Quality of life comparison

compared to

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

Health

live 6.0 years longer

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

Economy

make 85.8% more money

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

be 46.9% less likely to be unemployed

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

be 59.1% less likely to live below the poverty line

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

pay a 85.2% higher top tax rate

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

Life

be 94.0% less likely to die during childbirth

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

be 90.0% less likely to die during infancy

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

have 27.6% fewer children

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

Basic Needs

be 47.1% more likely to have internet access

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

Expenditures

spend 97.4% more on education

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

Geography

see 99.6% more coastline

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

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

Iceland: At a glance

Iceland is a sovereign country in Europe, with a total land area of approximately 100,250 sq km. Settled by Norwegian and Celtic (Scottish and Irish) immigrants during the late 9th and 10th centuries A.D., Iceland boasts the world's oldest functioning legislative assembly, the Althing, established in 930. Independent for over 300 years, Iceland was subsequently ruled by Norway and Denmark. Fallout from the Askja volcano of 1875 devastated the Icelandic economy and caused widespread famine. Over the next quarter century, 20% of the island's population emigrated, mostly to Canada and the US. Denmark granted limited home rule in 1874 and complete independence in 1944. The second half of the 20th century saw substantial economic growth driven primarily by the fishing industry. The economy diversified greatly after the country joined the European Economic Area in 1994, but Iceland was especially hard hit by the global financial crisis in the years following 2008. Literacy, longevity, and social cohesion are first rate by world standards.
Read more

How big is Iceland compared to Panama? See an in-depth size comparison.

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.