Quality of life comparison

compared to

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

Health

live 6.0 years less

In Iceland, the average life expectancy is 84 years (81 years for men, 86 years for women) as of 2022. In Panama, that number is 78 years (75 years for men, 81 years for women) as of 2022.

Economy

pay a 46.0% lower top tax rate

Iceland has a top tax rate of 46.3% as of 2016. In Panama, the top tax rate is 25.0% as of 2016.

make 46.2% less money

Iceland has a GDP per capita of $66,500 as of 2023, while in Panama, the GDP per capita is $35,800 as of 2023.

be 88.2% more likely to be unemployed

In Iceland, 3.6% of adults are unemployed as of 2023. In Panama, that number is 6.7% as of 2023.

be 2.4 times more likely to live below the poverty line

In Iceland, 8.8% live below the poverty line as of 2017. In Panama, however, that number is 21.5% as of 2019.

Life

have 38.1% more children

In Iceland, there are approximately 12.6 babies per 1,000 people as of 2024. In Panama, there are 17.4 babies per 1,000 people as of 2024.

be 16.7 times more likely to die during childbirth

In Iceland, approximately 3.0 women per 100,000 births die during labor as of 2020. In Panama, 50.0 women do as of 2020.

be 10.0 times more likely to die during infancy

In Iceland, approximately 1.6 children (per 1,000 live births) die before they reach the age of one as of 2022. In Panama, on the other hand, 16.4 children do as of 2022.

Basic Needs

be 32.0% less likely to have internet access

In Iceland, approximately 100.0% of the population has internet access as of 2021. In Panama, about 68.0% do as of 2021.

Expenditures

spend 49.4% less on education

Iceland spends 7.7% of its total GDP on education as of 2020. Panama spends 3.9% of total GDP on education as of 2020.

Geography

see 49.9% less coastline

Iceland has a total of 4,970 km of coastline. In Panama, that number is 2,490 km.

The statistics above were calculated using the following data sources: The World Factbook, General Directorate of Revenues, Panama, Directorate of Internal Revenue.

Panama: At a glance

Panama is a sovereign country in Central America/Caribbean, with a total land area of approximately 74,340 sq km. Explored and settled by the Spanish in the 16th century, Panama broke with Spain in 1821 and joined a union of Colombia, Ecuador, and Venezuela - named the Republic of Gran Colombia. When the latter dissolved in 1830, Panama remained part of Colombia. With US backing, Panama seceded from Colombia in 1903 and promptly signed a treaty with the US allowing for the construction of a canal and US sovereignty over a strip of land on either side of the structure (the Panama Canal Zone). The Panama Canal was built by the US Army Corps of Engineers between 1904 and 1914. In 1977, an agreement was signed for the complete transfer of the Canal from the US to Panama by the end of the century. Certain portions of the Zone and increasing responsibility over the Canal were turned over in the subsequent decades. With US help, dictator Manuel NORIEGA was deposed in 1989. The entire Panama Canal, the area supporting the Canal, and remaining US military bases were transferred to Panama by the end of 1999. In October 2006, Panamanians approved an ambitious plan (estimated to cost $5.3 billion) to expand the Canal. The project, which began in 2007 and could double the Canal's capacity, is expected to be completed in 2015.
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How big is Panama compared to Iceland? See an in-depth size comparison.

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