Published: Monday, 21th October 2024
The Standard of living in Solomon Islands is 1.13 times lesser as compared to Micronesia.
In this page, you will find side-by-side Standard of Living comparison between Solomon Islands and Micronesia. 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 Solomon Islands and Micronesia.
 Indicators  | Solomon Islands  | Micronesia  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $2.707 billion USD | $396 million USD |
GDP Per Capita (2023)  | 2,252 USD | 3,430 USD |
GINI Ratio (2023)  | 0.37 | 0.42 |
Inflation on Consumer Prices (2023)  | 5.89 % annually | 5.41 % annually |
Central Government Debt (2023)  | 15.4 % of GDP | 27.9 % 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 Solomon Islands is $2.707 billion USD and that of Micronesia is $396 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 Solomon Islands contributes less to the country's economy compared to a person working in Micronesia.
Indicators | Solomon Islands | Micronesia |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.562 | 0.623 |
Human Capital Index (HCI) (2024)  | 0.42 | 0.51 |
Literacy Rate (2023)  | 76.6% (15 years+ above age) | 89% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 64.8 years | 65.7 years |
Healthy Life Expectancy Ratio (2023)  | 57.4 years | 57.9 years |
Poverty Ratio (2023)  | 12.7% of total Population | 41.2% of total Population |
Unemployment Rate (2023)  | 1.54% 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 Solomon Islands is [ 0.562 ] and the HDI of Micronesia is [ 0.623 ].
The data shows that the people living in Solomon Islands has lower income, life expectancy and education level compared to Micronesia.
Indicators | Solomon Islands | Micronesia |
|---|---|---|
Gross National Expenditure (2023)  | 114.28 % of GDP | 227.91 % of GDP |
Total Health Expenditure (2023)  | 4.76 % of GDP | 10.96 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | Yet to Update |
Government Expenditure on Education (2023)  | 7.48 % of GDP | 10.54 % of GDP |
International Tourism Expenditure (2023)  | 30.91 million USD | 29 million USD |
Number of International Tourists Arrivals (2023)  | 4,400 | 18,000 |
Military Expenditure (2023)  | Yet to Update | Yet to Update |
The total Gross National Expenditure of Solomon Islands is 114.28% of its GDP and the total Gross National Expenditure of Micronesia is 227.91% of its GDP.
From the above data, we can say that Solomon Islands spends 1.99 times less of its GDP on Gross National Expenditure compared to Micronesia.
Indicators | Solomon Islands | Micronesia |
|---|---|---|
Number of Doctors (2023)  | 1.91 (Per 10,000 People) | 9.63 (Per 10,000 People) |
Number of Nurses (2023)  | 21.4 (Per 10,000 People) | 21.99 (Per 10,000 People) |
Number of Pharmacists (2023)  | 1.18 (Per 10,000 People) | Yet to Update |
Available Hospital Beds (2023)  | 1.4 (Per 1000 People) | 3.2 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 88.5 % of total Population | 80 % of total Population |
Solomon Islands has 5.04 times less Doctors compared to Micronesia (Per 10,000 People).
Solomon Islands has 1.03 times less Nurses compared to Micronesia (Per 10,000 People).
Indicators | Solomon Islands | Micronesia |
|---|---|---|
Agricultural Land (2023)  | 1,200 Sq Km | 50 Sq Km |
Forest Area (2023)  | 25,222.4 Sq Km | 644.5 Sq Km |
CO2 Emissions (2023)  | 0.12 kg per PPP $ of GDP | 0.26 kg per PPP $ of GDP |
Access to Electricity (2023)  | 76 % of total Population | 85.3 % of total Population |
Access to Internet (2023)  | 36.13 % of total Population | 40.41 % of total Population |
Annual Fresh Water Withdrawals (2023)  | Yet to Update | Yet to Update |
76% of the total Population of Solomon Islands has access to the electricity in their homes, whereas, in case of Micronesia, 85.3% of the total Population has access to electricity.
Indicators | Solomon Islands | Micronesia |
|---|---|---|
Time Required to Start a Business (2023)  | 9 Days | 16 Days |
New Businesses Registered (2023)  | 444 (New Businesses) | 25 (New Businesses) |
New Businesses Registration Density (2023)  | 1.19 (Per 1000 People) | 0.36 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 27.4 % of GNI Per Capita | 141.4 % of GNI Per Capita |
In the year 2023, 444 new businesses got registered in Solomon Islands and 25 new businesses got registered in Micronesia.
It usually takes 9 days in Solomon Islands and 16 days in Micronesia to register a new business legally and systematically.
Indicators | Solomon Islands | Micronesia |
|---|---|---|
Imports of Goods and Services (2023)  | 51.75 % of GDP | 67.54 % of GDP |
Total Fuel Imports (2023)  | 16.85 % of Merchandise Imports | 30.09 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 740 USD | 180 USD |
Time to Import Border Compliance (2023)  | 108 Hours | 56 Hours |
Cost to Import Documentary Compliance (2023)  | 215 USD | 80 USD |
Time to Import Documentary Compliance (2023)  | 36.5 Hours | 35 Hours |
Indicators | Solomon Islands | Micronesia |
|---|---|---|
Exports of Goods and Services (2023)  | 26.29 % of GDP | 27.35 % of GDP |
Total Fuel Exports (2023)  | 0.00001 % of Merchandise Exports | Yet to Update |
Cost to Export Border Compliance (2023)  | 630 USD | 168 USD |
Time to Export Border Compliance (2023)  | 109.5 Hours | 36 Hours |
Cost to Export Documentary Compliance (2023)  | 257 USD | 60 USD |
Time to Export Documentary Compliance (2023)  | 60 Hours | 26 Hours |
Indicators | Solomon Islands | Micronesia |
|---|---|---|
Gross National Savings (2023)  | 17.54 % of GDP | Yet to Update |
Tax Revenue (2023)  | 20.67 % of GDP | 7.05 % of GDP |
Taxes on Exports (2023)  | 12.32 % of Tax Revenue | Yet to Update |
Taxes on Goods and Services (2023)  | 19.05 % of Tax Revenue | 3.4 % of Tax Revenue |
Taxes on International Trade (2023)  | 27.55 % of Revenue | 4.5 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 80 Hours | 128 Hours |
Customs and Other Import Duties (2023)  | 24.8 % of Tax Revenue | 23.63 % of Tax Revenue |
The taxes charged by Solomon Islands on international trade is 27.55% of the total revenue and the taxes charged by Micronesia on international trade is 4.5% of the total revenue.
The Taxes charged on International Trade by Solomon Islands is 6.12 times more of its total revenue than of Micronesia.
We hope you enjoyed the detailed guide on the standard of living comparsion between Solomon Islands and Micronesia.
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