Economy Of Panama
|
Economy overview
|
Panama's dollarised economy rests 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 2000-03. The government has been backing public works programs, tax reforms, new regional trade agreements, and development of tourism in order to stimulate growth. Unemployment remains at an unacceptably high level.
|
|
GDP
|
purchasing power parity - $18.78 billion (2004 est.)
|
|
GDP - real growth rate
|
4.1% (2004 est.)
|
|
GDP - per capita
|
purchasing power parity - $6,300 (2004 est.)
|
|
GDP - composition by sector
|
agriculture: 8.3%
industry: 14.7%
services: 77.1% (2004 est.)
|
|
Investment gross fixed
|
24.8% of GDP (2004 est.)
|
|
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
|
1.4% (2004 est.)
|
|
Labor force
|
1.19 million
note: shortage of skilled labor, but an oversupply of unskilled labor (2004 est.)
|
|
Labor force by occupation
|
agriculture 20.8%, industry 18%, services 61.2% (1995 est.)
|
|
Unemployment rate
|
13.8% (2004 est.)
|
|
Budget
|
revenues: $2.995 billion
expenditures: $3.421 billion, including capital expenditures of $471 million (2004 est.)
|
|
Public debt
|
73.3% of GDP (2004 est.)
|
|
Agriculture products
|
bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp
|
|
Industries
|
construction, petroleum refining, brewing, cement and other construction materials, sugar milling
|
|
Industrial production growth rate
|
7% (2004 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)
|
|
Oil proved reserves
|
|
|
Natural gas production
|
|
|
Natural gas consumption
|
|
|
Natural gas exports
|
|
|
Natural gas imports
|
|
|
Natural gas proved reserves
|
|
|
Current account balance
|
$-408 million (2004 est.)
|
|
Exports
|
$5.237 billion f.o.b. (2004 est.)
|
|
Exports commodities
|
bananas, shrimp, sugar, coffee, clothing (1999)
|
|
Exports partners
|
US 13.9%, Nigeria 9.8%, Germany 8.1%, South Korea 7.8%, Peru 5.1%, Costa Rica 4.9%, Belgium 4.8%, Japan 4.5% (2003)
|
|
Imports
|
$6.622 billion f.o.b. (2003 est.)
|
|
Imports commodities
|
capital goods, crude oil, foodstuffs, consumer goods, chemicals (1999)
|
|
Imports partners
|
Japan 33.2%, US 11.4%, China 9.1%, South Korea 7.7%, Singapore 7.1% (2003)
|
|
Reserves of foreign exchange gold
|
$1.011 billion (2004 est.)
|
|
Debt external
|
$8.834 billion (2004 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 (2003), 1 (2002), 1 (2001), 1 (2000), 1 (1999)
|
|
Fiscal year
|
calendar year
|
Applied Language Solutions offer English to Spanish Translation , English Translation .
This information was reproduced in part from the CIA World Fact book.
Flags
If you would like to use this flag of Panama or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.
Map
If you would like to use this map of Panama or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.
Country Information
If you would like to use this information for Panama or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.