Cost of living comparison
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
kr2,483
|
|
|
Fast food combo meal
McDonalds, or similar
|
$7.45
PAB7.45
|
$14.27
kr1,986
|
|
| Bottle of Coca-Cola (11 fl. oz) |
$1.54
PAB1.54
|
$2.32
kr323
|
|
| Bottle of water (11 fl. oz) |
$1.16
PAB1.16
|
$2.12
kr296
|
|
pay 42.2% more for groceries
|
Panama
|
Iceland
|
||
|---|---|---|---|
|
Bread
1 loaf
|
$1.94
PAB1.94
|
$3.42
kr477
|
|
| Local cheese (8 oz) |
$5.35
PAB5.35
|
$5.98
kr833
|
|
| Milk (1 gallon) |
$6.06
PAB6.06
|
$5.33
kr741
|
|
|
Eggs
1 dozen
|
$2.20
PAB2.20
|
$5.66
kr788
|
|
| Boneless chicken breast (1 lb) |
$2.67
PAB2.67
|
$7.09
kr988
|
|
| Apples (1 lb) |
$1.75
PAB1.75
|
$1.16
kr162
|
|
| Bananas (1 lb) |
$0.55
PAB0.55
|
$0.98
kr137
|
|
| Oranges (1 lb) |
$1.06
PAB1.06
|
$1.17
kr163
|
|
| Tomatoes (1 lb) |
$1.23
PAB1.23
|
$1.84
kr256
|
|
| Potatoes (1 lb) |
$0.89
PAB0.89
|
$0.96
kr133
|
|
| Onions (1 lb) |
$0.96
PAB0.96
|
$0.51
kr71
|
|
pay 94.0% more for transportation
|
Panama
|
Iceland
|
||
|---|---|---|---|
| Gasoline (1 gallon) |
$4.07
PAB4.07
|
$8.03
kr1,118
|
|
| Monthly public transit pass |
$27.50
PAB27.50
|
$77.40
kr10,775
|
|
| New Volkswagen Golf 1.4 (standard edition) |
$20,583.33
PAB20,583.33
|
$29,836.83
kr4,153,883
|
|
| Taxi trip in downtown area (5 miles) |
$15.79
PAB15.79
|
$23.97
kr3,337
|
|
pay 79.1% more for housing
|
Panama
|
Iceland
|
||
|---|---|---|---|
|
Internet connection
50 mbps or faster, cable/dsl
|
$49.92
PAB49.92
|
$62.40
kr8,688
|
|
| 1-Bedroom apartment in downtown area |
$696.35
PAB696.35
|
$1,437.14
kr200,079
|
|
| 1-Bedroom apartment outside city center |
$440.76
PAB440.76
|
$1,215.63
kr169,239
|
|
|
Utilities for two
(700 sq ft apartment)
including electric, gas, water, heating
|
$62.88
PAB62.88
|
$68.63
kr9,555
|
|
pay 21.0% less for childcare
|
Panama
|
Iceland
|
||
|---|---|---|---|
| Private preschool for 1 child, monthly |
$228.54
PAB228.54
|
$259.34
kr36,106
|
|
| Middle school for 1 child, two semesters |
$6,185.93
PAB6,185.93
|
$2,750.10
kr382,869
|
|
pay 2.4 times more for entertainment and sports
|
Panama
|
Iceland
|
||
|---|---|---|---|
| Domestic/local beer (1 pint) |
$1.75
PAB1.75
|
$8.52
kr1,186
|
|
| Cappuccino in mid-range area |
$3.22
PAB3.22
|
$4.15
kr578
|
|
|
Pack of cigarettes
Marlboro or similar
|
$5.43
PAB5.43
|
$10.64
kr1,481
|
|
| Monthly membership at local gym |
$45.25
PAB45.25
|
$56.90
kr7,922
|
|
| Movie ticket to theater/cinema |
$4.88
PAB4.88
|
$12.27
kr1,709
|
|
pay 86.0% more for clothing
|
Panama
|
Iceland
|
||
|---|---|---|---|
|
Regular jeans
Levi's brand
|
$48.38
PAB48.38
|
$118.08
kr16,438
|
|
|
Regular dress
from H&M or similar store
|
$38.88
PAB38.88
|
$50.39
kr7,015
|
|
|
Running shoes
Nike or Adidas
|
$82.05
PAB82.05
|
$151.12
kr21,039
|
|
| Men's business shoes (leather) |
$94.12
PAB94.12
|
$175.20
kr24,391
|
|
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