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Panama Economy 2017
http://www.theodora.com/wfbcurrent/panama/panama_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Panama Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, and tourism. Panama's transportation and logistics services sectors, along with infrastructure development projects, have boosted economic growth; however, public debt surpassed $32 billion in 2015 because of excessive government spending and public works projects. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012.Growth will be bolstered by the Panama Canal expansion project that began in 2007 and is estimated to be completed by 2016 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project will more than double the Canal's capacity, enabling it to accommodate ships that are too large to traverse the existing canal. The US and China are the top users of the Canal. In 2014, Panama completed a metro system in Panama City, valued at $1.2 billion.Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points.

GDP (purchasing power parity):
$93.12 billion (2016 est.) $88.52 billion (2015 est.) $83.69 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 86
[see also: GDP country ranks ]

GDP (official exchange rate):
$55.23 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.2% (2016 est.) 5.8% (2015 est.) 6.1% (2014 est.)
country comparison to the world: 31
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$22,800 (2016 est.) $22,100 (2015 est.) $21,300 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 81
[see also: GDP - per capita country ranks ]

Gross national saving:
41.7% of GDP (2016 est.) 41% of GDP (2015 est.) 37.3% of GDP (2014 est.)
country comparison to the world: 6
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 49.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 9.4%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 43.9%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 3.3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 52%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -58.3% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 14.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 83% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
4.8% (2016 est.)
country comparison to the world: 37
[see also: Industrial production growth rate country ranks ]

Labor force:
1.611 million
note: shortage of skilled labor, but an oversupply of unskilled labor (2016 est.)
country comparison to the world: 129
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 17%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 18.6%
[see also: Labor force - by occupation - industry country ranks ]
services: 64.4% (2009 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4.5% (2016 est.) 4.5% (2015 est.)
country comparison to the world: 44
[see also: Unemployment rate country ranks ]

Population below poverty line:
26% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 40.1% (2010 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
51.9 (2010 est.) 56.1 (2003)
country comparison to the world: 15
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $11.7 billion
[see also: Budget revenues country ranks ]
expenditures: $12.41 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
21.2% of GDP (2016 est.)
country comparison to the world: 142
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.3% of GDP (2016 est.)
country comparison to the world: 57
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
39.3% of GDP (2016 est.) 38.8% of GDP (2015 est.)
country comparison to the world: 122
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1% (2016 est.) 0.1% (2015 est.)
country comparison to the world: 64
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
7.5% (31 December 2016 est.) 7.46% (31 December 2015 est.)
country comparison to the world: 112
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$8.845 billion (31 December 2016 est.) $8.215 billion (31 December 2015 est.)
country comparison to the world: 87
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$38.97 billion (31 December 2016 est.) $36.19 billion (31 December 2015 est.)
country comparison to the world: 75
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$46.85 billion (31 December 2016 est.) $42.98 billion (31 December 2015 est.)
country comparison to the world: 67
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$12.54 billion (31 December 2012 est.) $10.68 billion (31 December 2011 est.) $8.348 billion (31 December 2010 est.)
country comparison to the world: 69
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$3.029 billion (2016 est.) -$3.377 billion (2015 est.)
country comparison to the world: 161
[see also: Current account balance country ranks ]

Exports:
$15.19 billion (2016 est.) $15.92 billion (2015 est.)
note: includes the Colon Free Zone
country comparison to the world: 72
[see also: Exports country ranks ]

Exports - commodities:
fruit and nuts, fish, iron and steel waste, wood

Exports - partners:
US 19.7%, Germany 13.2%, Costa Rica 7.7%, China 5.9%, Netherlands 4.1% (2015)

Imports:
$22.08 billion (2016 est.) $22.48 billion (2015 est.)
note: includes the Colon Free Zone
country comparison to the world: 70
[see also: Imports country ranks ]

Imports - commodities:
fuels, machinery, vehicles, iron and steel rods, pharmaceuticals

Imports - partners:
US 25.9%, China 9.6%, Mexico 5.1% (2015)

Reserves of foreign exchange and gold:
$3.878 billion (31 December 2016 est.) $3.378 billion (31 December 2015 est.)
country comparison to the world: 97
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$22.9 billion (31 December 2016 est.) $21.03 billion (31 December 2015 est.)
country comparison to the world: 84
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$49.79 billion (31 December 2016 est.) $45.28 billion (31 December 2015 est.)
country comparison to the world: 58
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$10.26 billion (31 December 2016 est.) $9.755 billion (31 December 2015 est.)
country comparison to the world: 61
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
balboas (PAB) per US dollar - 1 (2016 est.) 1 (2015 est.) 1 (2014 est.) 1 (2013 est.) 1 (2012 est.)


NOTE: The information regarding Panama on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Panama Economy 2017 information contained here. All suggestions for corrections of any errors about Panama Economy 2017 should be addressed to the CIA.




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