Published: Monday, 21th October 2024
The Standard of living in Venezuela is 1.67 times lesser as compared to Saudi Arabia.
In this page, you will find side-by-side Standard of Living comparison between Venezuela and Saudi Arabia. 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 Saudi Arabia.
 Indicators  | Venezuela  | Saudi Arabia  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $92.210 billion USD | $1.106 billion USD |
GDP Per Capita (2023)  | 3,474 USD | 33,040 USD |
GINI Ratio (2023)  | 0.45 | 0.46 |
Inflation on Consumer Prices (2023)  | 254.95 % annually | 2.33 % 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 Venezuela is $92.210 billion USD and that of Saudi Arabia is $1.106 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 Saudi Arabia.
Indicators | Venezuela | Saudi Arabia |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.699 | 0.875 |
Human Capital Index (HCI) (2024)  | Yet to Update | 0.58 |
Literacy Rate (2023)  | 97.6% (15 years+ above age) | 97.59% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 71.2 years | 76.4 years |
Healthy Life Expectancy Ratio (2023)  | 62 years | 65.6 years |
Poverty Ratio (2023)  | 33.1% of total Population | Yet to Update |
Unemployment Rate (2023)  | 5.53% of total labor force | 4.88% 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 Saudi Arabia is [ 0.875 ].
The data shows that the people living in Venezuela has lower income, life expectancy and education level compared to Saudi Arabia.
Indicators | Venezuela | Saudi Arabia |
|---|---|---|
Gross National Expenditure (2023)  | 114.7 % of GDP | 92.63 % of GDP |
Total Health Expenditure (2023)  | 4.04 % of GDP | 5.97 % of GDP |
Research and Development Expenditure (2023)  | 0.69 % of GDP | 0.46 % of GDP |
Government Expenditure on Education (2023)  | 6.87 % of GDP | 5.14 % of GDP |
International Tourism Expenditure (2023)  | 2,920 million USD | 9,069 million USD |
Number of International Tourists Arrivals (2023)  | 429,000 | 20,292,000 |
Military Expenditure (2023)  | 0.65 % of GDP | 7.42 (% of GDP) |
The total Gross National Expenditure of Venezuela is 114.7% of its GDP and the total Gross National Expenditure of Saudi Arabia is 92.63% of its GDP.
From the above data, we can say that Venezuela spends 1.24 times more of its GDP on Gross National Expenditure compared to Saudi Arabia.
Indicators | Venezuela | Saudi Arabia |
|---|---|---|
Number of Doctors (2023)  | 16.64 (Per 10,000 People) | 27.9 (Per 10,000 People) |
Number of Nurses (2023)  | 20.01 (Per 10,000 People) | 56 (Per 10,000 People) |
Number of Pharmacists (2023)  | Yet to Update | 8.6 (Per 10,000 People) |
Available Hospital Beds (2023)  | 0.87 (Per 1000 People) | 2.24 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 97.5 % of total Population | 97 % of total Population |
Venezuela has 1.68 times less Doctors compared to Saudi Arabia (Per 10,000 People).
Venezuela has 2.80 times less Nurses compared to Saudi Arabia (Per 10,000 People).
Indicators | Venezuela | Saudi Arabia |
|---|---|---|
Agricultural Land (2023)  | 215,000 Sq Km | 1,736,370 Sq Km |
Forest Area (2023)  | 461,733.6 Sq Km | 9,770 Sq Km |
CO2 Emissions (2023)  | 0.32 kg per PPP $ of GDP | 0.36 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 | 100 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 22.62 Billion cubic meters | 23.38 Billion cubic meters |
100% of the total Population of Venezuela has access to the electricity in their homes, whereas, in case of Saudi Arabia, 100% of the total Population has access to electricity.
Indicators | Venezuela | Saudi Arabia |
|---|---|---|
Time Required to Start a Business (2023)  | 230 Days | 10.4 Days |
New Businesses Registered (2023)  | Yet to Update | 23,297 (New Businesses) |
New Businesses Registration Density (2023)  | Yet to Update | 0.9 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 211.8 % of GNI Per Capita | 5.4 % of GNI Per Capita |
It usually takes 230 days in Venezuela and 10.4 days in Saudi Arabia to register a new business legally and systematically.
Indicators | Venezuela | Saudi Arabia |
|---|---|---|
Imports of Goods and Services (2023)  | 31.4 % of GDP | 27.38 % of GDP |
Total Fuel Imports (2023)  | 0.83 % of Merchandise Imports | 4.84 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 1,500 USD | 464.46 USD |
Time to Import Border Compliance (2023)  | 240 Hours | 72 Hours |
Cost to Import Documentary Compliance (2023)  | 400 USD | 267 USD |
Time to Import Documentary Compliance (2023)  | 1090 Hours | 32 Hours |
Indicators | Venezuela | Saudi Arabia |
|---|---|---|
Exports of Goods and Services (2023)  | 16.69 % of GDP | 34.75 % of GDP |
Total Fuel Exports (2023)  | 97.68 % of Merchandise Exports | 77.49 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 1,250 USD | 319 USD |
Time to Export Border Compliance (2023)  | 288 Hours | 37 Hours |
Cost to Export Documentary Compliance (2023)  | 375 USD | 73 USD |
Time to Export Documentary Compliance (2023)  | 528 Hours | 11 Hours |
Indicators | Venezuela | Saudi Arabia |
|---|---|---|
Gross National Savings (2023)  | 8.94 % of GDP | 32.47 % of GDP |
Tax Revenue (2023)  | Yet to Update | 7.77 % of GDP |
Taxes on Exports (2023)  | Yet to Update | Yet to Update |
Taxes on Goods and Services (2023)  | Yet to Update | 19.83 % of Tax Revenue |
Taxes on International Trade (2023)  | Yet to Update | 1.48 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 920 Hours | 152 Hours |
Customs and Other Import Duties (2023)  | Yet to Update | 5.8 % of Tax Revenue |
We hope you enjoyed the detailed guide on the standard of living comparsion between Venezuela and Saudi Arabia.
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