Caucasus countries ranked as cheapest places to live

Three major countries in the Caucasus region, Azerbaijan, Georgia and Armenia are ranked the cheapest countries to live.

Time.com released statistics about 50 cheapest countries to live in the world by comparing their life standards. Azerbaijan is 23rd, Georgia is 29th and Armenia is ranked 42nd among these countries.

Main information is given as:

Azerbaijan

Local purchasing power is 59.6% lower

Rent is 88.5% cheaper

Groceries are 74% cheaper

Local goods and services are 69.3% cheaper

Azerbaijan is a Middle East country that borders Iran, Armenia and Georgia, and has a population of 9.8 million people. The biggest drivers of the country’s economy are its rich resources, including petroleum, petroleum products and natural gas. This country has some of the lowest prices on groceries and consumer goods, which makes it one of the cheapest places to live. For example, Baku, its capital, has a cost of living that’s 70% lower than New York City.

Georgia

Local purchasing power is 69.3% lower

Rent is 88.6% cheaper

Groceries are 74.4% cheaper

Local goods and services are 70.4% cheaper

Bordering Turkey, Armenia and Azerbaijan, Georgia has a population of 4.9 million. This nation has some of the lowest consumer and grocery prices of any country. In the country’s capital, Tbilisi, the monthly expenses for a single person amount to around $360 a month. These low costs are, however, matched with low local incomes. Despite strong steel, machinery and electrical appliance industries, Georgia has a low GDP per capita of just $3,670, according to the World Bank.

Armenia

Local purchasing power is 65.6% lower

Rent is 89.3% cheaper

Groceries are 71.4% cheaper

Local goods and services are 63.3% cheaper

Armenia is located in the Middle East between Turkey and Azerbaijan and north of Iran. With a population of about 3.1 million, its biggest industry is diamond processing. Residents of Armenia will get cheaper groceries and pay less for consumer goods compared to many other nations, putting it at No. 42 on this list.

Please see the full list on Times.com