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    Panama Economy - 2003
    https://theodora.com/wfb2003/panama/panama_economy.html
    SOURCE: 2003 CIA WORLD FACTBOOK

      Economy - overview: Panama's economy is based primarily on a well-developed services sector that accounts for three-fourths of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. A slump in Colon Free Zone and agricultural exports, the global slowdown, and the withdrawal of US military forces held back economic growth in 2000-02. The government has been backing public works programs, tax reforms, new regional trade agreements, and development of tourism in order to stimulate growth.


      GDP: purchasing power parity - $17.3 billion (2002 est.)


      GDP - real growth rate: 0.8% (2002 est.)


      GDP - per capita: purchasing power parity - $6,000 (2002 est.)


      GDP - composition by sector: agriculture: 7%
      industry: 17%
      services: 76% (2001)


      Population below poverty line: 37% (1999 est.)


      Household income or consumption by percentage share: lowest 10%: 1.2%
      highest 10%: 35.7% (1997)


      Distribution of family income - Gini index: 48.5 (1997)


      Inflation rate (consumer prices): 1.1% (2001 est.)


      Labor force: 1.1 million
      note: shortage of skilled labor, but an oversupply of unskilled labor (2000 est.)


      Labor force - by occupation: agriculture 20.8%, industry 18%, services 61.2% (1995 est.)


      Unemployment rate: 16% (2002 est.)


      Budget: revenues: $1.9 billion
      expenditures: $2 billion, including capital expenditures of $471 million (2000 est.)


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


      Industrial production growth rate: 0.5% (2002 est.)


      Electricity - production: 4.039 billion kWh (2001)


      Electricity - production by source: fossil fuel: 37%
      hydro: 61.3%
      other: 1.7% (2001)
      nuclear: 0%


      Electricity - consumption: 3.681 billion kWh (2001)


      Electricity - exports: 118 million kWh (2001)


      Electricity - imports: 43 million kWh (2001)


      Oil - production: 0 bbl/day (2001 est.)


      Oil - consumption: 52,000 bbl/day (2001 est.)


      Oil - exports: NA (2001)


      Oil - imports: NA (2001)


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


      Exports: $5.8 billion f.o.b. (2002 est.)


      Exports - commodities: bananas, shrimp, sugar, coffee, clothing (1999)


      Exports - partners: US 49.6%, Nicaragua 5.1%, Sweden 4.8%, Benelux, Costa Rica (2001 est.)


      Imports: $6.7 billion f.o.b. (2002 est.)


      Imports - commodities: capital goods, crude oil, foodstuffs, consumer goods, chemicals (1999)


      Imports - partners: US 33.1%, Ecuador 7.2%, Venezuela 6.6%, Japan 5.5% (2000)


      Debt - external: $7 billion (2002 est.)


      Economic aid - recipient: $197.1 million (1995)


      Currency: balboa (PAB); US dollar (USD)


      Currency code: PAB; USD


      Exchange rates: balboas per US dollar - 1 (2002), 1 (2001), 1 (2000), 1 (1999), 1 (1998)


      Fiscal year: calendar year


      NOTE: The information regarding Panama on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Panama Economy 2003 should be addressed to the CIA.

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    https://theodora.com/wfb2003/panama/panama_economy.html

    Revised 20-Sep-03
    Copyright © 2003 Photius Coutsoukis (all rights reserved)


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