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 and Panama is a center for offshore banking. Panama's transportation and logistics services sectors, along with infrastructure development projects, have boosted economic growth; however, public debt surpassed $37 billion in 2016 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.Future growth will be bolstered by the Panama Canal expansion project that began in 2007 and was completed in 2016 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project more than doubled the Canal's capacity, enabling it to accommodate high-capacity vessels such as tankers and neopanamax vessels that are too large to traverse the existing canal. The US and China are the top users of the Canal.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): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: 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: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: 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: 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:
$99.43 billion (2017 est.)
$94.43 billion (2016 est.)
$90.04 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 86
$59.05 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
5.3% (2017 est.)
4.9% (2016 est.)
5.8% (2015 est.)
country comparison to the world: 34
[see also: GDP - real growth rate country ranks ]
$24,300 (2017 est.)
$23,400 (2016 est.)
$22,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 81
40.2% of GDP (2017 est.)
40.6% of GDP (2016 est.)
39.3% of GDP (2015 est.)
country comparison to the world: 9
[see also: Gross national saving country ranks ]
household consumption: 48.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.1%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 42.8%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 3.2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 49.4%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -53.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 2.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 15.7%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 77% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp
construction, brewing, cement and other construction materials, sugar milling
4.7% (2017 est.)
country comparison to the world: 55
[see also: Industrial production growth rate country ranks ]
1.633 million
note: shortage of skilled labor, but an oversupply of unskilled labor (2017 est.)
country comparison to the world: 129
[see also: Labor force country ranks ]
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 ]
5.5% (2017 est.)
5.5% (2016 est.)
country comparison to the world: 74
[see also: Unemployment rate country ranks ]
23% (2015 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 1.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 38.9% (2014 est.)
50.7 (2014 est.)
56.1 (2003)
country comparison to the world: 14
[see also: Distribution of family income - Gini index country ranks ]
revenues: $12.6 billion
[see also: Budget - revenues country ranks ]
expenditures: $13.56 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
21.3% of GDP (2017 est.)
country comparison to the world: 141
[see also: Taxes and other revenues country ranks ]
-1.6% of GDP (2017 est.)
country comparison to the world: 71
[see also: Budget surplus (+) or deficit (-) country ranks ]
38.8% of GDP (2017 est.)
38.6% of GDP (2016 est.)
country comparison to the world: 140
[see also: Public debt country ranks ]
calendar year
1.6% (2017 est.)
0.7% (2016 est.)
country comparison to the world: 73
[see also: Inflation rate (consumer prices) country ranks ]
8.2% (31 December 2017 est.)
7.53% (31 December 2016 est.)
country comparison to the world: 106
[see also: Commercial bank prime lending rate country ranks ]
$8.911 billion (31 December 2017 est.)
$8.249 billion (31 December 2016 est.)
country comparison to the world: 88
[see also: Stock of narrow money country ranks ]
$42.8 billion (31 December 2017 est.)
$38.14 billion (31 December 2016 est.)
country comparison to the world: 72
[see also: Stock of broad money country ranks ]
$49.89 billion (31 December 2017 est.)
$46.41 billion (31 December 2016 est.)
country comparison to the world: 67
[see also: Stock of domestic credit country ranks ]
$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: 70
[see also: Market value of publicly traded shares country ranks ]
-$2.99 billion (2017 est.)
-$3.151 billion (2016 est.)
country comparison to the world: 166
[see also: Current account balance country ranks ]
$15.48 billion (2017 est.)
$14.7 billion (2016 est.)
note: includes the Colon Free Zone
country comparison to the world: 75
[see also: Exports country ranks ]
fruit and nuts, fish, iron and steel waste, wood
US 21.4%, Netherlands 15.2%, Costa Rica 6%, China 5.6% (2016)
$21.22 billion (2017 est.)
$22.48 billion (2016 est.)
note: includes the Colon Free Zone
country comparison to the world: 71
[see also: Imports country ranks ]
fuels, machinery, vehicles, iron and steel rods, pharmaceuticals
US 25.7%, China 9.2%, Mexico 5.3% (2016)
$3.888 billion (31 December 2017 est.)
$3.878 billion (31 December 2016 est.)
country comparison to the world: 99
[see also: Reserves of foreign exchange and gold country ranks ]
$86.55 billion (31 December 2017 est.)
$83.81 billion (31 December 2016 est.)
country comparison to the world: 55
[see also: Debt - external country ranks ]
$56.02 billion (31 December 2017 est.)
$50.62 billion (31 December 2016 est.)
country comparison to the world: 57
[see also: Stock of direct foreign investment - at home country ranks ]
$11.59 billion (31 December 2017 est.)
$10.71 billion (31 December 2016 est.)
country comparison to the world: 60
[see also: Stock of direct foreign investment - abroad country ranks ]
balboas (PAB) per US dollar -
1 (2017 est.)
1 (2016 est.)
1 (2015 est.)
1 (2014 est.)
1 (2013 est.)