There are four key criteria for research on which is the least expensive country to live in.
GOBankingRates created this list of countries on the basis of following criteria:
Local Purchasing Power index – measuring the relative purchasing power of the average salary in the country in comparison to New York City. The lower purchasing power buys fewer goods, while larger purchases more.
Rent Price Index – compares the typical cost of renting apartments and houses in some country and in New York.
Trading Index – compares the typical cost of grocery shopping in some country and in New York.
Consumer Price Index – compares the cost of local goods and services, including restaurants, food, transportation and utilities compared to those in New York City.
In the 50 cheapest countries, rent is almost 70 % cheaper than in New York, food is 40 % cheaper, goods and services of consumer goods are cheaper up to 30 % or even more.
Local purchasing power is largely different in 50 cheapest countries.
On the 50th place of cheapest countries is Belarus; Peru takes 49th place; 48th place is Lithuania and our neighbors Croats are on the 47th place.
Slovenia is at the 36th place; Germany on 35th; Albania and Montenegro are on the 27th and 26th place, Serbia is at the 18th place and our country is on the 11th place.
These data refer to BiH:
Local consumer power is by 40.4 % lower.
Rent is 92.9 % cheaper.
Food is by 71.2 % cheaper.
Local goods and services are by 64.7 % cheaper.
For our country it is stated that it is a European country that borders with Croatia and Serbia, and has a population of 3.9 million. The main industry is mining – minerals, metals, including iron, coal, steel and copper. BiH has a decent local purchasing power, low cost for rent, groceries and consumer goods. In the capital Sarajevo, for example, the combined monthly cost of rent and other costs is about 600-700 USD, according to the survey results.
Ranking of countries:
Take a look at the full ranking of 112 countries surveyed by GOBankingRates, from the cheapest on the number 1 to the most expensive one.
(Source: Radiosarajevo.ba)
