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    Panama Economy - 1991

      Overview: GDP expanded by an estimated 5% in 1990, after contracting 1% in 1988 and 14% in 1989. Political stability prompted greater business confidence and consumer demand, leading to increased production by the agricultural, commercial, manufacturing, construction, and utilities sectors. The transportation sector and government services declined slightly due to slack early-1990 transits through the Panama Canal, lower oil pipeline flowthrough, and Panama City's budget cuts. Imports and exports posted gains during the year, and government revenues were up sharply over 1989's levels.

      GDP: $4.8 billion, per capita $1,980; real growth rate 5% (1990 est.)

      Inflation rate (consumer prices): 1.3% (1990 est.)

      Unemployment rate: 20% (1990)

      Budget: revenues $1.7 billion; expenditures $1.8 billion, including capital expenditures of $70 million (1990 est.)

      Exports: $355 million (f.o.b., 1990 est.); commodities--bananas 27%, shrimp 21%, clothing 6%, coffee 4%, sugar 4%; partners--US 90%, Central America and Caribbean, EC (1989 est.)

      Imports: $1,250 million (f.o.b., 1990); commodities--foodstuffs 13%, capital goods 12%, crude oil 12%, consumer goods, chemicals; partners--US 35%, Central America and Caribbean, EC, Mexico, Venezuela (1989 est.)

      External debt: $5 billion (December 1990 est.)

      Industrial production: growth rate 4.8% (1990 est.)

      Electricity: 1,113,000 kW capacity; 3,264 million kWh produced, 1,350 kWh per capita (1990)

      Industries: manufacturing and construction activities, petroleum refining, brewing, cement and other construction material, sugar mills, paper products

      Agriculture: accounts for 12% of GDP (1990 est.), 25% of labor force (1989); crops--bananas, rice, corn, coffee, sugarcane; livestock; fishing; importer of food grain, vegetables, milk products

      Economic aid: US commitments, including Ex-Im (FY70-89), $516 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $575 million; Communist countries (1970-89), $4 million

      Currency: balboa (plural--balboas); 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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Panama Economy 1991 information contained here. All suggestions for corrections of any errors about Panama Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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