Azerbaijan among countries profitable for living

By Nazrin Gadimova

Azerbaijan, with a population approaching to ten million, was ranked 23rd among countries profitable for living.

Following the research by GOBankingRates.com website, Azerbaijan has a cost of living that is 70 percent lower than New York City's, and thus, leaves behind neighboring Georgia, Russia, Turkey, Armenia and Iran.

To find the cheapest countries to live in, GOBankingRates ranked nations by four key affordability metrics compared to New York City. These are followings – local purchasing power index, rent index, groceries index, as well as consumer price index.

Even among the 50 cheapest countries, rent is at least 70 percent cheaper than rent in New York City, groceries are at least 40 percent cheaper, and consumer goods and services cost less by 30 percent or more. However, local purchasing power does vary greatly among these cheap countries.

Thus, in Azerbaijan local purchasing power is 59.6 percent lower, rent and groceries is 88.5 and 74 percent cheaper respectively. Local goods and services in the country are 69.3 percent cheaper than in New York, the largest city of the U.S.

The biggest drivers of the country's economy are its rich resources, including petroleum, petroleum products and natural gas, GOBankingRates.com believes.

Following the research, Azerbaijan has some of the lowest prices on groceries and consumer goods, which makes it one of the cheapest places to live.

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Nazrin Gadimova is AzerNews’ staff journalist, follow her on Twitter: @NazrinGadimova

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