Published: Monday, 21th October 2024
The Standard of living in Timor-Leste is 1.58 times lesser as compared to Panama.
In this page, you will find side-by-side Standard of Living comparison between Timor-Leste and Panama. 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 Timor-Leste and Panama.
 Indicators  | Timor-Leste  | Panama  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $2.77 billion USD | $82.3 billion USD |
GDP Per Capita (2023)  | 2,014 USD | 18,493 USD |
GINI Ratio (2023)  | 0.35 | 0.50 |
Inflation on Consumer Prices (2023)  | 0.96 % annually | 1.49 % annually |
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 Timor-Leste is $2.77 billion USD and that of Panama is $82.3 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 Timor-Leste contributes less to the country's economy compared to a person working in Panama.
Indicators | Timor-Leste | Panama |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.616 | 0.820 |
Human Capital Index (HCI) (2024)  | 0.45 | 0.5 |
Literacy Rate (2023)  | 69.9% (15 years+ above age) | 95.74% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 68 years | 77.2 years |
Healthy Life Expectancy Ratio (2023)  | 59.5 years | 66.7 years |
Poverty Ratio (2023)  | 41.8% of total Population | 21.5% of total Population |
Unemployment Rate (2023)  | 1.52% of total labor force | 6.7% 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 Timor-Leste is [ 0.616 ] and the HDI of Panama is [ 0.820 ].
The data shows that the people living in Timor-Leste has lower income, life expectancy and education level compared to Panama.
Indicators | Timor-Leste | Panama |
|---|---|---|
Gross National Expenditure (2023)  | 86.28 % of GDP | 100.07 % of GDP |
Total Health Expenditure (2023)  | 11.44 % of GDP | 9.68 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | 0.18 % of GDP |
Government Expenditure on Education (2023)  | 2.97 % of GDP | 3.89 % of GDP |
International Tourism Expenditure (2023)  | 61 million USD | 601 million USD |
Number of International Tourists Arrivals (2023)  | Yet to Update | 647,000 |
Military Expenditure (2023)  | 1.11 % of GDP | 0.97 (% of GDP) |
The total Gross National Expenditure of Timor-Leste is 86.28% of its GDP and the total Gross National Expenditure of Panama is 100.07% of its GDP.
From the above data, we can say that Timor-Leste spends 1.16 times less of its GDP on Gross National Expenditure compared to Panama.
Indicators | Timor-Leste | Panama |
|---|---|---|
Number of Doctors (2023)  | 7.67 (Per 10,000 People) | 17.34 (Per 10,000 People) |
Number of Nurses (2023)  | 17.7 (Per 10,000 People) | 37.5 (Per 10,000 People) |
Number of Pharmacists (2023)  | 2.12 (Per 10,000 People) | 2.3 (Per 10,000 People) |
Available Hospital Beds (2023)  | 5.9 (Per 1000 People) | 2.25 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 84.4 % of total Population | 99.1 % of total Population |
Timor-Leste has 2.26 times less Doctors compared to Panama (Per 10,000 People).
Timor-Leste has 2.12 times less Nurses compared to Panama (Per 10,000 People).
Indicators | Timor-Leste | Panama |
|---|---|---|
Agricultural Land (2023)  | 3,414 Sq Km | 21,813.16 Sq Km |
Forest Area (2023)  | 9,197 Sq Km | 42,024.23 Sq Km |
CO2 Emissions (2023)  | 0.05 kg per PPP $ of GDP | 0.08 kg per PPP $ of GDP |
Access to Electricity (2023)  | 99.7 % of total Population | 95 % of total Population |
Access to Internet (2023)  | 39.45 % of total Population | 67.51 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 1.17 Billion cubic meters | 1.21 Billion cubic meters |
99.7% of the total Population of Timor-Leste has access to the electricity in their homes, whereas, in case of Panama, 95% of the total Population has access to electricity.
Indicators | Timor-Leste | Panama |
|---|---|---|
Time Required to Start a Business (2023)  | 13 Days | 6 Days |
New Businesses Registered (2023)  | 1,911 (New Businesses) | 13,048 (New Businesses) |
New Businesses Registration Density (2023)  | 2.37 (Per 1000 People) | 4.55 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 0.7 % of GNI Per Capita | 5.8 % of GNI Per Capita |
In the year 2023, 1,911 new businesses got registered in Timor-Leste and 13,048 new businesses got registered in Panama.
It usually takes 13 days in Timor-Leste and 6 days in Panama to register a new business legally and systematically.
Indicators | Timor-Leste | Panama |
|---|---|---|
Imports of Goods and Services (2023)  | 41.96 % of GDP | 47.99 % of GDP |
Total Fuel Imports (2023)  | 23.85 % of Merchandise Imports | 20.08 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 410 USD | 490 USD |
Time to Import Border Compliance (2023)  | 100 Hours | 24 Hours |
Cost to Import Documentary Compliance (2023)  | 115 USD | 50 USD |
Time to Import Documentary Compliance (2023)  | 44 Hours | 6 Hours |
Indicators | Timor-Leste | Panama |
|---|---|---|
Exports of Goods and Services (2023)  | 55.68 % of GDP | 47.92 % of GDP |
Total Fuel Exports (2023)  | 68.61 % of Merchandise Exports | 0.3 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 350 USD | 270 USD |
Time to Export Border Compliance (2023)  | 96 Hours | 24 Hours |
Cost to Export Documentary Compliance (2023)  | 100 USD | 60 USD |
Time to Export Documentary Compliance (2023)  | 33 Hours | 6 Hours |
Indicators | Timor-Leste | Panama |
|---|---|---|
Gross National Savings (2023)  | 23.86 % of GDP | 37.15 % of GDP |
Tax Revenue (2023)  | 21.67 % of GDP | 7.46 % of GDP |
Taxes on Exports (2023)  | Yet to Update | 0.000002 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 5.38 % of Tax Revenue | 33.26 % of Tax Revenue |
Taxes on International Trade (2023)  | 1.29 % of Revenue | 3.79 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 234 Hours | 408 Hours |
Customs and Other Import Duties (2023)  | 3.49 % of Tax Revenue | 5.7 % of Tax Revenue |
The taxes charged by Timor-Leste on international trade is 1.29% of the total revenue and the taxes charged by Panama on international trade is 3.79% of the total revenue.
The Taxes charged on International Trade by Timor-Leste is 2.94 times less of its total revenue than of Panama.
We hope you enjoyed the detailed guide on the standard of living comparsion between Timor-Leste and Panama.
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