Overview: GDP expanded by roughly 5.9% in 1993, following growth of 8% in 1992; banking and financial services led the way in 1993. The economy thus continues to recover from the crisis that preceded the ouster of Manuel NORIEGA, even though the government's structural adjustment program has been hampered by a lack of popular support and a passive administration. Public investment has been limited as the administration has kept the fiscal deficit below 2% of GDP. Unemployment and economic reform are the two major issues the new government must face in 1994-95.

National product: GDP - purchasing power equivalent - $11.6 billion (1993 est.)

National product real growth rate: 5.9% (1993 est.)

National product per capita: $4,500 (1993 est.)

Inflation rate (consumer prices): 1% (1993 est.)

Unemployment rate: 12.5% (1993 est.)

Budget:
revenues: $1.8 billion
expenditures: $1.9 billion, including capital expenditures of $200 million (1992 est.)

Exports: $545 million (f.o.b., 1993 est.)
commodities: bananas 43%, shrimp 11%, sugar 4%, clothing 5%, coffee 2%
partners: US 38%, EC, Central America and Caribbean

Imports: $2.5 billion (f.o.b., 1993 est.)
commodities: capital goods 21%, crude oil 11%, foodstuffs 9%, consumer goods, chemicals
partners: US 35%, EC, Central America and Caribbean, Japan

External debt: $6.1 billion (year-end 1993 est.)

Industrial production: growth rate 7% (1993 est.); accounts for about 9% of GDP

Electricity:
capacity: 1,584,000 kW
production: 4.36 trillion kWh
consumption per capita: 720 kWh (1992)

Industries: manufacturing and construction activities, petroleum refining, brewing, cement and other construction material, sugar milling

Agriculture: accounts for 10% of GDP (1992 est.), 27% of labor force (1992); crops - bananas, rice, corn, coffee, sugarcane; livestock; fishing; importer of food grain, vegetables

Illicit drugs: major cocaine transshipment point and drug money laundering center

Economic aid:
recipient: US commitments, including Ex-Im (FY70-89), $516 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $582 million; Communist countries (1970-89), $4 million

Currency: 1 balboa (B) = 100 centesimos
Exchange rates: balboas (B) per US$1 - 1.000 (fixed rate)

Fiscal year: calendar year

NOTE: The information regarding Panama on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Panama Economy 1995 information contained here. All suggestions for corrections of any errors about Panama Economy 1995 should be addressed to the CIA.