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Panama Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Panama Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 20, 2014

Economy - overview:
Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and is estimated to be completed by 2015 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project will more than double the Canal's capacity, enabling it to accommodate ships that are too large to traverse the existing canal. The United States and China are the top users of the Canal. Panama is also constructing a metro system in Panama City, valued at $1.2 billion and scheduled to be completed by 2014. Panama's booming transportation and logistics services sectors, along with aggressive infrastructure development projects, have lead the economy to continued high growth in 2012. Foreign investment, at around 10% of GDP in both 2011 and 2012, has continued to be a source of growth. Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points, while unemployment dropped from 12% to 4.5% of the labor force in 2013. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012. Panama also achieved removal from the Organization of Economic Development's gray-list of tax havens by signing various double taxation treaties with other nations.

GDP (purchasing power parity):
$61.54 billion (2013 est.)
country comparison to the world: 90

$57.24 billion (2012 est.)
$51.72 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$40.62 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7.5% (2013 est.)
country comparison to the world: 16

10.7% (2012 est.)
10.8% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$16,500 (2013 est.)
country comparison to the world: 81

$15,700 (2012 est.)
$14,400 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 57.6%
government consumption: 13.1%
investment in fixed capital: 30.3%
investment in inventories: 0.9%
exports of goods and services: 81%
imports of goods and services: -82.9%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 3.7%
industry: 17.9%
services: 78.4% (2013 est.)

Agriculture - products:
bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp

Industries:
construction, brewing, cement and other construction materials, sugar milling

Industrial production growth rate:
9.2% (2013 est.)
country comparison to the world: 18
[see also: Industrial production growth rate country ranks ]

Labor force:
1.54 million
country comparison to the world: 128
note: shortage of skilled labor, but an oversupply of unskilled labor (2013 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 17%
industry: 18.6%
services: 64.4% (2009 est.)

Unemployment rate:
4.5% (2013 est.)
country comparison to the world: 40

4.4% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
26% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.1%
highest 10%: 40.1% (2010 est.)

Distribution of family income - Gini index:
51.9 (2010 est.)
country comparison to the world: 15

56.1 (2003)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $10.33 billion
expenditures: $11.38 billion (2013 est.)

Taxes and other revenues:
25.4% of GDP (2013 est.)
country comparison to the world: 121
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.6% of GDP (2013 est.)
country comparison to the world: 110
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
39.8% of GDP (2013 est.)
country comparison to the world: 90

39.6% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
4.1% (2013 est.)
country comparison to the world: 140

5.7% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
NA% (31 December 2013 est.)
country comparison to the world: 122

6.91% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$8.976 billion (31 December 2013 est.)
country comparison to the world: 82

$7.659 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$29.72 billion (31 December 2012 est.)
country comparison to the world: 75

$25.73 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$35.57 billion (31 December 2013 est.)
country comparison to the world: 68

$32.27 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$12.54 billion (31 December 2012 est.)
country comparison to the world: 65

$10.68 billion (31 December 2011)
$8.348 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$5.064 billion (2013 est.)
country comparison to the world: 168

-$3.267 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$18.87 billion (2013 est.)
country comparison to the world: 73

$18.88 billion (2012 est.)
note: includes the Colon Free Zone
[see also: Exports country ranks ]

Exports - commodities:
gold, bananas, shrimp, sugar, iron and steel waste, pineapples, watermelons

Exports - partners:
US 20.2%, Canada 14.6%, Costa Rica 6.6%, Netherlands 5.9%, Sweden 4.8%, China 4.1%, Italy 4% (2012)

Imports:
$26.61 billion (2013 est.)
country comparison to the world: 70

$24.61 billion (2012 est.)
note: includes the Colon Free Zone
[see also: Imports country ranks ]

Imports - commodities:
fuel products, medicines, vehicles, iron and steel rods, cellular phones

Imports - partners:
US 23.6%, China 6.4%, Costa Rica 4.6%, Mexico 4.4% (2012)

Reserves of foreign exchange and gold:
$2.666 billion (31 December 2013 est.)
country comparison to the world: 114

$2.466 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$15.22 billion (31 December 2013 est.)
country comparison to the world: 88

$13.56 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$32.89 billion (31 December 2013 est.)
country comparison to the world: 62

$29.27 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$3.233 billion (31 December 2013 est.)
country comparison to the world: 66

$3.11 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
balboas (PAB) per US dollar -

1 (2013 est.)
1 (2012 est.)
1 (2010 est.)
1 (2009)
1 (2008)


NOTE: 1) The information regarding Panama on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Panama Economy 2015 information contained here. All suggestions for corrections of any errors about Panama Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 10-Feb-15
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