Well I've never been there, but if all I hear about prices in Germany are true, the prices in Panama should be laughingly cheap for you. Plus you got those nice big Euros
Maybe I'm not the best person to answer. I'm not really a 'steak snob' that requires the best of the best -- marbled meat, etc. I don't even know the range of cuts (what's the best, mid-range, low). I've farted around with vegetarianism at times in my life. I've been off that ever since experiencing the wonderful asados in Buenos Aires & Uruguay. I was happy to see they are widespread in Panama City.
If I buy something for home consumption, it will be a fast-fry/BBQ steak for $2-3 Cdn. 'Steak snobs' would probably bitch about the toughness of the cuts I buy, but I don't mind it.
So for what I usually use, a touch less in Panama.
Hope that gives you a better idea.