Published: Monday, 21th October 2024
The Standard of living in Trinidad and Tobago is 1.05 times lesser as compared to Guyana.
In this page, you will find side-by-side Standard of Living comparison between Trinidad and Tobago and Guyana. 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 Trinidad and Tobago and Guyana.
 Indicators  | Trinidad and Tobago  | Guyana  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $27.887 billion USD | $21.178 billion USD |
GDP Per Capita (2023)  | 19,621 USD | 26,592 USD |
GINI Ratio (2023)  | 0.39 | 0.45 |
Inflation on Consumer Prices (2023)  | 4.63 % annually | 2.82 % annually |
Central Government Debt (2023)  | 15.9 % 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 Trinidad and Tobago is $27.887 billion USD and that of Guyana is $21.178 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 Trinidad and Tobago contributes less to the country's economy compared to a person working in Guyana.
Indicators | Trinidad and Tobago | Guyana |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.814 | 0.742 |
Human Capital Index (HCI) (2024)  | 0.6 | 0.5 |
Literacy Rate (2023)  | 97.9% (15 years+ above age) | 90.03% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 71.7 years | 66.1 years |
Healthy Life Expectancy Ratio (2023)  | 61.9 years | 56.8 years |
Poverty Ratio (2023)  | Yet to Update | Yet to Update |
Unemployment Rate (2023)  | 4.21% of total labor force | 12.43% 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 Trinidad and Tobago is [ 0.814 ] and the HDI of Guyana is [ 0.742 ].
The data shows that the people living in Trinidad and Tobago has better income, life expectancy and education level compared to Guyana.
Indicators | Trinidad and Tobago | Guyana |
|---|---|---|
Gross National Expenditure (2023)  | Yet to Update | 132.65 % of GDP |
Total Health Expenditure (2023)  | 7.02 % of GDP | 4.94 % of GDP |
Research and Development Expenditure (2023)  | 0.05 % of GDP | Yet to Update |
Government Expenditure on Education (2023)  | 2.88 % of GDP | 4.45 % of GDP |
International Tourism Expenditure (2023)  | 42 million USD | 30 million USD |
Number of International Tourists Arrivals (2023)  | 141,000 | 86,400 |
Military Expenditure (2023)  | 0.72 % of GDP | 0.57 (% of GDP) |
Indicators | Trinidad and Tobago | Guyana |
|---|---|---|
Number of Doctors (2023)  | 41.9 (Per 10,000 People) | 14 (Per 10,000 People) |
Number of Nurses (2023)  | 37.3 (Per 10,000 People) | 34.8 (Per 10,000 People) |
Number of Pharmacists (2023)  | 6.13 (Per 10,000 People) | 0.59 (Per 10,000 People) |
Available Hospital Beds (2023)  | 3.02 (Per 1000 People) | 1.71 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 95.1 % of total Population | 89.2 % of total Population |
Trinidad and Tobago has 2.99 times more Doctors compared to Guyana (Per 10,000 People).
Trinidad and Tobago has 1.07 times more Nurses compared to Guyana (Per 10,000 People).
Indicators | Trinidad and Tobago | Guyana |
|---|---|---|
Agricultural Land (2023)  | 540 Sq Km | 10,430 Sq Km |
Forest Area (2023)  | 2,277.7 Sq Km | 184,061.33 Sq Km |
CO2 Emissions (2023)  | 0.42 kg per PPP $ of GDP | 0.2 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 93 % of total Population |
Access to Internet (2023)  | 79 % of total Population | 84.79 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.34 Billion cubic meters | 1.44 Billion cubic meters |
100% of the total Population of Trinidad and Tobago has access to the electricity in their homes, whereas, in case of Guyana, 93% of the total Population has access to electricity.
Indicators | Trinidad and Tobago | Guyana |
|---|---|---|
Time Required to Start a Business (2023)  | 10.5 Days | 18 Days |
New Businesses Registered (2023)  | 4,344 (New Businesses) | 819 (New Businesses) |
New Businesses Registration Density (2023)  | 4.1 (Per 1000 People) | 1.58 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 0.7 % of GNI Per Capita | 9.4 % of GNI Per Capita |
In the year 2023, 4,344 new businesses got registered in Trinidad and Tobago and 819 new businesses got registered in Guyana.
It usually takes 10.5 days in Trinidad and Tobago and 18 days in Guyana to register a new business legally and systematically.
Indicators | Trinidad and Tobago | Guyana |
|---|---|---|
Imports of Goods and Services (2023)  | Yet to Update | 109.73 % of GDP |
Total Fuel Imports (2023)  | 0.83 % of Merchandise Imports | 19.37 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 635 USD | 265 USD |
Time to Import Border Compliance (2023)  | 78 Hours | 84 Hours |
Cost to Import Documentary Compliance (2023)  | 250 USD | 62.5 USD |
Time to Import Documentary Compliance (2023)  | 44 Hours | 156 Hours |
Indicators | Trinidad and Tobago | Guyana |
|---|---|---|
Exports of Goods and Services (2023)  | Yet to Update | 84.62 % of GDP |
Total Fuel Exports (2023)  | 28.82 % of Merchandise Exports | 86.12 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 498.5 USD | 467.78 USD |
Time to Export Border Compliance (2023)  | 60 Hours | 72 Hours |
Cost to Export Documentary Compliance (2023)  | 250 USD | 77.78 USD |
Time to Export Documentary Compliance (2023)  | 32 Hours | 200 Hours |
Indicators | Trinidad and Tobago | Guyana |
|---|---|---|
Gross National Savings (2023)  | Yet to Update | 17.48 % of GDP |
Tax Revenue (2023)  | 16.55 % of GDP | Yet to Update |
Taxes on Exports (2023)  | Yet to Update | Yet to Update |
Taxes on Goods and Services (2023)  | 20.85 % of Tax Revenue | Yet to Update |
Taxes on International Trade (2023)  | 5.98 % of Revenue | Yet to Update |
Time to Prepare and Pay Taxes (2023)  | 210 Hours | 256 Hours |
Customs and Other Import Duties (2023)  | 8.66 % of Tax Revenue | Yet to Update |
We hope you enjoyed the detailed guide on the standard of living comparsion between Trinidad and Tobago and Guyana.
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