Cost of living comparison
Panama is 24.4% cheaper than Iceland.
If you lived in Panama instead of Iceland, you would:
pay 46.0% less for restaurants
Iceland
|
Panama
|
||
---|---|---|---|
Basic meal with drink at inexpensive restaurant |
$17.84
kr2,519
|
$7.70
PAB7.70
|
|
Fast food combo meal
McDonalds, or similar
|
$14.27
kr2,015
|
$7.45
PAB7.45
|
|
Bottle of Coca-Cola (11 fl. oz) |
$2.32
kr327
|
$1.54
PAB1.54
|
|
Bottle of water (11 fl. oz) |
$2.12
kr300
|
$1.16
PAB1.16
|
|
pay 10.8% less for groceries
Iceland
|
Panama
|
||
---|---|---|---|
Bread
1 loaf
|
$3.42
kr484
|
$1.94
PAB1.94
|
|
Local cheese (8 oz) |
$5.98
kr845
|
$5.35
PAB5.35
|
|
Milk (1 gallon) |
$5.33
kr752
|
$6.06
PAB6.06
|
|
Eggs
1 dozen
|
$5.66
kr799
|
$2.20
PAB2.20
|
|
Boneless chicken breast (1 lb) |
$7.09
kr1,002
|
$2.67
PAB2.67
|
|
Apples (1 lb) |
$1.16
kr164
|
$1.75
PAB1.75
|
|
Bananas (1 lb) |
$0.98
kr139
|
$0.55
PAB0.55
|
|
Oranges (1 lb) |
$1.17
kr166
|
$1.06
PAB1.06
|
|
Tomatoes (1 lb) |
$1.84
kr259
|
$1.23
PAB1.23
|
|
Potatoes (1 lb) |
$0.96
kr135
|
$0.89
PAB0.89
|
|
Onions (1 lb) |
$0.51
kr72
|
$0.96
PAB0.96
|
|
pay 44.8% less for transportation
Iceland
|
Panama
|
||
---|---|---|---|
Gasoline (1 gallon) |
$8.03
kr1,135
|
$4.07
PAB4.07
|
|
Monthly public transit pass |
$77.40
kr10,932
|
$27.50
PAB27.50
|
|
New Volkswagen Golf 1.4 (standard edition) |
$29,836.83
kr4,214,452
|
$20,583.33
PAB20,583.33
|
|
Taxi trip in downtown area (5 miles) |
$23.97
kr3,385
|
$15.79
PAB15.79
|
|
pay 35.9% less for housing
Iceland
|
Panama
|
||
---|---|---|---|
Internet connection
50 mbps or faster, cable/dsl
|
$62.40
kr8,814
|
$49.92
PAB49.92
|
|
1-Bedroom apartment in downtown area |
$1,437.14
kr202,996
|
$696.35
PAB696.35
|
|
1-Bedroom apartment outside city center |
$1,215.63
kr171,707
|
$440.76
PAB440.76
|
|
Utilities for two
(700 sq ft apartment)
including electric, gas, water, heating
|
$68.63
kr9,694
|
$62.88
PAB62.88
|
|
pay 56.5% more for childcare
Iceland
|
Panama
|
||
---|---|---|---|
Private preschool for 1 child, monthly |
$259.34
kr36,632
|
$228.54
PAB228.54
|
|
Middle school for 1 child, two semesters |
$2,750.10
kr388,451
|
$6,185.93
PAB6,185.93
|
|
pay 46.3% less for entertainment and sports
Iceland
|
Panama
|
||
---|---|---|---|
Domestic/local beer (1 pint) |
$8.52
kr1,204
|
$1.75
PAB1.75
|
|
Cappuccino in mid-range area |
$4.15
kr587
|
$3.22
PAB3.22
|
|
Pack of cigarettes
Marlboro or similar
|
$10.64
kr1,502
|
$5.43
PAB5.43
|
|
Monthly membership at local gym |
$56.90
kr8,037
|
$45.25
PAB45.25
|
|
Movie ticket to theater/cinema |
$12.27
kr1,734
|
$4.88
PAB4.88
|
|
pay 43.5% less for clothing
Iceland
|
Panama
|
||
---|---|---|---|
Regular jeans
Levi's brand
|
$118.08
kr16,678
|
$48.38
PAB48.38
|
|
Regular dress
from H&M or similar store
|
$50.39
kr7,117
|
$38.88
PAB38.88
|
|
Running shoes
Nike or Adidas
|
$151.12
kr21,345
|
$82.05
PAB82.05
|
|
Men's business shoes (leather) |
$175.20
kr24,747
|
$94.12
PAB94.12
|
|
Change currency:
ASK THE ELSEWHERE COMMUNITY
Join the Elsewhere community and ask a question about Panama or Iceland. It's a free, question-and-answer based forum to discuss what life is like in countries and cities around the world.