5 Most Expensive Countries in Latin America

In this article we are going to list the 5 most expensive countries in Latin America. For a detailed coverage of this topic and a more comprehensive list please take a look at the 20 most expensive countries in Latin America.

5. Belize

Real GDP / GDP by PPP ratio: 0.65

5 year GDP growth rate: 15.8%

Belize is a small country where most goods have to be imported from other nations which raises the cost of products significantly. The country has posted a strong growth rate, among the highest growth rates when compared to the other most expensive countries in Latin America.

4. Aruba

Real GDP / GDP by PPP ratio: 0.69

5 year GDP growth rate: 11.0%

Most islands have a high cost of living, because most goods have to be imported and transportation costs are generally high as well. Offshore banking, tourism, aloe export and petroleum refining are all major contributors to the island’s economy.

3. Uruguay

Real GDP / GDP by PPP ratio: 0.69

5 year GDP growth rate: 8.5%

Because many consumer items in Uruguay are not produced locally but are imported, items can often be quite expensive in the South American nation. Over the last 5 years, Uruguay’s GDP growth rate has been moderately high and has scored really highly in World Bank’s Political Stability Index, a rarity for most Latin American nations.

2. Puerto Rico

Real GDP / GDP by PPP ratio: 0.91

5 year GDP growth rate: 2.4%

While Puerto Rico is significantly lower than the U.S. but still quite expensive compared to other major global cities and especially compared to the salaries offered in the country.

1. Barbados

Real GDP / GDP by PPP ratio: 1.14

5 year GDP growth rate: -6.0%

Topping the list of the 20 most expensive countries in Latin America is Barbados, which also has the worst GDP growth rate over the past five years at -6%. Barbados is one of the most expensive islands in the Caribbean and is the only country in our list to have a ratio higher than 1.

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