| People | Panama |
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Economy - overview:
|
Panama's dollarized 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. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and should be completed by 2014 at a cost of $5.3 billion (about 30% 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 high unemployment rate. The government has implemented tax reforms, as well as social security reforms, and backs regional trade agreements and development of tourism. 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. |
GDP (purchasing power parity):
|
$29.14 billion (2007 est.) |
GDP (official exchange rate):
|
$19.28 billion (2007 est.) |
GDP - real growth rate:
|
7.8% (2007 est.) |
GDP - per capita (PPP):
|
$9,000 (2007 est.) |
GDP - composition by sector:
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agriculture: 6.8%
industry: 16.2%
services: 77% (2007 est.) |
Investment (gross fixed):
|
20.5% of GDP (2007 est.) |
Population below poverty line:
|
37% (1999 est.) |
Household income or consumption by percentage share:
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lowest 10%: 0.7%
highest 10%: 43% (2003) |
Distribution of family income - Gini index:
|
56.1 (2003) |
Inflation rate (consumer prices):
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5.1% (2007 est.) |
Labor force:
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1.471 million
note: shortage of skilled labor, but an oversupply of unskilled labor (2007 est.) |
Labor force participation rate:
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44.67 % of population |
Labor force - by occupation:
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agriculture: 15%
industry: 18%
services: 67% (2006) |
Unemployment rate:
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7.2% (2007 est.) |
Budget:
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revenues: $5.206 billion
expenditures: $5.089 billion (2007 est.) |
Budget revenues per capita:
|
1,582 USD per capita |
Public debt:
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53.6% of GDP (2007 est.) |
Industries:
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construction, brewing, cement and other construction materials, sugar milling |
Industrial production growth rate:
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7.8% (2007 est.) |
Electricity - production:
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5.661 billion kWh (2005) |
Electricity - production per capita:
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1,720 kWh per capita |
Electricity - consumption:
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4.735 billion kWh (2005) |
Electricity - consumption - per capita:
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1,439 kWh per capita |
Electricity - exports:
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51 million kWh (2005) |
Electricity - imports:
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55 million kWh (2005) |
Oil - production:
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0 bbl/day (2005 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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93,000 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
10.31 bbl/year per capita |
Oil - exports:
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4,140 bbl/day (2004) |
Oil - imports:
|
92,170 bbl/day (2004) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2005 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2005 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2005 est.) |
Natural gas - imports:
|
0 cu m (2005) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
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bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp |
Current account balance:
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-$861 million (2007 est.) |
Current account balance - per capita:
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-261 USD per capita |
Exports:
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$9.662 billion f.o.b.; note - includes the Colon Free Zone (2007 est.) |
Exports per capita:
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2,935 USD per capita |
Exports - commodities:
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bananas, shrimp, sugar, coffee, clothing |
Exports - partners:
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US 39.8%, Spain 8.1%, Netherlands 6.7%, Sweden 5.6%, Costa Rica 4.5% (2006) |
Imports:
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$12.1 billion f.o.b.
note: includes the Colon Free Zone (2007 est.) |
Imports per capita:
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3,675 USD per capita |
Imports - commodities:
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capital goods, foodstuffs, consumer goods, chemicals |
Imports - partners:
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US 27%, Netherlands Antilles 10.1%, Costa Rica 5.1%, Japan 4.7% (2006) |
Reserves of foreign exchange and gold:
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$1.26 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
383 USD per capita |
Debt - external:
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$10.56 billion (31 December 2007 est.) |
Debt - external - per capita:
|
3,208 USD per capita |
Stock of direct foreign investment - at home:
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$NA |
Stock of direct foreign investment - abroad:
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$NA |
Market value of publicly traded shares:
|
$5.074 billion (2005) |
Economic aid - donor:
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void |
Economic aid - recipient:
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$19.54 million (2005) |
Economic aid - recipient per capita:
|
6 USD per capita |
Currency (code):
|
balboa (PAB); US dollar (USD) |
Exchange rates:
|
balboas per US dollar - 1 (2007), 1 (2006), 1 (2005), 1 (2004), 1 (2003) |
Fiscal year:
|
calendar year |
|
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