Published: Monday, 21th October 2024
The Standard of living in Sri Lanka is 1.22 times lesser as compared to Grenada.
In this page, you will find side-by-side Standard of Living comparison between Sri Lanka and Grenada. 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 Sri Lanka and Grenada.
 Indicators  | Sri Lanka  | Grenada  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $73.7 billion USD | $1.3 billion USD |
GDP Per Capita (2023)  | 3,293 USD | 11,437 USD |
GINI Ratio (2023)  | 0.40 | 0.39 |
Inflation on Consumer Prices (2023)  | 16.54 % annually | 2.7 % annually |
Central Government Debt (2023)  | 73.5 % 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 Sri Lanka is $73.7 billion USD and that of Grenada is $1.3 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 Sri Lanka contributes less to the country's economy compared to a person working in Grenada.
Indicators | Sri Lanka | Grenada |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.780 | 0.793 |
Human Capital Index (HCI) (2024)  | 0.6 | 0.57 |
Literacy Rate (2023)  | 92.49% (15 years+ above age) | 98.4% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 77.2 years | 72.8 years |
Healthy Life Expectancy Ratio (2023)  | 66.7 years | 63.2 years |
Poverty Ratio (2023)  | 14.3% of total Population | 25% of total Population |
Unemployment Rate (2023)  | 6.36% 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 Sri Lanka is [ 0.780 ] and the HDI of Grenada is [ 0.793 ].
The data shows that the people living in Sri Lanka has lower income, life expectancy and education level compared to Grenada.
Indicators | Sri Lanka | Grenada |
|---|---|---|
Gross National Expenditure (2023)  | 101.49 % of GDP | Yet to Update |
Total Health Expenditure (2023)  | 4.07 % of GDP | 5.7 % of GDP |
Research and Development Expenditure (2023)  | 0.12 % of GDP | Yet to Update |
Government Expenditure on Education (2023)  | 1.2 % of GDP | 3.93 % of GDP |
International Tourism Expenditure (2023)  | 803 million USD | 12 million USD |
Number of International Tourists Arrivals (2023)  | 540,000 | 217,000 |
Military Expenditure (2023)  | 1.43 % of GDP | Yet to Update |
Indicators | Sri Lanka | Grenada |
|---|---|---|
Number of Doctors (2023)  | 11.9 (Per 10,000 People) | 13.14 (Per 10,000 People) |
Number of Nurses (2023)  | 24.4 (Per 10,000 People) | 57.5 (Per 10,000 People) |
Number of Pharmacists (2023)  | 1.06 (Per 10,000 People) | 6.25 (Per 10,000 People) |
Available Hospital Beds (2023)  | 4.15 (Per 1000 People) | 3.57 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 98.8 % of total Population | 100 % of total Population |
Sri Lanka has 1.10 times less Doctors compared to Grenada (Per 10,000 People).
Sri Lanka has 2.36 times less Nurses compared to Grenada (Per 10,000 People).
Indicators | Sri Lanka | Grenada |
|---|---|---|
Agricultural Land (2023)  | 28,120 Sq Km | 80 Sq Km |
Forest Area (2023)  | 21,098.6 Sq Km | 177 Sq Km |
CO2 Emissions (2023)  | 0.08 kg per PPP $ of GDP | 0.19 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 94.2 % of total Population |
Access to Internet (2023)  | 44.45 % of total Population | 77.77 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 12.95 Billion cubic meters | 0.01 Billion cubic meters |
100% of the total Population of Sri Lanka has access to the electricity in their homes, whereas, in case of Grenada, 94.2% of the total Population has access to electricity.
Indicators | Sri Lanka | Grenada |
|---|---|---|
Time Required to Start a Business (2023)  | 8 Days | 12 Days |
New Businesses Registered (2023)  | 17,447 (New Businesses) | 217 (New Businesses) |
New Businesses Registration Density (2023)  | 1.2 (Per 1000 People) | 2.65 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 8.7 % of GNI Per Capita | 14.4 % of GNI Per Capita |
In the year 2023, 17,447 new businesses got registered in Sri Lanka and 217 new businesses got registered in Grenada.
It usually takes 8 days in Sri Lanka and 12 days in Grenada to register a new business legally and systematically.
Indicators | Sri Lanka | Grenada |
|---|---|---|
Imports of Goods and Services (2023)  | 21.89 % of GDP | Yet to Update |
Total Fuel Imports (2023)  | 24.84 % of Merchandise Imports | 17.62 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 299.67 USD | 1,256 USD |
Time to Import Border Compliance (2023)  | 72 Hours | 37.33 Hours |
Cost to Import Documentary Compliance (2023)  | 282.78 USD | 50 USD |
Time to Import Documentary Compliance (2023)  | 48 Hours | 24 Hours |
Indicators | Sri Lanka | Grenada |
|---|---|---|
Exports of Goods and Services (2023)  | 20.39 % of GDP | Yet to Update |
Total Fuel Exports (2023)  | 3.23 % of Merchandise Exports | 0.01 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 366.11 USD | 1,034.44 USD |
Time to Export Border Compliance (2023)  | 43 Hours | 101.44 Hours |
Cost to Export Documentary Compliance (2023)  | 57.58 USD | 40 USD |
Time to Export Documentary Compliance (2023)  | 48 Hours | 13.33 Hours |
Indicators | Sri Lanka | Grenada |
|---|---|---|
Gross National Savings (2023)  | 27.23 % of GDP | Yet to Update |
Tax Revenue (2023)  | 7.28 % of GDP | Yet to Update |
Taxes on Exports (2023)  | 0.13 % of Tax Revenue | Yet to Update |
Taxes on Goods and Services (2023)  | 43.37 % of Tax Revenue | Yet to Update |
Taxes on International Trade (2023)  | 17.1 % of Revenue | Yet to Update |
Time to Prepare and Pay Taxes (2023)  | 129 Hours | 140 Hours |
Customs and Other Import Duties (2023)  | 19.53 % of Tax Revenue | Yet to Update |
We hope you enjoyed the detailed guide on the standard of living comparsion between Sri Lanka and Grenada.
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