Published: Monday, 21th October 2024
The Standard of living in Panama is 1.01 times lesser as compared to Costa Rica.
In this page, you will find side-by-side Standard of Living comparison between Panama and Costa Rica. We have created 53 standard-of-living indicators. We average the values and ranges of all those indicators and take a mathematically calculated approach to determine which country has a better standard of living between Panama and Costa Rica.
 Indicators  | Panama  | Costa Rica  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $82.3 billion USD | $85.590 billion USD |
GDP Per Capita (2023)  | 18,493 USD | 16,213 USD |
GINI Ratio (2023)  | 0.50 | 0.47 |
Inflation on Consumer Prices (2023)  | 1.49 % annually | 0.53 % annually |
Central Government Debt (2023)  | Yet to Update | 71.1 % of GDP |
Gross Domestic Product (GDP) is a measure of the total value of all goods and services produced within a country in a specific time period, usually a year. It is used to gauge the economic performance of a country and indicates how wealthy and productive a nation is. In simple terms, GDP tells us how much a country is producing and how well its economy is doing.
As per the statistics from the World Bank Data for the year 2023, the total GDP of Panama is $82.3 billion USD and that of Costa Rica is $85.590 billion USD.
On the other hand, Gross Domestic Product (GDP) Per Capita is the average economic output per person in a country. Simply put, it shows how much, on average, each person contributes to the economy, giving an idea of the standard of living and economic well-being of the people in that country.
From the above data, we can say that a person living and working in Panama contributes more to the country's economy compared to a person working in Costa Rica.
Indicators | Panama | Costa Rica |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.820 | 0.806 |
Human Capital Index (HCI) (2024)  | 0.5 | 0.63 |
Literacy Rate (2023)  | 95.74% (15 years+ above age) | 98.04% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 77.2 years | 78.6 years |
Healthy Life Expectancy Ratio (2023)  | 66.7 years | 67.6 years |
Poverty Ratio (2023)  | 21.5% of total Population | 25.5% of total Population |
Unemployment Rate (2023)  | 6.7% of total labor force | 8.3% of total labor force |
The Human Development Index (HDI) is a measure used to assess the overall well-being and quality of life of people living in a country. The key dimensions that give a country good HDI rank are a long and healthy life, being knowledgeable and having a decent standard of living.
From the above given statistics, we can see that the HDI of Panama is [ 0.820 ] and the HDI of Costa Rica is [ 0.806 ].
The data shows that the people living in Panama has better income, life expectancy and education level compared to Costa Rica.
Indicators | Panama | Costa Rica |
|---|---|---|
Gross National Expenditure (2023)  | 100.07 % of GDP | 95.71 % of GDP |
Total Health Expenditure (2023)  | 9.68 % of GDP | 7.57 % of GDP |
Research and Development Expenditure (2023)  | 0.18 % of GDP | 0.28 % of GDP |
Government Expenditure on Education (2023)  | 3.89 % of GDP | 6.28 % of GDP |
International Tourism Expenditure (2023)  | 601 million USD | 697 million USD |
Number of International Tourists Arrivals (2023)  | 647,000 | 1,146,500 |
Military Expenditure (2023)  | 0.97 % of GDP | Yet to Update |
The total Gross National Expenditure of Panama is 100.07% of its GDP and the total Gross National Expenditure of Costa Rica is 95.71% of its GDP.
From the above data, we can say that Panama spends 1.05 times more of its GDP on Gross National Expenditure compared to Costa Rica.
Indicators | Panama | Costa Rica |
|---|---|---|
Number of Doctors (2023)  | 17.34 (Per 10,000 People) | 25.18 (Per 10,000 People) |
Number of Nurses (2023)  | 37.5 (Per 10,000 People) | 60.8 (Per 10,000 People) |
Number of Pharmacists (2023)  | 2.3 (Per 10,000 People) | 11.6 (Per 10,000 People) |
Available Hospital Beds (2023)  | 2.25 (Per 1000 People) | 1.1 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 99.1 % of total Population | 97.6 % of total Population |
Panama has 1.45 times less Doctors compared to Costa Rica (Per 10,000 People).
Panama has 1.62 times less Nurses compared to Costa Rica (Per 10,000 People).
Indicators | Panama | Costa Rica |
|---|---|---|
Agricultural Land (2023)  | 21,813.16 Sq Km | 18,110 Sq Km |
Forest Area (2023)  | 42,024.23 Sq Km | 30,512.4 Sq Km |
CO2 Emissions (2023)  | 0.08 kg per PPP $ of GDP | 0.06 kg per PPP $ of GDP |
Access to Electricity (2023)  | 95 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 67.51 % of total Population | 82.6 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 1.21 Billion cubic meters | 3.14 Billion cubic meters |
95% of the total Population of Panama has access to the electricity in their homes, whereas, in case of Costa Rica, 100% of the total Population has access to electricity.
Indicators | Panama | Costa Rica |
|---|---|---|
Time Required to Start a Business (2023)  | 6 Days | 23 Days |
New Businesses Registered (2023)  | 13,048 (New Businesses) | 20,733 (New Businesses) |
New Businesses Registration Density (2023)  | 4.55 (Per 1000 People) | 5.8 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 5.8 % of GNI Per Capita | 9.6 % of GNI Per Capita |
In the year 2023, 13,048 new businesses got registered in Panama and 20,733 new businesses got registered in Costa Rica.
It usually takes 6 days in Panama and 23 days in Costa Rica to register a new business legally and systematically.
Indicators | Panama | Costa Rica |
|---|---|---|
Imports of Goods and Services (2023)  | 47.99 % of GDP | 33 % of GDP |
Total Fuel Imports (2023)  | 20.08 % of Merchandise Imports | 12.72 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 490 USD | 500 USD |
Time to Import Border Compliance (2023)  | 24 Hours | 80 Hours |
Cost to Import Documentary Compliance (2023)  | 50 USD | 75 USD |
Time to Import Documentary Compliance (2023)  | 6 Hours | 26 Hours |
Indicators | Panama | Costa Rica |
|---|---|---|
Exports of Goods and Services (2023)  | 47.92 % of GDP | 37.29 % of GDP |
Total Fuel Exports (2023)  | 0.3 % of Merchandise Exports | 0.02 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 270 USD | 450 USD |
Time to Export Border Compliance (2023)  | 24 Hours | 20 Hours |
Cost to Export Documentary Compliance (2023)  | 60 USD | 80 USD |
Time to Export Documentary Compliance (2023)  | 6 Hours | 24 Hours |
Indicators | Panama | Costa Rica |
|---|---|---|
Gross National Savings (2023)  | 37.15 % of GDP | 12.63 % of GDP |
Tax Revenue (2023)  | 7.46 % of GDP | 14.35 % of GDP |
Taxes on Exports (2023)  | 0.000002 % of Tax Revenue | 0.2 % of Tax Revenue |
Taxes on Goods and Services (2023)  | 33.26 % of Tax Revenue | 24.51 % of Tax Revenue |
Taxes on International Trade (2023)  | 3.79 % of Revenue | 4.18 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 408 Hours | 151 Hours |
Customs and Other Import Duties (2023)  | 5.7 % of Tax Revenue | 2.66 % of Tax Revenue |
The taxes charged by Panama on international trade is 3.79% of the total revenue and the taxes charged by Costa Rica on international trade is 4.18% of the total revenue.
The Taxes charged on International Trade by Panama is 1.10 times less of its total revenue than of Costa Rica.
We hope you enjoyed the detailed guide on the standard of living comparsion between Panama and Costa Rica.
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