD |
GDP Per Capita (2023)  | 414 USD | 7,327 USD |
GINI Ratio (2023)  | 0.36 | 0.54 |
Inflation on Consumer Prices (2023)  | 47.64 % annually | 11.74 % annually |
Central Government Debt (2023)  | Yet to Update | 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 Sierra Leone is $3.519 billion 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 Sierra Leone contributes less to the country's economy compared to a person working in Colombia.
Indicators | Sierra Leone | Colombia |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.458 | 0.758 |
Human Capital Index (HCI) (2024)  | 0.36 | 0.6 |
Literacy Rate (2023)  | 48.64% (15 years+ above age) | 95.64% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 61 years | 74.5 years |
Healthy Life Expectancy Ratio (2023)  | 53.1 years | 65 years |
Poverty Ratio (2023)  | 56.8% of total Population | 36.6% of total Population |
Unemployment Rate (2023)  | 3.17% of total labor force | 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 Sierra Leone is [ 0.458 ] and the HDI of Colombia is [ 0.758 ].
The data shows that the people living in Sierra Leone has lower income, life expectancy and education level compared to Colombia.
Indicators | Sierra Leone | Colombia |
|---|---|---|
Gross National Expenditure (2023)  | 126.81 % of GDP | 104.96 % of GDP |
Total Health Expenditure (2023)  | 8.55 % of GDP | 9.02 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | 0.29 % of GDP |
Government Expenditure on Education (2023)  | 8.81 % of GDP | 3.92 % of GDP |
International Tourism Expenditure (2023)  | 83 million USD | 1,576 million USD |
Number of International Tourists Arrivals (2023)  | 71,000 | 1,396,000 |
Military Expenditure (2023)  | 0.6 % of GDP | 3.08 (% of GDP) |
The total Gross National Expenditure of Sierra Leone is 126.81% 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 Sierra Leone spends 1.21 times more of its GDP on Gross National Expenditure compared to Colombia.
Indicators | Sierra Leone | Colombia |
|---|---|---|
Number of Doctors (2023)  | 0.7 (Per 10,000 People) | 24.5 (Per 10,000 People) |
Number of Nurses (2023)  | 2.04 (Per 10,000 People) | 14.5 (Per 10,000 People) |
Number of Pharmacists (2023)  | 0.23 (Per 10,000 People) | 1.85 (Per 10,000 People) |
Available Hospital Beds (2023)  | 0.4 (Per 1000 People) | 1.71 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 97.9 % of total Population | 97.2 % of total Population |
Sierra Leone has 35.00 times less Doctors compared to Colombia (Per 10,000 People).
Sierra Leone has 7.11 times less Nurses compared to Colombia (Per 10,000 People).
Indicators | Sierra Leone | Colombia |
|---|---|---|
Agricultural Land (2023)  | 39,490 Sq Km | 427,180 Sq Km |
Forest Area (2023)  | 25,151.5 Sq Km | 589,426.25 Sq Km |
CO2 Emissions (2023)  | 0.08 kg per PPP $ of GDP | 0.1 kg per PPP $ of GDP |
Access to Electricity (2023)  | 29.4 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 18 % of total Population | 72.8 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.21 Billion cubic meters | 29.12 Billion cubic meters |
29.4% of the total Population of Sierra Leone has access to the electricity in their homes, whereas, in case of Colombia, 100% of the total Population has access to electricity.
Indicators | Sierra Leone | Colombia |
|---|---|---|
Time Required to Start a Business (2023)  | 8 Days | 10 Days |
New Businesses Registered (2023)  | 1,980 (New Businesses) | 81,834 (New Businesses) |
New Businesses Registration Density (2023)  | 0.45 (Per 1000 People) | 2.26 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 7.6 % of GNI Per Capita | 14.1 % of GNI Per Capita |
In the year 2023, 1,980 new businesses got registered in Sierra Leone and 81,834 new businesses got registered in Colombia.
It usually takes 8 days in Sierra Leone and 10 days in Colombia to register a new business legally and systematically.
Indicators | Sierra Leone | Colombia |
|---|---|---|
Imports of Goods and Services (2023)  | 67.28 % of GDP | 22.72 % of GDP |
Total Fuel Imports (2023)  | 1.12 % of Merchandise Imports | 10.33 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 821 USD | 545 USD |
Time to Import Border Compliance (2023)  | 120 Hours | 112 Hours |
Cost to Import Documentary Compliance (2023)  | 387.14 USD | 50 USD |
Time to Import Documentary Compliance (2023)  | 82 Hours | 64 Hours |
Indicators | Sierra Leone | Colombia |
|---|---|---|
Exports of Goods and Services (2023)  | 40.47 % of GDP | 17.76 % of GDP |
Total Fuel Exports (2023)  | 0.14 % of Merchandise Exports | 50.72 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 551.86 USD | 630 USD |
Time to Export Border Compliance (2023)  | 54.86 Hours | 112 Hours |
Cost to Export Documentary Compliance (2023)  | 227.14 USD | 90 USD |
Time to Export Documentary Compliance (2023)  | 72 Hours | 48 Hours |
Indicators | Sierra Leone | Colombia |
|---|---|---|
Gross National Savings (2023)  | 21.54 % of GDP | 10.79 % of GDP |
Tax Revenue (2023)  | Yet to Update | 15.28 % of GDP |
Taxes on Exports (2023)  | Yet to Update | Yet to Update |
Taxes on Goods and Services (2023)  | Yet to Update | 27.02 % of Tax Revenue |
Taxes on International Trade (2023)  | Yet to Update | 1.67 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 343 Hours | 255.5 Hours |
Customs and Other Import Duties (2023)  | Yet to Update | 2.79 % of Tax Revenue |
We hope you enjoyed the detailed guide on the standard of living comparsion between Sierra Leone and Colombia.
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