Portugal is 22% larger than Panama.
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
Area: 92,145 km2 Wikipedia
Population: 10,459,806 (2,013) World Bank
Continental Portugal or Mainland Portugal is the part of the territory of Portugal located in the Iberian Peninsula and so in Continental Europe. Continental Portugal is also commonly referred to - by the Portuguese - simply as the Continent. Wikipedia