Panama City is the capital and largest city of the Republic of Panama. 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. Panama is in Central America, bordering both the Caribbean Sea and the North Pacific Ocean, between Colombia and Costa Rica. Tropical maritime; hot, humid, cloudy; prolonged rainy season (May to January), short dry season (January to May). Interior mostly steep, rugged mountains and dissected, upland plains; coastal areas largely plains and rolling hills. The official language is Spanish. In Panama City and Colón, most Panamanians speak English, which is widely used in business circles. The country's indigenous languages such as Kuna and Ngöbe-Buglé are well preserved and mainly spoken in rural areas. The main religion is Christianity. 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. The population in Panama City is 1.3 Mil (2014 est.), while the inflation rate is 3.37% (2014 est.).
Cost Of Living
The cost of living for expatriates in Panama City as at 1 October 2014 is low in comparison to other places in the world. In Panama City, the cost of each basket, based on local prices, compared to the international average in USD, is categorized follows: 1) Alcohol (where available) & Tobacco: Very Low 2) Clothing: Average 3) Communication: Very Low 4) Education: Very Low 5) Furniture & Appliances: High 6) Groceries: Low 7) Healthcare: Low 8) Household Accommodation: Average 9) Miscellaneous: Average 10) Personal Care: Low 11) Recreation & Culture: Low 12) Restaurants Meals Out and Hotels: Average 13) Transport: Very Low Panama City is for example -7.4% cheaper than Montevideo for groceries, 0.5% more expensive for household costs than Durban, and -28.3% cheaper for transport costs than Athens. Panama City is ranked as a some hardship location. Hardship (also know as quality of living) refers to the degree of hardship an expatriate and their family are likely to experience in the host location. Hardship pay is compensation to encourage people to move, in particular to less desirable locations. In determining the amount of hardship premium payable, factors such as economic, political, religious, infrastructure, environment/climate, personal safety, health, education, and transportation factors are considered. The hardship premium for Panama City for an expat from Zurich is for example 10%, i.e. host location (Panama City) premium of 20% minus home (Zurich) location premium of 10%. Xpatulator.com has been created to assist subscribers calculate expatriate pay using the online calculators and extensive database of cost of living and hardship indexes, for 780 international locations. Want to know more about cost of living, hardship or expat pay in Panama City? Register subscribe to your home location and Panama City and run your personalised reports.