Published: Monday, 21th October 2024
The Standard of living in Tuvalu is 1.13 times lesser as compared to Serbia.
In this page, you will find side-by-side Standard of Living comparison between Tuvalu and Serbia. 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 Tuvalu and Serbia.
 Indicators  | Tuvalu  | Serbia  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $63 million USD | $75.015 billion USD |
GDP Per Capita (2023)  | 5,772 USD | 11,301 USD |
GINI Ratio (2023)  | 0.39 | 0.33 |
Inflation on Consumer Prices (2023)  | 0.5 % annually | 12.37 % 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 Tuvalu is $63 million USD and that of Serbia is $75.015 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 Tuvalu contributes less to the country's economy compared to a person working in Serbia.
Indicators | Tuvalu | Serbia |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.653 | 0.805 |
Human Capital Index (HCI) (2024)  | 0.45 | 0.68 |
Literacy Rate (2023)  | 99% (15 years+ above age) | 99.48% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 82.4 years | 72.8 years |
Healthy Life Expectancy Ratio (2023)  | 73.9 years | 63.9 years |
Poverty Ratio (2023)  | 26.3% of total Population | 21.2% of total Population |
Unemployment Rate (2023)  | Yet to Update | 8.68% 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 Tuvalu is [ 0.653 ] and the HDI of Serbia is [ 0.805 ].
The data shows that the people living in Tuvalu has lower income, life expectancy and education level compared to Serbia.
Indicators | Tuvalu | Serbia |
|---|---|---|
Gross National Expenditure (2023)  | Yet to Update | 104.5 % of GDP |
Total Health Expenditure (2023)  | 19.97 % of GDP | 10.01 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | 0.97 % of GDP |
Government Expenditure on Education (2023)  | 3.73 % of GDP | 3.3 % of GDP |
International Tourism Expenditure (2023)  | 9.80 million USD | 1,179 million USD |
Number of International Tourists Arrivals (2023)  | 3,600 | 446,000 |
Military Expenditure (2023)  | Yet to Update | 2.28 (% of GDP) |
Indicators | Tuvalu | Serbia |
|---|---|---|
Number of Doctors (2023)  | 12.6 (Per 10,000 People) | 28.37 (Per 10,000 People) |
Number of Nurses (2023)  | 36.94 (Per 10,000 People) | 59.33 (Per 10,000 People) |
Number of Pharmacists (2023)  | 1.8 (Per 10,000 People) | 1.48 (Per 10,000 People) |
Available Hospital Beds (2023)  | 5.6 (Per 1000 People) | 5.61 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 93.9 % of total Population | 99.4 % of total Population |
Tuvalu has 2.25 times less Doctors compared to Serbia (Per 10,000 People).
Tuvalu has 1.61 times less Nurses compared to Serbia (Per 10,000 People).
Indicators | Tuvalu | Serbia |
|---|---|---|
Agricultural Land (2023)  | 18 Sq Km | 34,850 Sq Km |
Forest Area (2023)  | 10 Sq Km | 27,229.4 Sq Km |
CO2 Emissions (2023)  | 0.12 kg per PPP $ of GDP | 0.33 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 71.59 % of total Population | 83.54 % of total Population |
Annual Fresh Water Withdrawals (2023)  | Yet to Update | 5.32 Billion cubic meters |
100% of the total Population of Tuvalu has access to the electricity in their homes, whereas, in case of Serbia, 100% of the total Population has access to electricity.
Indicators | Tuvalu | Serbia |
|---|---|---|
Time Required to Start a Business (2023)  | Yet to Update | 7 Days |
New Businesses Registered (2023)  | 7 (New Businesses) | 11,110 (New Businesses) |
New Businesses Registration Density (2023)  | 1 (Per 1000 People) | 2.53 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | Yet to Update | 2.3 % of GNI Per Capita |
In the year 2023, 7 new businesses got registered in Tuvalu and 11,110 new businesses got registered in Serbia.
Indicators | Tuvalu | Serbia |
|---|---|---|
Imports of Goods and Services (2023)  | Yet to Update | 64.39 % of GDP |
Total Fuel Imports (2023)  | 16.76 % of Merchandise Imports | 17.22 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | Yet to Update | 52 USD |
Time to Import Border Compliance (2023)  | Yet to Update | 4.6 Hours |
Cost to Import Documentary Compliance (2023)  | Yet to Update | 35 USD |
Time to Import Documentary Compliance (2023)  | Yet to Update | 3 Hours |
Indicators | Tuvalu | Serbia |
|---|---|---|
Exports of Goods and Services (2023)  | Yet to Update | 59.88 % of GDP |
Total Fuel Exports (2023)  | 7.16 % of Merchandise Exports | 2.62 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | Yet to Update | 47.25 USD |
Time to Export Border Compliance (2023)  | Yet to Update | 4.13 Hours |
Cost to Export Documentary Compliance (2023)  | Yet to Update | 35 USD |
Time to Export Documentary Compliance (2023)  | Yet to Update | 2.33 Hours |
Indicators | Tuvalu | Serbia |
|---|---|---|
Gross National Savings (2023)  | Yet to Update | 19.43 % of GDP |
Tax Revenue (2023)  | Yet to Update | 25.11 % of GDP |
Taxes on Exports (2023)  | Yet to Update | Yet to Update |
Taxes on Goods and Services (2023)  | Yet to Update | 40.88 % of Tax Revenue |
Taxes on International Trade (2023)  | Yet to Update | 2.71 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | Yet to Update | 225.5 Hours |
Customs and Other Import Duties (2023)  | Yet to Update | 4.43 % of Tax Revenue |
We hope you enjoyed the detailed guide on the standard of living comparsion between Tuvalu and Serbia.
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