Published: Monday, 21th October 2024
The Standard of living in Somalia is 9.65 times lesser as compared to Monaco.
In this page, you will find side-by-side Standard of Living comparison between Somalia and Monaco. 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 Somalia and Monaco.
 Indicators  | Somalia  | Monaco  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $12.8 billion USD | $7.424 billion USD |
GDP Per Capita (2023)  | 775 USD | 190,513 USD |
GINI Ratio (2023)  | 0.41 | 0.27 |
Inflation on Consumer Prices (2023)  | Yet to Update | Yet to Update |
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 Somalia is $12.8 billion USD and that of Monaco is $7.424 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 Somalia contributes less to the country's economy compared to a person working in Monaco.
Indicators | Somalia | Monaco |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.380 | 0.956 |
Human Capital Index (HCI) (2024)  | Yet to Update | Yet to Update |
Literacy Rate (2023)  | 41.03% (15 years+ above age) | 100% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 54 years | Yet to Update |
Healthy Life Expectancy Ratio (2023)  | 47.4 years | 62.6 years |
Poverty Ratio (2023)  | 54.4% of total Population | Yet to Update |
Unemployment Rate (2023)  | 19.03% 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 Somalia is [ 0.380 ] and the HDI of Monaco is [ 0.956 ].
The data shows that the people living in Somalia has lower income, life expectancy and education level compared to Monaco.
Indicators | Somalia | Monaco |
|---|---|---|
Gross National Expenditure (2023)  | 113.78 % of GDP | Yet to Update |
Total Health Expenditure (2023)  | Yet to Update | 3.68 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | 0.04 % of GDP |
Government Expenditure on Education (2023)  | 0.27 % of GDP | 1.42 % of GDP |
International Tourism Expenditure (2023)  | Yet to Update | Yet to Update |
Number of International Tourists Arrivals (2023)  | Yet to Update | 159,000 |
Military Expenditure (2023)  | 1.53 % of GDP | Yet to Update |
Indicators | Somalia | Monaco |
|---|---|---|
Number of Doctors (2023)  | 0.23 (Per 10,000 People) | 88.9 (Per 10,000 People) |
Number of Nurses (2023)  | 1.13 (Per 10,000 People) | 208.3 (Per 10,000 People) |
Number of Pharmacists (2023)  | Yet to Update | 24.1 (Per 10,000 People) |
Available Hospital Beds (2023)  | 0.87 (Per 1000 People) | 13.8 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 31.1 % of total Population | Yet to Update |
Somalia has 386.52 times less Doctors compared to Monaco (Per 10,000 People).
Somalia has 184.34 times less Nurses compared to Monaco (Per 10,000 People).
Indicators | Somalia | Monaco |
|---|---|---|
Agricultural Land (2023)  | 441,290 Sq Km | Yet to Update |
Forest Area (2023)  | 59,032.5 Sq Km | Yet to Update |
CO2 Emissions (2023)  | 0.03 kg per PPP $ of GDP | Yet to Update |
Access to Electricity (2023)  | 48.9 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 2 % of total Population | 86.1 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 3.3 Billion cubic meters | 0.01 Billion cubic meters |
48.9% of the total Population of Somalia has access to the electricity in their homes, whereas, in case of Monaco, 100% of the total Population has access to electricity.
Indicators | Somalia | Monaco |
|---|---|---|
Time Required to Start a Business (2023)  | 70 Days | Yet to Update |
New Businesses Registered (2023)  | 2,700 (New Businesses) | Yet to Update |
New Businesses Registration Density (2023)  | 0.31 (Per 1000 People) | Yet to Update |
Cost of Business Start-Up Procedures (2023)  | 198.2 % of GNI Per Capita | Yet to Update |
Indicators | Somalia | Monaco |
|---|---|---|
Imports of Goods and Services (2023)  | 76.69 % of GDP | Yet to Update |
Total Fuel Imports (2023)  | 12.44 % of Merchandise Imports | Yet to Update |
Cost to Import Border Compliance (2023)  | 952 USD | Yet to Update |
Time to Import Border Compliance (2023)  | 85 Hours | Yet to Update |
Cost to Import Documentary Compliance (2023)  | 300 USD | Yet to Update |
Time to Import Documentary Compliance (2023)  | 76 Hours | Yet to Update |
Indicators | Somalia | Monaco |
|---|---|---|
Exports of Goods and Services (2023)  | 17.89 % of GDP | Yet to Update |
Total Fuel Exports (2023)  | 1.12 % of Merchandise Exports | Yet to Update |
Cost to Export Border Compliance (2023)  | 495 USD | Yet to Update |
Time to Export Border Compliance (2023)  | 44 Hours | Yet to Update |
Cost to Export Documentary Compliance (2023)  | 350 USD | Yet to Update |
Time to Export Documentary Compliance (2023)  | 72.5 Hours | Yet to Update |
Indicators | Somalia | Monaco |
|---|---|---|
Gross National Savings (2023)  | Yet to Update | Yet to Update |
Tax Revenue (2023)  | 0.0001 % of GDP | Yet to Update |
Taxes on Exports (2023)  | 0.37 % of Tax Revenue | Yet to Update |
Taxes on Goods and Services (2023)  | 6.38 % of Tax Revenue | Yet to Update |
Taxes on International Trade (2023)  | 17.98 % of Revenue | Yet to Update |
Time to Prepare and Pay Taxes (2023)  | Yet to Update | Yet to Update |
Customs and Other Import Duties (2023)  | 65.24 % of Tax Revenue | Yet to Update |
We hope you enjoyed the detailed guide on the standard of living comparsion between Somalia and Monaco.
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