Published: Monday, 21th October 2024
The Standard of living in South Korea is 2.70 times better as compared to Eritrea.
In this page, you will find side-by-side Standard of Living comparison between South Korea and Eritrea. 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 Eritrea.
 Indicators  | South Korea  | Eritrea  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $1.761 trillion USD | $1.98 billion USD |
GDP Per Capita (2023)  | 34,165 USD | 566 USD |
GINI Ratio (2023)  | 0.33 | 0.42 |
Inflation on Consumer Prices (2023)  | 3.59 % annually | Yet to Update |
Central Government Debt (2023)  | 51.2 % of GDP | 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 South Korea is $1.761 trillion USD and that of Eritrea is $1.98 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 Eritrea.
Indicators | South Korea | Eritrea |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.929 | 0.493 |
Human Capital Index (HCI) (2024)  | 0.8 | Yet to Update |
Literacy Rate (2023)  | 98.8% (15 years+ above age) | 76.57% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 83.5 years | 63.6 years |
Healthy Life Expectancy Ratio (2023)  | 74.5 years | 55.4 years |
Poverty Ratio (2023)  | Yet to Update | 69% of total Population |
Unemployment Rate (2023)  | 2.64% of total labor force | 5.87% 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 Eritrea is [ 0.493 ].
The data shows that the people living in South Korea has better income, life expectancy and education level compared to Eritrea.
Indicators | South Korea | Eritrea |
|---|---|---|
Gross National Expenditure (2023)  | 99.96 % of GDP | 137.41 % of GDP |
Total Health Expenditure (2023)  | 8.3 % of GDP | 4.15 % of GDP |
Research and Development Expenditure (2023)  | 4.93 % of GDP | Yet to Update |
Government Expenditure on Education (2023)  | 5.4 % of GDP | 2.13 % of GDP |
International Tourism Expenditure (2023)  | 16,705 million USD | Yet to Update |
Number of International Tourists Arrivals (2023)  | Yet to Update | 142,000 |
Military Expenditure (2023)  | 2.72 % of GDP | 20.87 (% of GDP) |
The total Gross National Expenditure of South Korea is 99.96% of its GDP and the total Gross National Expenditure of Eritrea is 137.41% of its GDP.
From the above data, we can say that South Korea spends 1.37 times less of its GDP on Gross National Expenditure compared to Eritrea.
Indicators | South Korea | Eritrea |
|---|---|---|
Number of Doctors (2023)  | 2.4 (Per 10,000 People) | 0.79 (Per 10,000 People) |
Number of Nurses (2023)  | 10.2 (Per 10,000 People) | 13.12 (Per 10,000 People) |
Number of Pharmacists (2023)  | 1.7 (Per 10,000 People) | 0.57 (Per 10,000 People) |
Available Hospital Beds (2023)  | 12.43 (Per 1000 People) | 0.7 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | Yet to Update | 88.5 % of total Population |
South Korea has 3.04 times more Doctors compared to Eritrea (Per 10,000 People).
South Korea has 1.29 times less Nurses compared to Eritrea (Per 10,000 People).
Indicators | South Korea | Eritrea |
|---|---|---|
Agricultural Land (2023)  | 16,030 Sq Km | 75,920 Sq Km |
Forest Area (2023)  | 62,770 Sq Km | 10,521 Sq Km |
CO2 Emissions (2023)  | 0.24 kg per PPP $ of GDP | 0.11 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 55.4 % of total Population |
Access to Internet (2023)  | 97.17 % of total Population | 21.73 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 29.2 Billion cubic meters | 0.58 Billion cubic meters |
100% of the total Population of South Korea has access to the electricity in their homes, whereas, in case of Eritrea, 55.4% of the total Population has access to electricity.
Indicators | South Korea | Eritrea |
|---|---|---|
Time Required to Start a Business (2023)  | 8 Days | 84 Days |
New Businesses Registered (2023)  | 113,180 (New Businesses) | Yet to Update |
New Businesses Registration Density (2023)  | 3.09 (Per 1000 People) | Yet to Update |
Cost of Business Start-Up Procedures (2023)  | 14.6 % of GNI Per Capita | 21.3 % of GNI Per Capita |
It usually takes 8 days in South Korea and 84 days in Eritrea to register a new business legally and systematically.
Indicators | South Korea | Eritrea |
|---|---|---|
Imports of Goods and Services (2023)  | 43.94 % of GDP | 29.24 % of GDP |
Total Fuel Imports (2023)  | 29.9 % of Merchandise Imports | 0.87 % 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 | Yet to Update |
Indicators | South Korea | Eritrea |
|---|---|---|
Exports of Goods and Services (2023)  | 44 % of GDP | 18.15 % of GDP |
Total Fuel Exports (2023)  | 9.47 % of Merchandise Exports | Yet to Update |
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 | Yet to Update |
Indicators | South Korea | Eritrea |
|---|---|---|
Gross National Savings (2023)  | 33.77 % of GDP | 15.82 % of GDP |
Tax Revenue (2023)  | 18.44 % of GDP | Yet to Update |
Taxes on Exports (2023)  | Yet to Update | Yet to Update |
Taxes on Goods and Services (2023)  | 16.89 % of Tax Revenue | Yet to Update |
Taxes on International Trade (2023)  | 1.4 % of Revenue | Yet to Update |
Time to Prepare and Pay Taxes (2023)  | 174 Hours | 216 Hours |
Customs and Other Import Duties (2023)  | 2.46 % of Tax Revenue | Yet to Update |
We hope you enjoyed the detailed guide on the standard of living comparsion between South Korea and Eritrea.
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