Cost of living in Panama compared to South Korea
Currency:
| Food | - 16% | |||
|---|---|---|---|---|
| Food in Panama is 16% cheaper than in South Korea | ||||
| Panama | South Korea | Diff | ||
| Basic lunchtime menu (including a drink) in the business district | 15 B/. (₩20,544) | ₩11,049 | + 86% | |
| Combo meal in fast food restaurant (big mac meal or similar) | 8 B/. (₩10,658) | ₩7,946 | + 34% | |
| 500 gr (1 lb.) of boneless chicken breast | 3.63 B/. (₩4,870) | ₩7,420 | - 34% | |
| 1 liter (1 qt.) of whole fat milk | 2.17 B/. (₩2,911) | ₩2,902 | + 0% | |
| 12 eggs, large | 3.06 B/. (₩4,105) | ₩6,285 | - 35% | |
| 1 kg (2 lb.) of tomatoes | 2.40 B/. (₩3,224) | ₩8,039 | - 60% | |
| 500 gr (16 oz.) of local cheese | 7 B/. (₩9,591) | ₩7,984 | + 20% | |
| 1 kg (2 lb.) of apples | 2.98 B/. (₩3,995) | ₩8,422 | - 53% | |
| 1 kg (2 lb.) of potatoes | 2.14 B/. (₩2,868) | ₩4,900 | - 41% | |
| 0.5 l (16 oz) domestic beer in the supermarket | 1.29 B/. (₩1,729) | ₩2,939 | - 41% | |
| 1 bottle of red table wine, good quality | 13 B/. (₩17,971) | ₩20,791 | - 14% | |
| 2 liters of coca-cola | 2.55 B/. (₩3,423) | ₩3,248 | + 5% | |
| Bread for 2 people for 1 day | 1.69 B/. (₩2,272) | ₩4,247 | - 47% | |
| Housing | - 16% | |||
| Housing in Panama is 16% cheaper than in South Korea | ||||
| Panama | South Korea | Diff | ||
| Monthly rent for 85 m2 (900 sqft) furnished accommodation in expensive area | 1,466 B/. (₩1,965,146) | ₩3,572,230 | - 45% | |
| Monthly rent for 85 m2 (900 sqft) furnished accommodation in normal area | 891 B/. (₩1,194,517) | ₩2,147,310 | - 44% | |
| Utilities 1 month (heating, electricity, gas ...) for 2 people in 85m2 flat | 155 B/. (₩207,176) | ₩240,148 | - 14% | |
| Monthly rent for a 45 m2 (480 sqft) furnished studio in expensive area | 990 B/. (₩1,326,923) | ₩1,264,360 | + 5% | |
| Monthly rent for a 45 m2 (480 sqft) furnished studio in normal area | 939 B/. (₩1,259,554) | ₩725,161 | + 74% | |
| Utilities 1 month (heating, electricity, gas ...) for 1 person in 45 m2 (480 sqft) studio | 89 B/. (₩119,240) | ₩80,000 | + 49% | |
| Internet 8 mbps (1 month) | 43 B/. (₩57,201) | ₩30,234 | + 89% | |
| 40” flat screen tv | 346 B/. (₩464,207) | ₩433,362 | + 7% | |
| Microwave 800/900 watt (bosch, panasonic, lg, sharp, or equivalent brands) | 98 B/. (₩130,966) | ₩100,000 | + 31% | |
| Laundry detergent (3 l. ~ 100 oz.) | 7 B/. (₩9,928) | ₩16,029 | - 38% | |
| Hourly rate for cleaning help | 4.57 B/. (₩6,134) | ₩14,433 | - 58% | |
| Clothes | - 22% | |||
| Clothes in Panama is 22% cheaper than in South Korea | ||||
| Panama | South Korea | Diff | ||
| 1 pair of jeans (levis 501 or similar) | 49 B/. (₩65,768) | ₩85,819 | - 23% | |
| 1 summer dress in a high street store (zara, h&m or similar retailers) | 33 B/. (₩44,857) | ₩61,053 | - 27% | |
| 1 pair of sport shoes (nike, adidas, or equivalent brands) | 84 B/. (₩112,235) | ₩96,399 | + 16% | |
| 1 pair of men’s leather business shoes | 79 B/. (₩106,437) | ₩148,450 | - 28% | |
| Transportation | - 23% | |||
| Transportation in Panama is 23% cheaper than in South Korea | ||||
| Panama | South Korea | Diff | ||
| Volkswagen golf 1.4 tsi 150 cv (or equivalent), with no extras, new | 20,405 B/. (₩27,360,185) | ₩41,804,000 | - 35% | |
| 1 liter (1/4 gallon) of gas | 1.37 B/. (₩1,838) | ₩1,740 | + 6% | |
| Monthly ticket public transport | 31 B/. (₩41,917) | ₩56,813 | - 26% | |
| Personal Care | - 27% | |||
| Personal Care in Panama is 27% cheaper than in South Korea | ||||
| Panama | South Korea | Diff | ||
| Cold medicine for 6 days (tylenol, frenadol, coldrex, or equivalent brands) | 7 B/. (₩9,939) | ₩7,985 | + 24% | |
| 1 box of antibiotics (12 doses) | 17 B/. (₩22,932) | ₩12,000 | + 91% | |
| Short visit to private doctor (15 minutes) | 24 B/. (₩32,666) | ₩52,552 | - 38% | |
| 1 box of 32 tampons (tampax, ob, ...) | 5.50 B/. (₩7,372) | ₩21,034 | - 65% | |
| Deodorant, roll-on (50ml ~ 1.5 oz.) | 3.54 B/. (₩4,750) | ₩15,000 | - 68% | |
| Hair shampoo 2-in-1 (400 ml ~ 12 oz.) | 7 B/. (₩9,411) | ₩9,644 | - 2% | |
| 4 rolls of toilet paper | 3.27 B/. (₩4,385) | ₩3,593 | + 22% | |
| Tube of toothpaste | 2.95 B/. (₩3,954) | ₩8,235 | - 52% | |
| Standard men's haircut in expat area of the city | 15 B/. (₩20,749) | ₩17,167 | + 21% | |
| Entertainment | + 6% | |||
| Entertainment in Panama is 6% more expensive than in South Korea | ||||
| Panama | South Korea | Diff | ||
| Basic dinner out for two in neighborhood pub | 34 B/. (₩45,689) | ₩34,756 | + 31% | |
| 2 tickets to the movies | 13 B/. (₩17,266) | ₩27,450 | - 37% | |
| 2 tickets to the theater (best available seats) | 36 B/. (₩47,638) | ₩249,761 | - 81% | |
| Dinner for two at an italian restaurant in the expat area including appetisers, main course, wine and dessert | 58 B/. (₩77,221) | ₩69,455 | + 11% | |
| 1 cocktail drink in downtown club | 10 B/. (₩13,332) | ₩15,654 | - 15% | |
| Cappuccino in expat area of the city | 5.52 B/. (₩7,397) | ₩5,510 | + 34% | |
| 1 beer in neighbourhood pub (500ml or 1pt.) | 2.83 B/. (₩3,789) | ₩4,817 | - 21% | |
| Ipad wi-fi 128gb | 663 B/. (₩889,585) | ₩757,033 | + 18% | |
| 1 min. of prepaid mobile tariff (no discounts or plans) | 0.29 B/. (₩383) | ₩206 | + 86% | |
| 1 month of gym membership in business district | 49 B/. (₩65,534) | ₩98,667 | - 34% | |
| 1 package of marlboro cigarettes | 5.84 B/. (₩7,833) | ₩4,500 | + 74% | |
| TOTAL | - 18% | |||
These prices were last updated on September 25, 2023.
Exchange rate:
1340.857
KRW
/
PAB
This comparison is based on abundant and consistent data. It is based on 977 prices entered by 153 different people.
Cost of living in Panama is 18% cheaper than in South Korea
Other Country Comparisons
- Cost of living in American Samoa is in South Korea
- Cost of living in Albania is 26% cheaper than in South Korea
- Cost of living in Antigua and Barbuda is about the same as in South Korea
- Cost of living in Antarctica is in South Korea
- Cost of living in Netherlands Antilles is 24% more expensive than in South Korea
- Cost of living in Afghanistan is 46% cheaper than in South Korea
- Cost of living in Argentina is 41% cheaper than in South Korea
- Cost of living in Armenia is 29% cheaper than in South Korea