Economy - overview:
Panama's dollarized economy rests primarily on a well-developed services sector that accounts for three-quarters of GDP. Services include operating the Panama Canal, 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 scheduled to be completed by 2014 at a cost of $5.3 billion - about 25% of current GDP. The expansion project will more than double the Canal's capacity, enabling it to accommodate ships that are now too large to transverse the transoceanic crossway, and should help to reduce the unemployment rate. The United States and China are the top users of the Canal. Panama also plans to construct a metro system in Panama City, valued at $1.2 billion and scheduled to be completed by 2014. Panama's aggressive infrastructure development projects will likely lead the economy to continued growth in 2011. Strong economic performance has not translated into broadly shared prosperity as Panama has the second worst income distribution in Latin America. About 30% of the population lives in poverty, however, during TORRIJOS's term poverty was reduced from 40% to 30% and unemployment dropped from 12% to 6%. Not a CAFTA signatory, Panama in December 2006 independently negotiated a free trade agreement with the US, which, when implemented, will help promote the country's economic growth. Seeking removal from the Organization of Economic Development's gray-list of tax havens, Panama has also recently signed various double taxation treaties with other nations.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Public debt: Inflation rate (consumer prices): Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Oil - proved reserves: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
NOTE: The information regarding Panama on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Panama Economy 2011 information contained here. All suggestions for corrections of any errors about Panama Economy 2011 should be addressed to the CIA.
$43.48 billion (2010 est.)
country comparison to the world: 95
note:
data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]
$27.2 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]
5.1% (2010 est.)
country comparison to the world: 55
[see also: GDP - real growth rate country ranks ]
$12,700 (2010 est.)
country comparison to the world: 91
note:
data are in 2010 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 5.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
16.6%
[see also: GDP - composition by sector - industry country ranks ]
services:
77.6% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]
1.49 million
country comparison to the world: 130
note:
shortage of skilled labor, but an oversupply of unskilled labor (2009 est.)
[see also: Labor force country ranks ]
agriculture: 6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
18%
[see also: Labor force - by occupation - industry country ranks ]
services:
76% (2006)
[see also: Labor force - by occupation - services country ranks ]
4.4% (2010 est.)
country comparison to the world: 41
[see also: Unemployment rate country ranks ]
28.6% (2006 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 0.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
41.4% (2006)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
56.1 (2003)
country comparison to the world: 12
[see also: Distribution of family income - Gini index country ranks ]
26.8% of GDP (2009 est.)
country comparison to the world: 32
[see also: Investment (gross fixed) country ranks ]
revenues: $6.944 billion
[see also: Budget - revenues country ranks ]
expenditures:
$7.051 billion (2009 est.)
[see also: Budget - expenditures country ranks ]
40.8% of GDP (2010 est.)
country comparison to the world: 69
[see also: Public debt country ranks ]
3.3% (2010 est.)
country comparison to the world: 96
[see also: Inflation rate (consumer prices) country ranks ]
8.25% (31 December 2009 est.)
country comparison to the world: 116
[see also: Commercial bank prime lending rate country ranks ]
$5.04 billion (31 December 2010 est)
[see also: Stock of narrow money country ranks ]
$24.17 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]
$23.2 billion (31 December 2010 est.)
country comparison to the world: 74
[see also: Stock of domestic credit country ranks ]
$8.048 billion (31 December 2009)
country comparison to the world: 76
[see also: Market value of publicly traded shares country ranks ]
bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp
construction, brewing, cement and other construction materials, sugar milling
2% (2009 est.)
country comparison to the world: 128
[see also: Industrial production growth rate country ranks ]
6.322 billion kWh (2007 est.)
country comparison to the world: 104
[see also: Electricity - production country ranks ]
5.17 billion kWh (2007 est.)
country comparison to the world: 107
[see also: Electricity - consumption country ranks ]
124.9 million kWh (2007 est.)
[see also: Electricity - exports country ranks ]
8.74 million kWh (2007 est.)
[see also: Electricity - imports country ranks ]
2 bbl/day (2009 est.)
country comparison to the world: 115
[see also: Oil - production country ranks ]
93,000 bbl/day (2009 est.)
country comparison to the world: 77
[see also: Oil - consumption country ranks ]
4,803 bbl/day (2007 est.)
country comparison to the world: 107
[see also: Oil - exports country ranks ]
87,100 bbl/day (2007 est.)
country comparison to the world: 70
[see also: Oil - imports country ranks ]
0 bbl (1 January 2010 est.)
country comparison to the world: 146
[see also: Oil - proved reserves country ranks ]
0 cu m (2008 est.)
country comparison to the world: 152
[see also: Natural gas - production country ranks ]
0 cu m (2008 est.)
country comparison to the world: 117
[see also: Natural gas - consumption country ranks ]
0 cu m (2008 est.)
country comparison to the world: 145
[see also: Natural gas - exports country ranks ]
0 cu m (2008 est.)
country comparison to the world: 104
[see also: Natural gas - imports country ranks ]
0 cu m (1 January 2010 est.)
country comparison to the world: 112
[see also: Natural gas - proved reserves country ranks ]
-$813 million (2010 est.)
country comparison to the world: 128
[see also: Current account balance country ranks ]
$12.52 billion (2010 est.)
country comparison to the world: 79
note:
includes the Colon Free Zone
[see also: Exports country ranks ]
bananas, shrimp, sugar, coffee, clothing
Greece 21.03%, US 17.63%, Japan 9.87%, Germany 4.28%, Italy 4.27% (2009)
$16.05 billion (2010 est.)
country comparison to the world: 77
note:
includes the Colon Free Zone
[see also: Imports country ranks ]
capital goods, foodstuffs, consumer goods, chemicals
Japan 36.21%, Singapore 16.86%, US 12.3%, China 7.84% (2009)
$3.525 billion (31 December 2010 est.)
country comparison to the world: 84
[see also: Reserves of foreign exchange and gold country ranks ]
$13.85 billion (31 December 2010 est.)
country comparison to the world: 80
[see also: Debt - external country ranks ]
$NA
[see also: Stock of direct foreign investment - at home country ranks ]
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]
balboas (PAB) per US dollar - 1 (2010), 1 (2009), 1 (2008), 1 (2007), 1 (2006)
This page was last modified 09-Feb-11