Panama is about 1.2 times smaller than Portugal.

Portugal is approximately 92,090 sq km, while Panama is approximately 75,420 sq km, making Panama 81.9% the size of Portugal. Meanwhile, the population of Portugal is ~10.2 million people (5.9 million fewer people live in Panama).
This to-scale comparison of Portugal vs. Panama uses the Mercator projection, which distorts the size of regions near the poles. Learn more.

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