Tuesday, June 22, 2010

Panama, Panama City Cost of Living

Location: Panama is in Central America, bordering both the Caribbean Sea and the North Pacific Ocean, between Colombia and Costa Rica.

Country Climate: Tropical maritime; hot, humid, cloudy; prolonged rainy season (May to January), short dry season (January to May).

Country Terrain: Interior mostly steep, rugged mountains and dissected, upland plains; coastal areas largely plains and rolling hills.

Major Languages: Spanish, English.

Major Religions: Christianity.

Country Population: 3.4 million (2008 est.) 3.5 million (2009 est.).

Country Economy: The Economy of Panama is free market economy with a history of low inflation. It is based mainly on the services industry, heavily weighted toward banking, commerce, and tourism.

Currency: Panamanian Balboa (PAB).

Country Inflation: 8.8% (2008 est.) 2.3% (2009 est.).

City: Panama City is the capital and largest city of the Republic of Panama.

City Economy: Panama City has more than 80 banks, more than 15 of them being national. The city also boasts several tourist attractions, and is a stopover for other nearby destinations in the country as well as a tourist destination in its own right.
Cost of Living: Panama City has an overall cost of living index which equates it with low cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Panama City is currently ranked 245 overall, most expensive place in the world for expatriates to live, out of 282 international locations.

For more cost of living information on Panama, Panama City