Nicaragua is 73% larger than Panama.
Area: 130,370 km2 World Factbook
Population: 5,848,641 (July 2014) World Factbook
Nicaragua, officially the Republic of Nicaragua, is the largest country in the Central American isthmus, bordering Honduras to the north and Costa Rica to the south. Wikipedia
Area: 75,420 km2 World Factbook
Population: 3,608,431 (July 2014) World Factbook
Panama, officially the Republic of Panama, is the southernmost country of Central America and the whole of North America. Wikipedia