Iceland is 72.5% more expensive than Panama.

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

pay 89.5% more for restaurants

 
Panama
Iceland
Basic meal with drink at inexpensive restaurant $7.70
PAB7.70
$17.84
kr2,474
Fast food combo meal
McDonalds, or similar
$7.45
PAB7.45
$14.27
kr1,979
Bottle of Coca-Cola (11 fl. oz) $1.54
PAB1.54
$2.32
kr321

Improve prices ·

pay 42.2% more for groceries

 
Panama
Iceland
Bread
1 loaf
$1.94
PAB1.94
$3.42
kr475
Local cheese (8 oz) $5.35
PAB5.35
$5.98
kr830
Milk (1 gallon) $6.06
PAB6.06
$5.33
kr739

Improve prices ·

pay 94.0% more for transportation

 
Panama
Iceland
Gasoline (1 gallon) $4.07
PAB4.07
$8.03
kr1,114
Monthly public transit pass $27.50
PAB27.50
$77.40
kr10,733
New Volkswagen Golf 1.4 (standard edition) $20,583.33
PAB20,583.33
$29,836.83
kr4,137,772

Improve prices ·

pay 79.1% more for housing

 
Panama
Iceland
Internet connection
50 mbps or faster, cable/dsl
$49.92
PAB49.92
$62.40
kr8,654
1-Bedroom apartment in downtown area $696.35
PAB696.35
$1,437.14
kr199,303
1-Bedroom apartment outside city center $440.76
PAB440.76
$1,215.63
kr168,583

Improve prices ·

pay 21.0% less for childcare

 
Panama
Iceland
Private preschool for 1 child, monthly $228.54
PAB228.54
$259.34
kr35,966
Middle school for 1 child, two semesters $6,185.93
PAB6,185.93
$2,750.10
kr381,383

Improve prices ·

pay 2.4 times more for entertainment and sports

 
Panama
Iceland
Domestic/local beer (1 pint) $1.75
PAB1.75
$8.52
kr1,182
Cappuccino in mid-range area $3.22
PAB3.22
$4.15
kr576
Pack of cigarettes
Marlboro or similar
$5.43
PAB5.43
$10.64
kr1,475

Improve prices ·

pay 86.0% more for clothing

 
Panama
Iceland
Regular jeans
Levi's brand
$48.38
PAB48.38
$118.08
kr16,375
Regular dress
from H&M or similar store
$38.88
PAB38.88
$50.39
kr6,988
Running shoes
Nike or Adidas
$82.05
PAB82.05
$151.12
kr20,957

Improve prices ·
The statistics used to build this comparison are calculated using data from users just like you. We average the price of thousands of data points entered by users across the world. Learn more about our data sources. Page last updated: April 2024
Share this

ASK THE ELSEWHERE COMMUNITY

Join the Elsewhere community and ask a question about Iceland or Panama. It's a free, question-and-answer based forum to discuss what life is like in countries and cities around the world.

Compare by city

For example, try comparing the cost of living in Panama City vs. Reykjavik

Help us improve these prices

MyLifeElsewhere is a collaborative project. Please enter price information for your location to help assist us in making these comparisons more accurate. Learn more