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Panama Economy 1996
Because of its key geographic location, Panama's economy is service-based,
heavily weighted toward banking, commerce, and tourism. Trade and financial
ties with the US are especially close. GDP grew at 3.6% in 1994, a
respectable rate, yet below the 7.1% average of the early 1990s. Banking and
financial services and trade through the Colon Free Zone continued to expand
rapidly, with the industrial and agricultural sectors experiencing little
growth. The new administration, inaugurated 1 September 1994, has launched
an economic plan designed to reverse rising unemployment, attract foreign
investment, cut back the size of government, and modernize the economy. The
success of the plan in meeting its goals for 1995 and beyond depends largely
on the success of the administration in reforming the labor code and
instituting the reforms necessary to join the GATT.
GDP - purchasing power parity - $12.3 billion (1994 est.)
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National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$1.93 billion, including capital expenditures of $NA (1994)
$520 million (f.o.b., 1994 est.)
bananas 43%, shrimp 11%, sugar 4%, clothing 5%, coffee 2%
US 45%, EU, Central America and Caribbean
$2.205 billion (c.i.f., 1994 est.)
capital goods 21%, crude oil 11%, foodstuffs 9%, consumer goods, chemicals
US 40%, EU, Central America and Caribbean, Japan
$6.7 billion (yearend 1993 est.)
growth rate 1.8% (1994 est.); accounts for about 9% of GDP
manufacturing and construction, petroleum refining, brewing, cement and
other construction materials, sugar milling
accounts for 10% of GDP (1992 est.); crops - bananas, rice, corn, coffee,
sugarcane; livestock; fishing; importer of food grain, vegetables
major cocaine transshipment point and drug money laundering center
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
1 balboa (B) = 100 centesimos
balboas (B) per US$1 - 1.000 (fixed rate)
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