Published: Monday, 21th October 2024
The Standard of living in Venezuela is 1.59 times lesser as compared to Czech Republic.
In this page, you will find side-by-side Standard of Living comparison between Venezuela and Czech Republic. 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 Venezuela and Czech Republic.
 Indicators  | Venezuela  | Czech Republic  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $92.210 billion USD | $325.880 billion USD |
GDP Per Capita (2023)  | 3,474 USD | 29,800 USD |
GINI Ratio (2023)  | 0.45 | 0.24 |
Inflation on Consumer Prices (2023)  | 254.95 % annually | 10.66 % annually |
Central Government Debt (2023)  | Yet to Update | 14.1 % of GDP |
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 Venezuela is $92.210 billion USD and that of Czech Republic is $325.880 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 Venezuela contributes less to the country's economy compared to a person working in Czech Republic.
Indicators | Venezuela | Czech Republic |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.699 | 0.895 |
Human Capital Index (HCI) (2024)  | Yet to Update | 0.75 |
Literacy Rate (2023)  | 97.6% (15 years+ above age) | 99% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 71.2 years | 77.1 years |
Healthy Life Expectancy Ratio (2023)  | 62 years | 66.7 years |
Poverty Ratio (2023)  | 33.1% of total Population | 10.2% of total Population |
Unemployment Rate (2023)  | 5.53% of total labor force | 2.59% 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 Venezuela is [ 0.699 ] and the HDI of Czech Republic is [ 0.895 ].
The data shows that the people living in Venezuela has lower income, life expectancy and education level compared to Czech Republic.
Indicators | Venezuela | Czech Republic |
|---|---|---|
Gross National Expenditure (2023)  | 114.7 % of GDP | 94.9 % of GDP |
Total Health Expenditure (2023)  | 4.04 % of GDP | 9.49 % of GDP |
Research and Development Expenditure (2023)  | 0.69 % of GDP | 2 % of GDP |
Government Expenditure on Education (2023)  | 6.87 % of GDP | 5.05 % of GDP |
International Tourism Expenditure (2023)  | 2,920 million USD | 3,495 million USD |
Number of International Tourists Arrivals (2023)  | 429,000 | 37,202,000 |
Military Expenditure (2023)  | 0.65 % of GDP | 1.36 (% of GDP) |
The total Gross National Expenditure of Venezuela is 114.7% of its GDP and the total Gross National Expenditure of Czech Republic is 94.9% of its GDP.
From the above data, we can say that Venezuela spends 1.21 times more of its GDP on Gross National Expenditure compared to Czech Republic.
Indicators | Venezuela | Czech Republic |
|---|---|---|
Number of Doctors (2023)  | 16.64 (Per 10,000 People) | 42.5 (Per 10,000 People) |
Number of Nurses (2023)  | 20.01 (Per 10,000 People) | 93.6 (Per 10,000 People) |
Number of Pharmacists (2023)  | Yet to Update | 7.15 (Per 10,000 People) |
Available Hospital Beds (2023)  | 0.87 (Per 1000 People) | 6.62 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 97.5 % of total Population | 99 % of total Population |
Venezuela has 2.55 times less Doctors compared to Czech Republic (Per 10,000 People).
Venezuela has 4.68 times less Nurses compared to Czech Republic (Per 10,000 People).
Indicators | Venezuela | Czech Republic |
|---|---|---|
Agricultural Land (2023)  | 215,000 Sq Km | 35,297.97 Sq Km |
Forest Area (2023)  | 461,733.6 Sq Km | 26,789 Sq Km |
CO2 Emissions (2023)  | 0.32 kg per PPP $ of GDP | 0.19 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 61.6 % of total Population | 84.54 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 22.62 Billion cubic meters | 1.37 Billion cubic meters |
100% of the total Population of Venezuela has access to the electricity in their homes, whereas, in case of Czech Republic, 100% of the total Population has access to electricity.
Indicators | Venezuela | Czech Republic |
|---|---|---|
Time Required to Start a Business (2023)  | 230 Days | 24.5 Days |
New Businesses Registered (2023)  | Yet to Update | 27,121 (New Businesses) |
New Businesses Registration Density (2023)  | Yet to Update | 4.06 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 211.8 % of GNI Per Capita | 1.1 % of GNI Per Capita |
It usually takes 230 days in Venezuela and 24.5 days in Czech Republic to register a new business legally and systematically.
Indicators | Venezuela | Czech Republic |
|---|---|---|
Imports of Goods and Services (2023)  | 31.4 % of GDP | 66.91 % of GDP |
Total Fuel Imports (2023)  | 0.83 % of Merchandise Imports | 6.1 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 1,500 USD | Yet to Update |
Time to Import Border Compliance (2023)  | 240 Hours | Yet to Update |
Cost to Import Documentary Compliance (2023)  | 400 USD | Yet to Update |
Time to Import Documentary Compliance (2023)  | 1090 Hours | 0.5 Hour |
Indicators | Venezuela | Czech Republic |
|---|---|---|
Exports of Goods and Services (2023)  | 16.69 % of GDP | 72.01 % of GDP |
Total Fuel Exports (2023)  | 97.68 % of Merchandise Exports | 1.92 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 1,250 USD | Yet to Update |
Time to Export Border Compliance (2023)  | 288 Hours | Yet to Update |
Cost to Export Documentary Compliance (2023)  | 375 USD | Yet to Update |
Time to Export Documentary Compliance (2023)  | 528 Hours | 0.5 Hour |
Indicators | Venezuela | Czech Republic |
|---|---|---|
Gross National Savings (2023)  | 8.94 % of GDP | 28.93 % of GDP |
Tax Revenue (2023)  | Yet to Update | 13.13 % of GDP |
Taxes on Exports (2023)  | Yet to Update | Yet to Update |
Taxes on Goods and Services (2023)  | Yet to Update | 25.53 % of Tax Revenue |
Taxes on International Trade (2023)  | Yet to Update | 0.38 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 920 Hours | 230 Hours |
Customs and Other Import Duties (2023)  | Yet to Update | 0.82 % of Tax Revenue |
We hope you enjoyed the detailed guide on the standard of living comparsion between Venezuela and Czech Republic.
For more side-by-side comparsion between Countries, States and Cities, you can use the search box above or click the links below.
The Comparedoo.com family sincerely appreciates your time with us. We look forward to seeing you on our other pages.
