Cost of living comparison

Panama City, Panama

compared to

Reykjavik, Iceland

Reykjavik vs. Panama City Cost of Living Summary

Reykjavik is 63.4% more expensive than Panama City.

Restaurants: pay 75.2% more in Reykjavik
Groceries: pay 42.8% more in Reykjavik
Transportation: pay 2.2 times more in Reykjavik
Housing: pay 55.5% more in Reykjavik
Childcare: pay 41.6% less in Reykjavik
Entertainment and Sports: pay 2.2 times more in Reykjavik
Clothing: pay 71.4% more in Reykjavik

The cost of transportation, entertainment and sports, restaurants, clothing, housing, and groceries in Reykjavik are more expensive than in Panama City. Notably, transportation, entertainment and sports, and restaurants are significantly more expensive in Reykjavik.

Reykjavik vs. Panama City Cost Breakdown

If you lived in Reykjavik instead of Panama City, you would:

Display currency: USD

pay 75.2% more for restaurants

	Panama City	Reykjavik
Basic meal with drink at inexpensive restaurant	$13.25 PAB13.25	$20.00 ISK2,482	+50.9%
Fast food combo meal McDonalds, or similar	$8.00 PAB8.00	$18.02 ISK2,236	+125.2%
Bottle of Coca-Cola (11 fl. oz)	$1.86 PAB1.86	$3.15 ISK391	+69.8%
Bottle of water (11 fl. oz)	$1.41 PAB1.41	$2.19 ISK271	+54.9%
Average			+75.2%

Panama City vs. Reykjavik - Cost of restaurants

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pay 42.8% more for groceries

	Panama City	Reykjavik
Bread 1 loaf	$2.51 PAB2.51	$3.61 ISK448	+44.1%
Local cheese (8 oz)	$6.39 PAB6.39	$7.76 ISK963	+21.5%
Milk (1 gallon)	$6.80 PAB6.80	$6.40 ISK795	-5.8%
Eggs 1 dozen	$2.68 PAB2.68	$5.76 ISK714	+115.1%
Boneless chicken breast (1 lb)	$3.41 PAB3.41	$9.45 ISK1,172	+177.3%
Apples (1 lb)	$1.48 PAB1.48	$1.40 ISK174	-5.4%
Bananas (1 lb)	$0.72 PAB0.72	$1.01 ISK125	+39.6%
Oranges (1 lb)	$1.24 PAB1.24	$1.22 ISK151	-1.8%
Tomatoes (1 lb)	$1.40 PAB1.40	$2.22 ISK276	+59.2%
Potatoes (1 lb)	$0.98 PAB0.98	$1.43 ISK178	+45.8%
Onions (1 lb)	$1.15 PAB1.15	$0.93 ISK116	-18.5%
Average			+42.8%

Panama City vs. Reykjavik - Cost of groceries

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pay 2.2 times more for transportation

	Panama City	Reykjavik
Gasoline (1 gallon)	$3.69 PAB3.69	$8.50 ISK1,055	+130.4%
Monthly public transit pass	$25.00 PAB25.00	$74.95 ISK9,302	+199.8%
New Volkswagen Golf 1.4 (standard edition)	$19,750.00 PAB19,750.00	$42,450.45 ISK5,268,101	+114.9%
Taxi trip in downtown area (5 miles)	$16.71 PAB16.71	$24.05 ISK2,985	+44.0%
Average			+122.3%

Panama City vs. Reykjavik - Cost of transportation

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pay 55.5% more for housing

	Panama City	Reykjavik
Internet connection 50 mbps or faster, cable/dsl	$52.10 PAB52.10	$69.87 ISK8,670	+34.1%
1-Bedroom apartment in downtown area	$1,023.81 PAB1,023.81	$1,971.17 ISK244,622	+92.5%
1-Bedroom apartment outside city center	$755.88 PAB755.88	$1,803.44 ISK223,807	+138.6%
Utilities for two (700 sq ft apartment) including electric, gas, water, heating	$94.84 PAB94.84	$53.95 ISK6,696	-43.1%
Average			+55.5%

Panama City vs. Reykjavik - Cost of housing

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pay 41.6% less for childcare

	Panama City	Reykjavik
Private preschool for 1 child, monthly	$439.17 PAB439.17	$252.14 ISK31,291	-42.6%
Middle school for 1 child, two semesters	$10,092.67 PAB10,092.67	$5,993.99 ISK743,855	-40.6%
Average			-41.6%

Panama City vs. Reykjavik - Cost of childcare

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pay 2.2 times more for entertainment and sports

	Panama City	Reykjavik
Domestic/local beer (1 pint)	$3.00 PAB3.00	$10.81 ISK1,342	+260.4%
Cappuccino in mid-range area	$3.59 PAB3.59	$5.31 ISK658	+47.8%
Pack of cigarettes Marlboro or similar	$5.50 PAB5.50	$12.25 ISK1,520	+122.6%
Monthly membership at local gym	$47.27 PAB47.27	$69.95 ISK8,680	+48.0%
Movie ticket to theater/cinema	$7.00 PAB7.00	$14.77 ISK1,834	+111.1%
Average			+118.0%

Panama City vs. Reykjavik - Cost of entertainment and sports

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pay 71.4% more for clothing

	Panama City	Reykjavik
Regular jeans Levi's brand	$53.91 PAB53.91	$108.97 ISK13,523	+102.1%
Regular dress from H&M or similar store	$37.78 PAB37.78	$49.72 ISK6,170	+31.6%
Running shoes Nike or Adidas	$87.62 PAB87.62	$151.85 ISK18,845	+73.3%
Men's business shoes (leather)	$108.75 PAB108.75	$194.16 ISK24,095	+78.5%
Average			+71.4%

Panama City vs. Reykjavik - Cost of clothing

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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: June 2025

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