Published: Monday, 21th October 2024
The Standard of living in Sierra Leone is 1.88 times lesser as compared to Nicaragua.
In this page, you will find side-by-side Standard of Living comparison between Sierra Leone 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 Sierra Leone and Nicaragua.
 Indicators  | Sierra Leone  | Nicaragua  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $3.519 billion USD | $17.353 billion USD |
GDP Per Capita (2023)  | 414 USD | 2,599 USD |
GINI Ratio (2023)  | 0.36 | 0.46 |
Inflation on Consumer Prices (2023)  | 47.64 % 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 Sierra Leone is $3.519 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 Sierra Leone contributes less to the country's economy compared to a person working in Nicaragua.
Indicators | Sierra Leone | Nicaragua |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.458 | 0.669 |
Human Capital Index (HCI) (2024)  | 0.36 | 0.51 |
Literacy Rate (2023)  | 48.64% (15 years+ above age) | 82.61% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 61 years | 75 years |
Healthy Life Expectancy Ratio (2023)  | 53.1 years | 64.6 years |
Poverty Ratio (2023)  | 56.8% of total Population | 24.9% of total Population |
Unemployment Rate (2023)  | 3.17% 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 Sierra Leone is [ 0.458 ] and the HDI of Nicaragua is [ 0.669 ].
The data shows that the people living in Sierra Leone has lower income, life expectancy and education level compared to Nicaragua.
Indicators | Sierra Leone | Nicaragua |
|---|---|---|
Gross National Expenditure (2023)  | 126.81 % of GDP | 113.27 % of GDP |
Total Health Expenditure (2023)  | 8.55 % of GDP | 9.68 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | 0.11 % of GDP |
Government Expenditure on Education (2023)  | 8.81 % of GDP | 4.09 % of GDP |
International Tourism Expenditure (2023)  | 83 million USD | 102 million USD |
Number of International Tourists Arrivals (2023)  | 71,000 | 474,000 |
Military Expenditure (2023)  | 0.6 % of GDP | 0.53 (% of GDP) |
The total Gross National Expenditure of Sierra Leone is 126.81% 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 Sierra Leone spends 1.12 times more of its GDP on Gross National Expenditure compared to Nicaragua.
Indicators | Sierra Leone | Nicaragua |
|---|---|---|
Number of Doctors (2023)  | 0.7 (Per 10,000 People) | 6.64 (Per 10,000 People) |
Number of Nurses (2023)  | 2.04 (Per 10,000 People) | 15.29 (Per 10,000 People) |
Number of Pharmacists (2023)  | 0.23 (Per 10,000 People) | 1.84 (Per 10,000 People) |
Available Hospital Beds (2023)  | 0.4 (Per 1000 People) | 0.93 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 97.9 % of total Population | 94.6 % of total Population |
Sierra Leone has 9.49 times less Doctors compared to Nicaragua (Per 10,000 People).
Sierra Leone has 7.50 times less Nurses compared to Nicaragua (Per 10,000 People).
Indicators | Sierra Leone | Nicaragua |
|---|---|---|
Agricultural Land (2023)  | 39,490 Sq Km | 50,910 Sq Km |
Forest Area (2023)  | 25,151.5 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)  | 29.4 % of total Population | 86.5 % of total Population |
Access to Internet (2023)  | 18 % of total Population | 57.15 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.21 Billion cubic meters | 1.27 Billion cubic meters |
29.4% of the total Population of Sierra Leone has access to the electricity in their homes, whereas, in case of Nicaragua, 86.5% of the total Population has access to electricity.
Indicators | Sierra Leone | Nicaragua |
|---|---|---|
Time Required to Start a Business (2023)  | 8 Days | 14 Days |
New Businesses Registered (2023)  | 1,980 (New Businesses) | Yet to Update |
New Businesses Registration Density (2023)  | 0.45 (Per 1000 People) | Yet to Update |
Cost of Business Start-Up Procedures (2023)  | 7.6 % of GNI Per Capita | 65.7 % of GNI Per Capita |
It usually takes 8 days in Sierra Leone and 14 days in Nicaragua to register a new business legally and systematically.
Indicators | Sierra Leone | Nicaragua |
|---|---|---|
Imports of Goods and Services (2023)  | 67.28 % of GDP | 59.07 % of GDP |
Total Fuel Imports (2023)  | 1.12 % of Merchandise Imports | 14.08 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 821 USD | 399.78 USD |
Time to Import Border Compliance (2023)  | 120 Hours | 72 Hours |
Cost to Import Documentary Compliance (2023)  | 387.14 USD | 86.11 USD |
Time to Import Documentary Compliance (2023)  | 82 Hours | 16 Hours |
Indicators | Sierra Leone | Nicaragua |
|---|---|---|
Exports of Goods and Services (2023)  | 40.47 % of GDP | 45.8 % of GDP |
Total Fuel Exports (2023)  | 0.14 % of Merchandise Exports | 0.64 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 551.86 USD | 240 USD |
Time to Export Border Compliance (2023)  | 54.86 Hours | 72 Hours |
Cost to Export Documentary Compliance (2023)  | 227.14 USD | 46.67 USD |
Time to Export Documentary Compliance (2023)  | 72 Hours | 48 Hours |
Indicators | Sierra Leone | Nicaragua |
|---|---|---|
Gross National Savings (2023)  | 21.54 % of GDP | 30.22 % of GDP |
Tax Revenue (2023)  | Yet to Update | 19.84 % of GDP |
Taxes on Exports (2023)  | Yet to Update | 0.01 % of Tax Revenue |
Taxes on Goods and Services (2023)  | Yet to Update | 46.07 % of Tax Revenue |
Taxes on International Trade (2023)  | Yet to Update | 3.24 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 343 Hours | 201 Hours |
Customs and Other Import Duties (2023)  | Yet to Update | 3.54 % of Tax Revenue |
We hope you enjoyed the detailed guide on the standard of living comparsion between Sierra Leone and Nicaragua.
For more side-by-side comparsion between Countries, States and Cities, you can use the search box above or click the links below.
The Comparedoo.com family sincerely appreciates your time with us. We look forward to seeing you on our other pages.
