Iceland vs Panama: Economic Indicators Comparison

Panama with a GDP of $65.1B ranked the 75th largest economy in the world, while Iceland ranked 108th with $25.9B. By GDP 5-years average growth and GDP per capita, Panama and Iceland ranked 33rd vs 47th and 61st vs 8th, respectively.

Gross Domestic Product & Income

StatIcelandPanama
GDP$25.9B$65.1B
GDP growth, 1 year4.6%3.9%
GDP growth, 5-years average4.5%5%
Population357k4.1M
GDP per capita$73k$16k
GDP per capita growth1.6%1.94%
Purchasing Power Parity conversion factor138.330.61
Price level ratio of PPP conversion factor GDP to market exchange rate1.280.61
GDP per capita, PPP adjusted$56k$26k
GNI, Atlas method$24B$60B
GNI per capita$68k$14k
GNI, PPP adjusted$19.5B$98.4B
GNI per capita, PPP adjusted$55k$24k

Financial system and Human development

StatIcelandPanama
Income Tax Rate31.8%25%
Corporate Tax Rate20%25%
Inflation, consumer prices2.7%0.8%
Inflation, GDP deflator2.4%0.7%
Unemployment2.9%3.9%
Economic Freedom Index77.167.2
Personal Freedom Index9.277.73
Human Freedom Index8.227.53
Property Rights Index87.658.8
Judical Effectiveness Index63.230
Business Freedom Index84.770.8
Fiscal Health Index97.591.2
Labor Freedom Index63.543.3
Investment Freedom Index8575
Financial Freedom Index7070
Trade Freedom Index86.879.2
Monetary Freedom Index80.379.4
Government Spending Index44.185.7
Tax Burden Index71.785.3
Government Integrity Index90.337.2
Corruption Perceptions Index7637
Life expectancy at birth, years82.278.1
Suicide mortality rate, per 100,000 people144.3
Mortality caused by road traffic injury, per 100,000 people6.614.3
Intentional homicides, per 100,000 people0.99.7
International tourism, number of arrivals2.3M1.8M

Government debt & reserves

StatIcelandPanama
Central government debt, % of GDP35.4%39.4%
External debt stocks, % of GNIN/AN/A
External debt stocksN/AN/A
Short-term debt, % of total reservesN/AN/A
Total debt service, % of exports and primary incomeN/AN/A
Adjusted net savings including particulate emission damage, % of GNI16.6%25.3%
Gross savings, % of GDP21.2%29.1%
Gross capital formation, % of GDP22.6%41.7%
Total reserves including gold$6.3B$2.1B
Foreign direct investment net inflows-$434.6M$5.9B

Exports, imports and economic structure

StatIcelandPanama
Exports of goods and services, % of GDP47.2%42.3%
Imports of goods and services, % of GDP44.1%45.3%
Current account balance (balance of payments)$731.3M-$6.8B
Revenue excluding grants, % of GDP31%N/A
Grants excluding technical cooperation, BoPN/A$22.3M
Personal remittances received$168.9M$537.9M
Industry including construction value added, % of GDP19.6%29.2%
Agriculture, forestry and fishing value added, % of GDP4.6%2.2%
Charges for the use of intellectual property, payments BoP$143.4M$39.4M
Charges for the use of intellectual property, receipts BoP$241.7M$21.7M
Expense, % of GDP30.8%N/A
Government Expenditure, % of GDP43.2%21.8%

Compare with countries close by GDP per capita

Iceland vs

CountryGDP
per capita
Population
Monaco
$186k
38.7k
Liechtenstein
$165k
37.9k
Luxembourg
$117k
626k
Switzerland
$83k
8.47M
Norway
$82k
5.37M
Cayman Islands
$81k
58.4k
Ireland
$79k
4.76M
Qatar
$69k
2.64M
Singapore
$65k
5.89M
United States
$63k
325M
Denmark
$61k
5.83M
Australia
$57k
24.5M
Sweden
$55k
10.3M
Netherlands
$53k
17.3M
Austria
$51k
8.81M
Finland
$50k
5.5M
San Marino
$48k
33.4k
Germany
$48k
83.1M
Belgium
$48k
11.4M
Canada
$46k
37.9M
United Arab Emirates
$43k
9.4M
United Kingdom
$43k
66M
Andorra
$42k
76.2k
New Zealand
$42k
4.94M
Israel
$42k
9.09M
France
$41k
66.6M
Japan
$39k
127M
Italy
$34k
60.3M
Kuwait
$34k
4.6M
Bahamas
$32k
395k

Panama vs

CountryGDP
per capita
Population
Curacao
$20k
160k
Slovakia
$19k
5.4M
Saint Kitts and Nevis
$19k
55.3k
Lithuania
$19k
2.79M
Barbados
$18k
286k
Latvia
$18k
1.91M
Uruguay
$17k
3.46M
Trinidad and Tobago
$17k
1.37M
Antigua and Barbuda
$17k
102k
Seychelles
$16k
95.8k
Oman
$16k
4.83M
Hungary
$16k
9.94M
Venezuela
$16k
28.5M
Chile
$16k
18.1M
Palau
$16k
21.7k
Poland
$15k
38.4M
Croatia
$15k
4.11M
Romania
$12k
19.6M
Costa Rica
$12k
4.91M
Argentina
$12k
44.9M
Malaysia
$11k
31.6M
Russia
$11k
147M
Mauritius
$11k
1.26M
Grenada
$11k
108k
Saint Lucia
$11k
179k
Maldives
$10k
436k
Equatorial Guinea
$10k
1.27M
Nauru
$9.9k
13.7k
Kazakhstan
$9.8k
18.3M
China
$9.8k
1.41B