Published: Monday, 21th October 2024
The Standard of living in Sri Lanka is 1.08 times better as compared to Nicaragua.
In this page, you will find side-by-side Standard of Living comparison between Sri Lanka and Nicaragua. 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 Nicaragua.
 Indicators  | Sri Lanka  | Nicaragua  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $73.7 billion USD | $17.353 billion USD |
GDP Per Capita (2023)  | 3,293 USD | 2,599 USD |
GINI Ratio (2023)  | 0.40 | 0.46 |
Inflation on Consumer Prices (2023)  | 16.54 % annually | 8.39 % 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 Nicaragua is $17.353 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 more to the country's economy compared to a person working in Nicaragua.
Indicators | Sri Lanka | Nicaragua |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.780 | 0.669 |
Human Capital Index (HCI) (2024)  | 0.6 | 0.51 |
Literacy Rate (2023)  | 92.49% (15 years+ above age) | 82.61% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 77.2 years | 75 years |
Healthy Life Expectancy Ratio (2023)  | 66.7 years | 64.6 years |
Poverty Ratio (2023)  | 14.3% of total Population | 24.9% of total Population |
Unemployment Rate (2023)  | 6.36% of total labor force | 4.79% 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 Sri Lanka is [ 0.780 ] and the HDI of Nicaragua is [ 0.669 ].
The data shows that the people living in Sri Lanka has better income, life expectancy and education level compared to Nicaragua.
Indicators | Sri Lanka | Nicaragua |
|---|---|---|
Gross National Expenditure (2023)  | 101.49 % of GDP | 113.27 % of GDP |
Total Health Expenditure (2023)  | 4.07 % of GDP | 9.68 % of GDP |
Research and Development Expenditure (2023)  | 0.12 % of GDP | 0.11 % of GDP |
Government Expenditure on Education (2023)  | 1.2 % of GDP | 4.09 % of GDP |
International Tourism Expenditure (2023)  | 803 million USD | 102 million USD |
Number of International Tourists Arrivals (2023)  | 540,000 | 474,000 |
Military Expenditure (2023)  | 1.43 % of GDP | 0.53 (% of GDP) |
The total Gross National Expenditure of Sri Lanka is 101.49% of its GDP and the total Gross National Expenditure of Nicaragua is 113.27% of its GDP.
From the above data, we can say that Sri Lanka spends 1.12 times less of its GDP on Gross National Expenditure compared to Nicaragua.
Indicators | Sri Lanka | Nicaragua |
|---|---|---|
Number of Doctors (2023)  | 11.9 (Per 10,000 People) | 6.64 (Per 10,000 People) |
Number of Nurses (2023)  | 24.4 (Per 10,000 People) | 15.29 (Per 10,000 People) |
Number of Pharmacists (2023)  | 1.06 (Per 10,000 People) | 1.84 (Per 10,000 People) |
Available Hospital Beds (2023)  | 4.15 (Per 1000 People) | 0.93 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 98.8 % of total Population | 94.6 % of total Population |
Sri Lanka has 1.79 times more Doctors compared to Nicaragua (Per 10,000 People).
Sri Lanka has 1.60 times more Nurses compared to Nicaragua (Per 10,000 People).
Indicators | Sri Lanka | Nicaragua |
|---|---|---|
Agricultural Land (2023)  | 28,120 Sq Km | 50,910 Sq Km |
Forest Area (2023)  | 21,098.6 Sq Km | 33,075.3 Sq Km |
CO2 Emissions (2023)  | 0.08 kg per PPP $ of GDP | 0.11 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 86.5 % of total Population |
Access to Internet (2023)  | 44.45 % of total Population | 57.15 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 12.95 Billion cubic meters | 1.27 Billion cubic meters |
100% of the total Population of Sri Lanka has access to the electricity in their homes, whereas, in case of Nicaragua, 86.5% of the total Population has access to electricity.
Indicators | Sri Lanka | Nicaragua |
|---|---|---|
Time Required to Start a Business (2023)  | 8 Days | 14 Days |
New Businesses Registered (2023)  | 17,447 (New Businesses) | Yet to Update |
New Businesses Registration Density (2023)  | 1.2 (Per 1000 People) | Yet to Update |
Cost of Business Start-Up Procedures (2023)  | 8.7 % of GNI Per Capita | 65.7 % of GNI Per Capita |
It usually takes 8 days in Sri Lanka and 14 days in Nicaragua to register a new business legally and systematically.
Indicators | Sri Lanka | Nicaragua |
|---|---|---|
Imports of Goods and Services (2023)  | 21.89 % of GDP | 59.07 % of GDP |
Total Fuel Imports (2023)  | 24.84 % of Merchandise Imports | 14.08 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 299.67 USD | 399.78 USD |
Time to Import Border Compliance (2023)  | 72 Hours | 72 Hours |
Cost to Import Documentary Compliance (2023)  | 282.78 USD | 86.11 USD |
Time to Import Documentary Compliance (2023)  | 48 Hours | 16 Hours |
Indicators | Sri Lanka | Nicaragua |
|---|---|---|
Exports of Goods and Services (2023)  | 20.39 % of GDP | 45.8 % of GDP |
Total Fuel Exports (2023)  | 3.23 % of Merchandise Exports | 0.64 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 366.11 USD | 240 USD |
Time to Export Border Compliance (2023)  | 43 Hours | 72 Hours |
Cost to Export Documentary Compliance (2023)  | 57.58 USD | 46.67 USD |
Time to Export Documentary Compliance (2023)  | 48 Hours | 48 Hours |
Indicators | Sri Lanka | Nicaragua |
|---|---|---|
Gross National Savings (2023)  | 27.23 % of GDP | 30.22 % of GDP |
Tax Revenue (2023)  | 7.28 % of GDP | 19.84 % of GDP |
Taxes on Exports (2023)  | 0.13 % of Tax Revenue | 0.01 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 43.37 % of Tax Revenue | 46.07 % of Tax Revenue |
Taxes on International Trade (2023)  | 17.1 % of Revenue | 3.24 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 129 Hours | 201 Hours |
Customs and Other Import Duties (2023)  | 19.53 % of Tax Revenue | 3.54 % of Tax Revenue |
The taxes charged by Sri Lanka on international trade is 17.1% of the total revenue and the taxes charged by Nicaragua on international trade is 3.24% of the total revenue.
The Taxes charged on International Trade by Sri Lanka is 5.28 times more of its total revenue than of Nicaragua.
We hope you enjoyed the detailed guide on the standard of living comparsion between Sri Lanka and Nicaragua.
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