Quality of Life Comparison

COMPARED TO

If you lived in Iceland instead of Panama, you would:

Health

live 4.3 years longer


In Panama, the average life expectancy is 79 years (76 years for men, 82 years for women). In Iceland, that number is 83 years (81 years for men, 85 years for women).

Economy

make 2.0 times more money


Panama has a GDP per capita of $25,400, while in Iceland, the GDP per capita is $51,800.

be 49.1% less likely to be unemployed


In Panama, 5.5% of adults are unemployed. In Iceland, that number is 2.8%.

spend 85.2% more on taxes


Panama has a top tax rate of 25.0%. In Iceland, the top tax rate is 46.3%.

Life

be 96.8% less likely to die during childbirth


In Panama, approximately 94.0 women per 1,000 births die during labor. In Iceland, 3.0 women do.

be 78.8% less likely to die during infancy


In Panama, approximately 9.9 children die before they reach the age of one. In Iceland, on the other hand, 2.1 children do.

have 23.5% less children


In Panama, there are approximately 17.9 babies per 1,000 people. In Iceland, there are 13.7 babies per 1,000 people.

Basic Needs

be 81.9% more likely to have internet access


In Panama, approximately 54.0% of the population has internet access. In Iceland, about 98.2% do.

Expenditures

spend 2.4 times more on education


Panama spends 3.2% of its total GDP on education. Iceland spends 7.8% of total GDP on education.

spend 11.3% more on healthcare


Panama spends 8.0% of its total GDP on healthcare. In Iceland, that number is 8.9% of GDP.

Geography

see 99.6% more coastline


Panama has a total of 2,490 km of coastline. In Iceland, that number is 4,970 km.

Iceland: At a glance

Iceland is a sovereign country in Europe, with a total land area of approximately 100,250 sq km. Settled by Norwegian and Celtic (Scottish and Irish) immigrants during the late 9th and 10th centuries A.D., Iceland boasts the world's oldest functioning legislative assembly, the Althing, established in 930. Independent for over 300 years, Iceland was subsequently ruled by Norway and Denmark. Fallout from the Askja volcano of 1875 devastated the Icelandic economy and caused widespread famine. Over the next quarter century, 20% of the island's population emigrated, mostly to Canada and the US. Denmark granted limited home rule in 1874 and complete independence in 1944. The second half of the 20th century saw substantial economic growth driven primarily by the fishing industry. The economy diversified greatly after the country joined the European Economic Area in 1994, but Iceland was especially hard hit by the global financial crisis in the years following 2008. Literacy, longevity, and social cohesion are first rate by world standards.

How big is Iceland compared to Panama? See an in-depth size comparison.


The statistics on this page were calculated using the following data sources: The World Factbook, General Directorate of Revenues, Panama, Directorate of Internal Revenue.

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