Cost of living comparison
Panama is 14.5% cheaper than Iceland.
If you lived in Panama instead of Iceland, you would:
pay 36.2% less for restaurants
|
Iceland
|
Panama
|
||
|---|---|---|---|
| Basic meal with drink at inexpensive restaurant |
$15.00
kr2,051
|
$7.60
PAB7.60
|
|
|
Fast food combo meal
McDonalds, or similar
|
$12.33
kr1,686
|
$7.15
PAB7.15
|
|
| Bottle of Coca-Cola (11 fl. oz) |
$2.20
kr301
|
$1.68
PAB1.68
|
|
| Bottle of water (11 fl. oz) |
$2.00
kr274
|
$1.40
PAB1.40
|
|
pay 15.3% less for groceries
|
Iceland
|
Panama
|
||
|---|---|---|---|
|
Bread
1 loaf
|
$3.14
kr430
|
$2.03
PAB2.03
|
|
| Local cheese (8 oz) |
$5.86
kr801
|
$5.67
PAB5.67
|
|
| Milk (1 gallon) |
$5.16
kr706
|
$6.13
PAB6.13
|
|
|
Eggs
1 dozen
|
$5.51
kr754
|
$2.09
PAB2.09
|
|
| Boneless chicken breast (1 lb) |
$7.10
kr971
|
$3.01
PAB3.01
|
|
| Apples (1 lb) |
$1.19
kr163
|
$1.72
PAB1.72
|
|
| Bananas (1 lb) |
$1.08
kr148
|
$0.56
PAB0.56
|
|
| Oranges (1 lb) |
$1.13
kr155
|
$0.98
PAB0.98
|
|
| Tomatoes (1 lb) |
$1.70
kr233
|
$1.21
PAB1.21
|
|
| Potatoes (1 lb) |
$1.01
kr139
|
$0.87
PAB0.87
|
|
| Onions (1 lb) |
$0.66
kr91
|
$0.88
PAB0.88
|
|
pay 38.5% less for transportation
|
Iceland
|
Panama
|
||
|---|---|---|---|
| Gasoline (1 gallon) |
$7.21
kr986
|
$3.77
PAB3.77
|
|
| Monthly public transit pass |
$85.09
kr11,636
|
$30.14
PAB30.14
|
|
| New Volkswagen Golf 1.4 (standard edition) |
$27,857.83
kr3,809,558
|
$20,416.67
PAB20,416.67
|
|
| Taxi trip in downtown area (5 miles) |
$21.37
kr2,922
|
$18.20
PAB18.20
|
|
pay 28.5% less for housing
|
Iceland
|
Panama
|
||
|---|---|---|---|
|
Internet connection
50 mbps or faster, cable/dsl
|
$66.89
kr9,148
|
$51.06
PAB51.06
|
|
| 1-Bedroom apartment in downtown area |
$1,349.42
kr184,533
|
$744.83
PAB744.83
|
|
| 1-Bedroom apartment outside city center |
$1,143.63
kr156,391
|
$422.47
PAB422.47
|
|
|
Utilities for two
(700 sq ft apartment)
including electric, gas, water, heating
|
$70.86
kr9,690
|
$83.26
PAB83.26
|
|
pay 2.2 times more for childcare
|
Iceland
|
Panama
|
||
|---|---|---|---|
| Private preschool for 1 child, monthly |
$277.52
kr37,951
|
$408.75
PAB408.75
|
|
| Middle school for 1 child, two semesters |
$2,822.44
kr385,968
|
$8,339.33
PAB8,339.33
|
|
pay 54.4% less for entertainment and sports
|
Iceland
|
Panama
|
||
|---|---|---|---|
| Domestic/local beer (1 pint) |
$7.85
kr1,074
|
$1.85
PAB1.85
|
|
| Cappuccino in mid-range area |
$4.10
kr561
|
$2.94
PAB2.94
|
|
|
Pack of cigarettes
Marlboro or similar
|
$11.37
kr1,555
|
$5.33
PAB5.33
|
|
| Monthly membership at local gym |
$63.31
kr8,658
|
$31.46
PAB31.46
|
|
| Movie ticket to theater/cinema |
$11.69
kr1,599
|
$4.27
PAB4.27
|
|
pay 50.2% less for clothing
|
Iceland
|
Panama
|
||
|---|---|---|---|
|
Regular jeans
Levi's brand
|
$117.41
kr16,056
|
$45.14
PAB45.14
|
|
|
Regular dress
from H&M or similar store
|
$55.13
kr7,539
|
$41.78
PAB41.78
|
|
|
Running shoes
Nike or Adidas
|
$156.49
kr21,401
|
$68.21
PAB68.21
|
|
| Men's business shoes (leather) |
$191.54
kr26,193
|
$78.97
PAB78.97
|
|
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