Quality of Life Comparison

COMPARED TO

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

Health

live 4.1 years longer


In Panama, the average life expectancy is 79 years (76 years for men, 82 years for women) as of 2020. In Iceland, that number is 83 years (81 years for men, 86 years for women) as of 2020.

Economy

make 2.1 times more money


Panama has a GDP per capita of $25,400 as of 2017, while in Iceland, the GDP per capita is $52,200 as of 2017.

be 53.3% less likely to be unemployed


In Panama, 6.0% of adults are unemployed as of 2017. In Iceland, that number is 2.8% as of 2017.

pay a 85.2% higher top tax rate


Panama has a top tax rate of 25.0% as of 2016. In Iceland, the top tax rate is 46.3% as of 2016.

Life

be 92.3% less likely to die during childbirth


In Panama, approximately 52.0 women per 100,000 births die during labor as of 2017. In Iceland, 4.0 women do as of 2017.

be 76.9% less likely to die during infancy


In Panama, approximately 9.1 children die before they reach the age of one as of 2020. In Iceland, on the other hand, 2.1 children do as of 2020.

have 22.2% fewer children


In Panama, there are approximately 17.1 babies per 1,000 people as of 2020. In Iceland, there are 13.3 babies per 1,000 people as of 2020.

Basic Needs

be 71.1% more likely to have internet access


In Panama, approximately 57.9% of the population has internet access as of 2018. In Iceland, about 99.0% do as of 2018.

Expenditures

spend 2.3 times more on education


Panama spends 3.2% of its total GDP on education as of 2011. Iceland spends 7.5% of total GDP on education as of 2016.

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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