Published: Monday, 21th October 2024
The Standard of living in South Korea is 1.08 times better as compared to Czech Republic.
In this page, you will find side-by-side Standard of Living comparison between South Korea and Czech Republic. 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 South Korea and Czech Republic.
 Indicators  | South Korea  | Czech Republic  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $1.761 trillion USD | $325.880 billion USD |
GDP Per Capita (2023)  | 34,165 USD | 29,800 USD |
GINI Ratio (2023)  | 0.33 | 0.24 |
Inflation on Consumer Prices (2023)  | 3.59 % annually | 10.66 % annually |
Central Government Debt (2023)  | 51.2 % of GDP | 14.1 % 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 South Korea is $1.761 trillion USD and that of Czech Republic is $325.880 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 South Korea contributes more to the country's economy compared to a person working in Czech Republic.
Indicators | South Korea | Czech Republic |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.929 | 0.895 |
Human Capital Index (HCI) (2024)  | 0.8 | 0.75 |
Literacy Rate (2023)  | 98.8% (15 years+ above age) | 99% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 83.5 years | 77.1 years |
Healthy Life Expectancy Ratio (2023)  | 74.5 years | 66.7 years |
Poverty Ratio (2023)  | Yet to Update | 10.2% of total Population |
Unemployment Rate (2023)  | 2.64% of total labor force | 2.59% 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 South Korea is [ 0.929 ] and the HDI of Czech Republic is [ 0.895 ].
The data shows that the people living in South Korea has better income, life expectancy and education level compared to Czech Republic.
Indicators | South Korea | Czech Republic |
|---|---|---|
Gross National Expenditure (2023)  | 99.96 % of GDP | 94.9 % of GDP |
Total Health Expenditure (2023)  | 8.3 % of GDP | 9.49 % of GDP |
Research and Development Expenditure (2023)  | 4.93 % of GDP | 2 % of GDP |
Government Expenditure on Education (2023)  | 5.4 % of GDP | 5.05 % of GDP |
International Tourism Expenditure (2023)  | 16,705 million USD | 3,495 million USD |
Number of International Tourists Arrivals (2023)  | Yet to Update | 37,202,000 |
Military Expenditure (2023)  | 2.72 % of GDP | 1.36 (% of GDP) |
The total Gross National Expenditure of South Korea is 99.96% of its GDP and the total Gross National Expenditure of Czech Republic is 94.9% of its GDP.
From the above data, we can say that South Korea spends 1.05 times more of its GDP on Gross National Expenditure compared to Czech Republic.
Indicators | South Korea | Czech Republic |
|---|---|---|
Number of Doctors (2023)  | 2.4 (Per 10,000 People) | 42.5 (Per 10,000 People) |
Number of Nurses (2023)  | 10.2 (Per 10,000 People) | 93.6 (Per 10,000 People) |
Number of Pharmacists (2023)  | 1.7 (Per 10,000 People) | 7.15 (Per 10,000 People) |
Available Hospital Beds (2023)  | 12.43 (Per 1000 People) | 6.62 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | Yet to Update | 99 % of total Population |
South Korea has 17.71 times less Doctors compared to Czech Republic (Per 10,000 People).
South Korea has 9.18 times less Nurses compared to Czech Republic (Per 10,000 People).
Indicators | South Korea | Czech Republic |
|---|---|---|
Agricultural Land (2023)  | 16,030 Sq Km | 35,297.97 Sq Km |
Forest Area (2023)  | 62,770 Sq Km | 26,789 Sq Km |
CO2 Emissions (2023)  | 0.24 kg per PPP $ of GDP | 0.19 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 97.17 % of total Population | 84.54 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 29.2 Billion cubic meters | 1.37 Billion cubic meters |
100% of the total Population of South Korea has access to the electricity in their homes, whereas, in case of Czech Republic, 100% of the total Population has access to electricity.
Indicators | South Korea | Czech Republic |
|---|---|---|
Time Required to Start a Business (2023)  | 8 Days | 24.5 Days |
New Businesses Registered (2023)  | 113,180 (New Businesses) | 27,121 (New Businesses) |
New Businesses Registration Density (2023)  | 3.09 (Per 1000 People) | 4.06 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 14.6 % of GNI Per Capita | 1.1 % of GNI Per Capita |
In the year 2023, 113,180 new businesses got registered in South Korea and 27,121 new businesses got registered in Czech Republic.
It usually takes 8 days in South Korea and 24.5 days in Czech Republic to register a new business legally and systematically.
Indicators | South Korea | Czech Republic |
|---|---|---|
Imports of Goods and Services (2023)  | 43.94 % of GDP | 66.91 % of GDP |
Total Fuel Imports (2023)  | 29.9 % of Merchandise Imports | 6.1 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 314.64 USD | Yet to Update |
Time to Import Border Compliance (2023)  | 6 Hours | Yet to Update |
Cost to Import Documentary Compliance (2023)  | 26.75 USD | Yet to Update |
Time to Import Documentary Compliance (2023)  | 1 Hour | 0.5 Hour |
Indicators | South Korea | Czech Republic |
|---|---|---|
Exports of Goods and Services (2023)  | 44 % of GDP | 72.01 % of GDP |
Total Fuel Exports (2023)  | 9.47 % of Merchandise Exports | 1.92 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 184.72 USD | Yet to Update |
Time to Export Border Compliance (2023)  | 13.38 Hours | Yet to Update |
Cost to Export Documentary Compliance (2023)  | 11.1 USD | Yet to Update |
Time to Export Documentary Compliance (2023)  | 1 Hour | 0.5 Hour |
Indicators | South Korea | Czech Republic |
|---|---|---|
Gross National Savings (2023)  | 33.77 % of GDP | 28.93 % of GDP |
Tax Revenue (2023)  | 18.44 % of GDP | 13.13 % of GDP |
Taxes on Exports (2023)  | Yet to Update | Yet to Update |
Taxes on Goods and Services (2023)  | 16.89 % of Tax Revenue | 25.53 % of Tax Revenue |
Taxes on International Trade (2023)  | 1.4 % of Revenue | 0.38 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 174 Hours | 230 Hours |
Customs and Other Import Duties (2023)  | 2.46 % of Tax Revenue | 0.82 % of Tax Revenue |
The taxes charged by South Korea on international trade is 1.4% of the total revenue and the taxes charged by Czech Republic on international trade is 0.38% of the total revenue.
The Taxes charged on International Trade by South Korea is 3.68 times more of its total revenue than of Czech Republic.
We hope you enjoyed the detailed guide on the standard of living comparsion between South Korea and Czech Republic.
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