Prices and Cost of Living in Panama
Travel Budget Calculator
Calculate how much money you will spend on your vacation in Panama. Sample budget for each type of traveler - food, transportation, sightseeing and accommodation expenses.
Backpacker's budget
Traveling with a backpack
from 35.49 USD to 46.98 USD
Average daily expenses were calculated on the basis of the prices of accommodation, food (restaurants and shops), transport (public transport and taxis) and some tourist attractions. Values may vary depending on the city, tourist season, or during major religious and public events. Update 21 November 2024.
How much do you spend per day on travel and sightseeing?
Traveling and sightseeing in a cheap way (hostels, cheap food), you can fit into a budget from 35.49 USD to 46.98 USD. On the other hand, a slightly higher standard (3-star hotel, meals in restaurants) you should expect to spend from 113 USD to 142 USD. You should additionally take into account that if you are traveling alone, the cost may be slightly higher.
Food Prices - Calculate the Cost of Living
The calculator allows you to quickly and easily calculate how much you will spend on average to buy food at grocery stores in Panama. Plan your daily, weekly and monthly food expenses.
Select the appropriate number of days to see how much you will spend on food during that period. Values given for one person.
Cheapest products
Here's how much you will spend in 1 day.
from 6.21 USD to 9.24 USD
Mid-range products
Here's how much you will spend in 1 day.
from 8.22 USD to 13.25 USD
Average values for capital or largest city. Purchase of food products in local stores and supermarkets corresponding to daily meals of 2,200 to 2,400 kcal was taken into account. Update 21 November 2024.
How much do you have to spend on groceries per day in Panama?
When shopping for groceries in local stores and markets, the average daily cost of food expenses will range from 6.21 USD to 9.24 USD when buying the cheapest products. However, if you choose slightly more expensive products, you can expect to pay from 8.22 USD to 13.25 USD per day. These figures are based on daily meals consisting of approximately 2200-2400 kcal and may vary slightly depending on the city.
Budget and shopping basket update: 21 November 2024
Estimated budget and daily food costs are always given per person and are only a suggestion to help you plan your total travel costs.
Budget was calculated on the basis of average prices of accommodation in each category (hotels and hostels), food costs (restaurants and grocery shopping), transport prices and some tourist attractions.
BACKPACKER'S BUDGET
• accommodation in a hostel or cheap hotel,
• travel by public transport,
• dining in cheap local restaurants or buying food in local stores,
• small number of paid tourist attractions,
• two people travel (when traveling alone, prices may be higher, but only if we use a hotel room instead of a dormitory).
TOURIST'S BUDGET
• accommodation in a 3 star hotel (with a small number of available facilities, average prices of 3* and 4* hotels),
• traveling by taxis,
• catering in middle-class restaurants and buying food in grocery stores,
• average number of paid tourist attractions,
• two people travel (they share costs of accommodation and transport).
FOOD EXPENSES
• daily meals containing 2200 to 2400 kcal (applies to both price variants),
• shopping for food in local stores or supermarkets (no meals in restaurants),
• value per person & for the capital or largest city.
Prices in Panama
Below you will find a list of prices for products and services in Panama, which will help you determine what expenses you should prepare for when going on vacation in this country.
Grocery Store Prices
| Apples (1kg) | 3.04 USD |
| Banana (1kg) | 1.27 USD |
| Beef Round (1kg) (or Equivalent Back Leg Red Meat) | 8.12 USD |
| Bottle of Wine (Mid-Range) | 9.00 USD |
| Chicken Fillets (1kg) | 6.78 USD |
| Cigarettes 20 Pack (Marlboro) | 5.78 USD |
| Domestic Beer (0.5 liter bottle) | 1.14 USD |
| Eggs (regular) (12) | 2.14 USD |
| Imported Beer (0.33 liter bottle) | 1.76 USD |
| Johnnie Walker Red Label Whisky 0.7 Litre | 22.54 USD |
| Lettuce (1 head) | 1.90 USD |
| Loaf of Fresh White Bread (500g) | 2.19 USD |
| Local Cheese (1kg) | 9.73 USD |
| Milk (regular), (1 liter) | 1.61 USD |
| Onion (1kg) | 1.95 USD |
| Oranges (1kg) | 2.60 USD |
| Potato (1kg) | 1.95 USD |
| Rice (white), (1kg) | 1.81 USD |
| Smirnoff Red Label Vodka 0.7 Litre | 9.82 USD |
| Tomato (1kg) | 2.93 USD |
| Water (1.5 liter bottle) | 1.50 USD |
Food and beverage prices in Panama
Popular food products found on store shelves in Panama include bananas, rice, bread, onions, eggs, tomatoes, cheese, beef and potatoes, among others. Prices for a kilo of these products range from 1.95 USD for a kilo of onions to 8.12 USD for a kilo of beef. The price of white rice is 1.81 USD per kilo, while a loaf of fresh white bread costs 2.19 USD per half kilo. Bananas cost 1.27 USD per kilo, while apples cost 3.04 USD per kilo.
Water, available in 1.5-liter bottles, costs 1.5 USD. Dairy prices in Panama, on the other hand, are as follows: 1 liter of milk costs about 1.61 USD, and 1 kilogram of locally produced cheese is an expense of 9.73 USD. Chicken filet, which is a common ingredient in meat dishes, costs in the range of 6.78 USD per kilo. Eggs (12 pieces per package) are an expense of about 2.14 USD, and the average price of tomatoes is 2.93 USD per kilo.
Restaurant Prices
| Cappuccino (regular) | 3.29 USD |
| Coke/Pepsi (0.33 liter bottle) | 1.52 USD |
| Domestic Beer (0.5 liter draught) | 2.00 USD |
| Imported Beer (0.33 liter bottle) | 3.50 USD |
| McMeal at McDonalds (or Equivalent Combo Meal) | 7.00 USD |
| Meal for 2 People, Mid-range Restaurant, Three-course | 50.00 USD |
| Meal, Inexpensive Restaurant | 8.00 USD |
| Water (0.33 liter bottle) | 1.19 USD |
What is the typical cost for an affordable meal?
Prices in restaurants in Panama vary and depend on several factors, such as the type of restaurant, location and time of day. For instance, a Cappuccino typically costs around 3.29 USD, while a 0.33-liter bottle of Coca-Cola or Pepsi is priced at approximately 1.52 USD. At a fast-food restaurant such as McDonald's, you can expect to pay 7 USD for a meal, whereas a meal for two at a mid-range restaurant could cost around 50 USD. Budget-friendly dining options are also available, with some restaurants offering meals for as little as 8 USD.
Public Transportation Prices
| Monthly Pass (Regular Price) | 30.00 USD |
| One-way Ticket (Local Transport) | 0.35 USD |
| Taxi 1hour Waiting (Normal Tariff) | 20.00 USD |
| Taxi 1km (Normal Tariff) | 2.00 USD |
| Taxi Start (Normal Tariff) | 2.00 USD |
How much does transportation cost in Panama?
The average expense of a one-way trip using local transportation stands at approximately 0.35 USD, while a monthly ticket for public transportation has an average cost of roughly 30 USD. Choosing to travel by taxi would entail an initial fee of 2 USD, along with a per-kilometer charge of 2 USD.
Fuel Prices
| Diesel 1L | 0.82 USD |
| Gasoline 1L | 0.94 USD |
Fuel prices in Panama
Average fuel prices in Panama are 0.94 USD per liter of gasoline and 0.83 USD per liter of diesel.
Entertainment Prices
| Cinema, International Release, 1 Seat | 6.00 USD |
| Fitness Club, Monthly Fee for 1 Adult | 46.09 USD |
| Tennis Court Rent (1 Hour on Weekend) | 27.31 USD |
Apartment Rental Prices
| Apartment (1 bedroom) in City Centre | 778 USD |
| Apartment (1 bedroom) Outside of Centre | 459 USD |
| Apartment (3 bedrooms) in City Centre | 1 457 USD |
| Apartment (3 bedrooms) Outside of Centre | 831 USD |
How much does it cost to rent an apartment in Panama?
The cost of renting or buying an apartment in Panama varies according to its location. On average, renting an apartment with one bedroom and a living room outside the city center costs approximately 459 USD per month, while the same type of apartment in the city center can cost around 778 USD per month. In comparison, the purchase price of an apartment in the city center is 2039 USD per square meter.
Apartment Buying Prices
| Price per Square Meter to Buy Apartment in City Centre | 2 039 USD |
| Price per Square Meter to Buy Apartment Outside of Centre | 1 211 USD |
Average Salary
| Average Monthly Net Salary (After Tax) | 757 USD |
Hotel Prices in Panama
A comprehensive list of the current prices of accommodations in various cities, ranging from budget-friendly hotels to high-end luxurious stays.
What is the average cost of a hotel room?
Accommodation prices in Panama vary depending on the city, neighborhood or tourist season. For example, the average price of accommodation in Panama City (November 2024) ranges from 26 USD per night in a hostel to about 74 USD in a 3-star hotel. The price of a night in a luxury hotel is an expense from 201 USD upwards.
• Prices of products and services in Panama. Prices may vary from town to town.
• Updates: oldest data 09/2022, latest data 10/2024.
• Prices were calculated based on several sources including Expedia.com, Booking.com, local supermarket websites, own sources, submissions from users. We do not guarantee their accuracy, however, we try, to keep them high.
• If you have noticed an error, please report it.
Colombia