Published: Monday, 21th October 2024
The Standard of living in Turkmenistan is 1.08 times better as compared to Venezuela.
In this page, you will find side-by-side Standard of Living comparison between Turkmenistan and Venezuela. 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 Turkmenistan and Venezuela.
 Indicators  | Turkmenistan  | Venezuela  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $81.822 billion USD | $92.210 billion USD |
GDP Per Capita (2023)  | 12,934 USD | 3,474 USD |
GINI Ratio (2023)  | 0.41 | 0.45 |
Inflation on Consumer Prices (2023)  | Yet to Update | 254.95 % 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 Turkmenistan is $81.822 billion USD and that of Venezuela is $92.210 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 Turkmenistan contributes more to the country's economy compared to a person working in Venezuela.
Indicators | Turkmenistan | Venezuela |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.744 | 0.699 |
Human Capital Index (HCI) (2024)  | Yet to Update | Yet to Update |
Literacy Rate (2023)  | 99.4% (15 years+ above age) | 97.6% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 69.1 years | 71.2 years |
Healthy Life Expectancy Ratio (2023)  | 60.8 years | 62 years |
Poverty Ratio (2023)  | 58% of total Population | 33.1% of total Population |
Unemployment Rate (2023)  | 4.12% of total labor force | 5.53% 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 Turkmenistan is [ 0.744 ] and the HDI of Venezuela is [ 0.699 ].
The data shows that the people living in Turkmenistan has better income, life expectancy and education level compared to Venezuela.
Indicators | Turkmenistan | Venezuela |
|---|---|---|
Gross National Expenditure (2023)  | 68.22 % of GDP | 114.7 % of GDP |
Total Health Expenditure (2023)  | 5.57 % of GDP | 4.04 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | 0.69 % of GDP |
Government Expenditure on Education (2023)  | 3.78 % of GDP | 6.87 % of GDP |
International Tourism Expenditure (2023)  | 127 million USD | 2,920 million USD |
Number of International Tourists Arrivals (2023)  | 380,000 | 429,000 |
Military Expenditure (2023)  | 2.9 % of GDP | 0.65 (% of GDP) |
The total Gross National Expenditure of Turkmenistan is 68.22% of its GDP and the total Gross National Expenditure of Venezuela is 114.7% of its GDP.
From the above data, we can say that Turkmenistan spends 1.68 times less of its GDP on Gross National Expenditure compared to Venezuela.
Indicators | Turkmenistan | Venezuela |
|---|---|---|
Number of Doctors (2023)  | 21.43 (Per 10,000 People) | 16.64 (Per 10,000 People) |
Number of Nurses (2023)  | 39.2 (Per 10,000 People) | 20.01 (Per 10,000 People) |
Number of Pharmacists (2023)  | 1.68 (Per 10,000 People) | Yet to Update |
Available Hospital Beds (2023)  | 4.03 (Per 1000 People) | 0.87 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 100 % of total Population | 97.5 % of total Population |
Turkmenistan has 1.29 times more Doctors compared to Venezuela (Per 10,000 People).
Turkmenistan has 1.96 times more Nurses compared to Venezuela (Per 10,000 People).
Indicators | Turkmenistan | Venezuela |
|---|---|---|
Agricultural Land (2023)  | 338,380 Sq Km | 215,000 Sq Km |
Forest Area (2023)  | 41,270 Sq Km | 461,733.6 Sq Km |
CO2 Emissions (2023)  | 0.6 kg per PPP $ of GDP | 0.32 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 21.25 % of total Population | 61.6 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 26.25 Billion cubic meters | 22.62 Billion cubic meters |
100% of the total Population of Turkmenistan has access to the electricity in their homes, whereas, in case of Venezuela, 100% of the total Population has access to electricity.
Indicators | Turkmenistan | Venezuela |
|---|---|---|
Time Required to Start a Business (2023)  | Yet to Update | 230 Days |
New Businesses Registered (2023)  | Yet to Update | Yet to Update |
New Businesses Registration Density (2023)  | Yet to Update | Yet to Update |
Cost of Business Start-Up Procedures (2023)  | Yet to Update | 211.8 % of GNI Per Capita |
Indicators | Turkmenistan | Venezuela |
|---|---|---|
Imports of Goods and Services (2023)  | 12.95 % of GDP | 31.4 % of GDP |
Total Fuel Imports (2023)  | 1.2 % of Merchandise Imports | 0.83 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | Yet to Update | 1,500 USD |
Time to Import Border Compliance (2023)  | Yet to Update | 240 Hours |
Cost to Import Documentary Compliance (2023)  | Yet to Update | 400 USD |
Time to Import Documentary Compliance (2023)  | Yet to Update | 1090 Hours |
Indicators | Turkmenistan | Venezuela |
|---|---|---|
Exports of Goods and Services (2023)  | 22.23 % of GDP | 16.69 % of GDP |
Total Fuel Exports (2023)  | 81.01 % of Merchandise Exports | 97.68 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | Yet to Update | 1,250 USD |
Time to Export Border Compliance (2023)  | Yet to Update | 288 Hours |
Cost to Export Documentary Compliance (2023)  | Yet to Update | 375 USD |
Time to Export Documentary Compliance (2023)  | Yet to Update | 528 Hours |
Indicators | Turkmenistan | Venezuela |
|---|---|---|
Gross National Savings (2023)  | Yet to Update | 8.94 % of GDP |
Tax Revenue (2023)  | Yet to Update | Yet to Update |
Taxes on Exports (2023)  | Yet to Update | Yet to Update |
Taxes on Goods and Services (2023)  | Yet to Update | Yet to Update |
Taxes on International Trade (2023)  | Yet to Update | Yet to Update |
Time to Prepare and Pay Taxes (2023)  | Yet to Update | 920 Hours |
Customs and Other Import Duties (2023)  | Yet to Update | Yet to Update |
We hope you enjoyed the detailed guide on the standard of living comparsion between Turkmenistan and Venezuela.
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