| Economy | Panama |
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Economy - overview:
|
Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for three-quarters of GDP. Services include operating the Panama Canal, logistics, 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 10% 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 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 booming transportation and logistics services sectors, along with aggressive infrastructure development projects, have 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, from 2006 to 2010 poverty was reduced by 10 percentage points, while unemployment dropped from 12% to less than 3% of the labor force in 2011. A US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011. 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):
|
$48.76 billion (2011 est.)
$45.39 billion (2010 est.)
$42.23 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$13,600 (2011 est.)
$12,900 (2010 est.)
$12,200 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$30.2 billion (2011 est.) |
GDP - real growth rate:
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7.4% (2011 est.)
7.5% (2010 est.)
3.2% (2009 est.) |
GDP - composition by sector:
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agriculture: 4.3%
industry: 16.6%
services: 79.1% (2011 est.) |
Investment (gross fixed):
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29.1% of GDP (2011 est.) |
Population below poverty line:
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25.6% (2010 est.) |
Household income or consumption by percentage share:
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lowest 10%: 1.3%
highest 10%: 40.6% (2009) |
Distribution of family income - Gini index:
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51 (2010 est.)
56.1 (2003) |
Inflation rate (consumer prices):
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5.9% (2011 est.)
3.5% (2010 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
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6.8% (31 December 2011 est.)
7.74% (31 December 2010 est.) |
Stock of money:
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$3.764 billion (31 December 2008)
$3.054 billion (31 December 2007) |
Stock of money - per capita:
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1,088 USD per capita |
Stock of quasi money:
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$15.84 billion (31 December 2008)
$14.05 billion (31 December 2007) |
Stock of quasi money - per capita:
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4,578 USD per capita |
Stock of domestic credit:
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$27.02 billion (31 December 2011 est.)
$23.5 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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7,809 USD per capita |
Stock of narrow money:
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$6.328 billion (31 December 2011 est.)
$5.23 billion (31 December 2010 est.) |
Stock of broad money:
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$26.65 billion (31 December 2011 est.)
$24.19 billion (31 December 2010 est.) |
Labor force:
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1.525 million
note: shortage of skilled labor, but an oversupply of unskilled labor (2011 est.) |
Labor force participation rate:
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44.07 % of population |
Labor force - by occupation:
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agriculture: 17.6%
industry: 8.8%
services: 73.6% (2009 est.) |
Unemployment rate:
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2.7% (2011 est.)
4.2% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 14.9%
male: 11.7%
female: 21.1% (2008) |
Budget:
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revenues: $8 billion
expenditures: $8.662 billion (2011 est.) |
Budget revenues per capita:
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2,312 USD per capita |
Taxes and other revenues:
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26.5% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-2.2% of GDP (2011 est.) |
Public debt:
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41.7% of GDP (2011 est.)
43.3% of GDP (2010 est.) |
Industries:
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construction, brewing, cement and other construction materials, sugar milling |
Industrial production growth rate:
|
8% (2011 est.) |
Electricity - production:
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6.546 billion kWh (2010 est.) |
Electricity - production per capita:
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1,892 kWh per capita |
Electricity - consumption:
|
5.805 billion kWh (2010 est.) |
Electricity - consumption - per capita:
|
1,678 kWh per capita |
Electricity - exports:
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95 million kWh (2009 est.) |
Electricity - imports:
|
73 million kWh (2008 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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97,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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10.23 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
77,910 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2010 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
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bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp |
Current account balance:
|
-$3.874 billion (2011 est.)
-$2.953 billion (2010 est.) |
Current account balance - per capita:
|
-1,119 USD per capita |
Exports:
|
$13.22 billion (2011 est.)
$11.33 billion (2010 est.)
note: includes the Colon Free Zone |
Exports per capita:
|
3,821 USD per capita |
Exports - commodities:
|
bananas, shrimp, sugar, coffee, clothing |
Exports - partners:
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Venezuela 20.6%, South Korea 18.2%, Ecuador 6.3%, India 6.2%, Japan 5.6%, Greece 5.3%, US 5.3% (2010) |
Imports:
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$19.15 billion (2011 est.)
$15.95 billion (2010 est.)
note: includes the Colon Free Zone |
Imports per capita:
|
5,534 USD per capita |
Imports - commodities:
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capital goods, foodstuffs, consumer goods, chemicals |
Imports - partners:
|
Japan 25.3%, China 19.6%, Singapore 12.3%, US 10%, South Korea 9.3%, Ecuador 4.1% (2010) |
Reserves of foreign exchange and gold:
|
$3.015 billion (31 December 2011 est.)
$2.715 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
872 USD per capita |
Debt - external:
|
$14.24 billion (31 December 2011 est.)
$13.22 billion (31 December 2010 est.) |
Debt - external - per capita:
|
4,116 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$10.92 billion (31 December 2010)
$8.048 billion (31 December 2009)
$6.568 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
3,156 USD per capita |
Currency (code):
|
balboa (PAB); US dollar (USD) |
Exchange rates:
|
balboas (PAB) per US dollar -
1 (2011 est.)
1 (2010 est.)
1 (2009)
1 (2008)
1 (2007) |
Fiscal year:
|
calendar year |
|
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