Cost of living in Panama compared to South Korea
Currency:
| Food | - 28% | |||
|---|---|---|---|---|
| Food in Panama is 28% cheaper than in South Korea | ||||
| Panama | South Korea | Diff | ||
| Basic lunchtime menu (including a drink) in the business district | 14 B/. (₩17,304) | ₩11,980 | + 44% | |
| Combo meal in fast food restaurant (big mac meal or similar) | 8 B/. (₩9,372) | ₩6,615 | + 42% | |
| 500 gr (1 lb.) of boneless chicken breast | 3.91 B/. (₩4,832) | ₩5,632 | - 14% | |
| 1 liter (1 qt.) of whole fat milk | 1.63 B/. (₩2,009) | ₩2,759 | - 27% | |
| 12 eggs, large | 2.85 B/. (₩3,526) | ₩6,542 | - 46% | |
| 1 kg (2 lb.) of tomatoes | 2.07 B/. (₩2,559) | ₩7,203 | - 64% | |
| 500 gr (16 oz.) of local cheese | 7 B/. (₩8,902) | ₩16,031 | - 44% | |
| 1 kg (2 lb.) of apples | 2.55 B/. (₩3,156) | ₩8,264 | - 62% | |
| 1 kg (2 lb.) of potatoes | 1.96 B/. (₩2,427) | ₩3,965 | - 39% | |
| 0.5 l (16 oz) domestic beer in the supermarket | 1.51 B/. (₩1,869) | ₩3,108 | - 40% | |
| 1 bottle of red table wine, good quality | 13 B/. (₩16,483) | ₩34,167 | - 52% | |
| 2 liters of coca-cola | 2.44 B/. (₩3,023) | ₩3,437 | - 12% | |
| Bread for 2 people for 1 day | 1.61 B/. (₩1,994) | ₩4,184 | - 52% | |
| Housing | - 39% | |||
| Housing in Panama is 39% cheaper than in South Korea | ||||
| Panama | South Korea | Diff | ||
| Monthly rent for 85 m2 (900 sqft) furnished accommodation in expensive area | 1,273 B/. (₩1,573,759) | ₩4,454,430 | - 65% | |
| Monthly rent for 85 m2 (900 sqft) furnished accommodation in normal area | 852 B/. (₩1,053,729) | ₩2,796,960 | - 62% | |
| Utilities 1 month (heating, electricity, gas ...) for 2 people in 85m2 flat | 127 B/. (₩157,519) | ₩253,895 | - 38% | |
| Monthly rent for a 45 m2 (480 sqft) furnished studio in expensive area | 908 B/. (₩1,122,031) | ₩1,589,470 | - 29% | |
| Monthly rent for a 45 m2 (480 sqft) furnished studio in normal area | 556 B/. (₩687,425) | ₩779,612 | - 12% | |
| Utilities 1 month (heating, electricity, gas ...) for 1 person in 45 m2 (480 sqft) studio | 78 B/. (₩96,792) | ₩86,783 | + 12% | |
| Internet 8 mbps (1 month) | 46 B/. (₩57,205) | ₩32,020 | + 79% | |
| 40” flat screen tv | 340 B/. (₩420,121) | ₩219,090 | + 92% | |
| Microwave 800/900 watt (bosch, panasonic, lg, sharp, or equivalent brands) | 106 B/. (₩131,332) | ₩89,516 | + 47% | |
| Laundry detergent (3 l. ~ 100 oz.) | 8 B/. (₩10,332) | ₩16,029 | - 36% | |
| Hourly rate for cleaning help | 15 B/. (₩18,782) | ₩14,433 | + 30% | |
| Clothes | - 27% | |||
| Clothes in Panama is 27% cheaper than in South Korea | ||||
| Panama | South Korea | Diff | ||
| 1 pair of jeans (levis 501 or similar) | 48 B/. (₩59,058) | ₩69,705 | - 15% | |
| 1 summer dress in a high street store (zara, h&m or similar retailers) | 26 B/. (₩32,320) | ₩54,258 | - 40% | |
| 1 pair of sport shoes (nike, adidas, or equivalent brands) | 79 B/. (₩97,538) | ₩82,310 | + 19% | |
| 1 pair of men’s leather business shoes | 83 B/. (₩103,232) | ₩127,854 | - 19% | |
| Transportation | - 18% | |||
| Transportation in Panama is 18% cheaper than in South Korea | ||||
| Panama | South Korea | Diff | ||
| Volkswagen golf 1.4 tsi 150 cv (or equivalent), with no extras, new | 22,433 B/. (₩27,735,632) | ₩35,091,300 | - 21% | |
| 1 liter (1/4 gallon) of gas | 1.29 B/. (₩1,595) | ₩1,965 | - 19% | |
| Monthly ticket public transport | 42 B/. (₩51,466) | ₩63,651 | - 19% | |
| Personal Care | + 13% | |||
| Personal Care in Panama is 13% more expensive than in South Korea | ||||
| Panama | South Korea | Diff | ||
| Cold medicine for 6 days (tylenol, frenadol, coldrex, or equivalent brands) | 8 B/. (₩10,370) | ₩8,245 | + 26% | |
| 1 box of antibiotics (12 doses) | 32 B/. (₩40,142) | ₩4,500 | + 792% | |
| Short visit to private doctor (15 minutes) | 62 B/. (₩76,807) | ₩76,762 | + 0% | |
| 1 box of 32 tampons (tampax, ob, ...) | 9 B/. (₩10,984) | ₩21,034 | - 48% | |
| Deodorant, roll-on (50ml ~ 1.5 oz.) | 5.05 B/. (₩6,250) | ₩10,694 | - 42% | |
| Hair shampoo 2-in-1 (400 ml ~ 12 oz.) | 7 B/. (₩8,604) | ₩8,457 | + 2% | |
| 4 rolls of toilet paper | 3.79 B/. (₩4,689) | ₩5,308 | - 12% | |
| Tube of toothpaste | 3.38 B/. (₩4,180) | ₩8,235 | - 49% | |
| Standard men's haircut in expat area of the city | 19 B/. (₩23,443) | ₩12,817 | + 83% | |
| Entertainment | - 26% | |||
| Entertainment in Panama is 26% cheaper than in South Korea | ||||
| Panama | South Korea | Diff | ||
| Basic dinner out for two in neighborhood pub | 29 B/. (₩35,910) | ₩32,969 | + 9% | |
| 2 tickets to the movies | 13 B/. (₩15,482) | ₩29,287 | - 47% | |
| 2 tickets to the theater (best available seats) | 55 B/. (₩68,276) | ₩379,963 | - 82% | |
| Dinner for two at an italian restaurant in the expat area including appetisers, main course, wine and dessert | 47 B/. (₩58,603) | ₩89,730 | - 35% | |
| 1 cocktail drink in downtown club | 8 B/. (₩10,479) | ₩17,897 | - 41% | |
| Cappuccino in expat area of the city | 5.69 B/. (₩7,039) | ₩6,563 | + 7% | |
| 1 beer in neighbourhood pub (500ml or 1pt.) | 2.75 B/. (₩3,396) | ₩5,017 | - 32% | |
| Ipad wi-fi 128gb | 651 B/. (₩805,026) | ₩795,597 | + 1% | |
| 1 min. of prepaid mobile tariff (no discounts or plans) | 0.22 B/. (₩274) | ₩236 | + 16% | |
| 1 month of gym membership in business district | 47 B/. (₩58,510) | ₩116,074 | - 50% | |
| 1 package of marlboro cigarettes | 5.66 B/. (₩6,994) | ₩4,500 | + 55% | |
| TOTAL | - 27% | |||
This comparison has some inconsistent or sparse data. It already provides a reliable comparison but it is not bullet-proof. It is based on 1,019 prices entered by 155 different people.
These prices were last updated on February 02, 2023.
Exchange rate:
1236.376
KRW
/
PAB
Cost of living in Panama is 27% cheaper than in South Korea
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