| Economy | Panama |
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Economy - overview:
|
Panama's dollarized economy rests primarily on a well-developed services sector that accounts for 80% 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 is scheduled to be completed by 2014 at a cost of $5.3 billion - about 25% 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 United States and China are the top users of the Canal, and while a lower volume of cargo is expected to transit the Canal with the global economic slowdown, higher transit fees will result in a net increase in revenues. 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, during TORRIJOS's term poverty was reduced from 40% to 30% and unemployment dropped from 12% to 6%. In 2009, the world recession reduced the amount of revenues Panama earned through global shipping that transits the Canal. 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):
|
$40.33 billion (2009 est.)
$39.39 billion (2008 est.)
$36.07 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$11,900 (2009 est.)
$11,900 (2008 est.)
$11,100 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
|
$24.75 billion (2009 est.) |
GDP - real growth rate:
|
2.4% (2009 est.)
9.2% (2008 est.)
11.5% (2007 est.) |
GDP - composition by sector:
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agriculture: 6.3%
industry: 18.2%
services: 75.5% (2009 est.) |
Investment (gross fixed):
|
26.7% of GDP (2009 est.) |
Population below poverty line:
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28.6% (2006 est.) |
Household income or consumption by percentage share:
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lowest 10%: 0.8%
highest 10%: 41.4% (2006) |
Distribution of family income - Gini index:
|
56.1 (2003)
48.5 (1997) |
Inflation rate (consumer prices):
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2.6% (2009 est.)
8.8% (2008 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
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8.16% (31 December 2008)
8.25% (31 December 2007) |
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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1,121 USD per capita |
Stock of quasi money:
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$15.84 billion (31 December 2008)
$14.26 billion (31 December 2007) |
Stock of quasi money - per capita:
|
4,714 USD per capita |
Stock of domestic credit:
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$19.8 billion (31 December 2008)
$17.4 billion (31 December 2007) |
Stock of domestic credit - per capita:
|
5,893 USD per capita |
Labor force:
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1.423 million
note: shortage of skilled labor, but an oversupply of unskilled labor (2009 est.) |
Labor force participation rate:
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42.35 % of population |
Labor force - by occupation:
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agriculture: 15%
industry: 18%
services: 67% (2006) |
Unemployment rate:
|
7.1% (2009 est.)
5.6% (2008 est.) |
Budget:
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revenues: $5.667 billion
expenditures: $6.527 billion (2009 est.) |
Budget revenues per capita:
|
1,687 USD per capita |
Public debt:
|
49.5% of GDP (2009 est.)
45% of GDP (2008 est.) |
Industries:
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construction, brewing, cement and other construction materials, sugar milling |
Industrial production growth rate:
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-0.4% (2009 est.) |
Electricity - production:
|
6.322 billion kWh (2007 est.) |
Electricity - production per capita:
|
1,882 kWh per capita |
Electricity - consumption:
|
5.17 billion kWh (2007 est.) |
Electricity - consumption - per capita:
|
1,539 kWh per capita |
Electricity - exports:
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124.9 million kWh (2007 est.) |
Electricity - imports:
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8.74 million kWh (2007 est.) |
Oil - production:
|
0 bbl/day (2008 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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94,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
|
10.21 bbl/year per capita |
Oil - exports:
|
4,803 bbl/day (2007 est.) |
Oil - imports:
|
87,100 bbl/day (2007 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2009 est.) |
Natural gas - production:
|
0 cu m (2008 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2008 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2008 est.) |
Natural gas - imports:
|
0 cu m (2008 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2009 est.) |
Agriculture - products:
|
bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp |
Current account balance:
|
$-1.655 billion (2009 est.)
$-2.792 billion (2008 est.) |
Current account balance - per capita:
|
-492 USD per capita |
Exports:
|
$11.41 billion (2009 est.)
$10.29 billion (2008 est.)
note: includes the Colon Free Zone |
Exports per capita:
|
3,396 USD per capita |
Exports - commodities:
|
bananas, shrimp, sugar, coffee, clothing |
Exports - partners:
|
US 39.2%, Netherlands 10.7%, Costa Rica 5.8%, Sweden 5.4%, UK 5.4%, Spain 5%, China 4.1% (2008) |
Imports:
|
$13.62 billion (2009 est.)
$15 billion (2008 est.)
note: includes the Colon Free Zone |
Imports per capita:
|
4,053 USD per capita |
Imports - commodities:
|
capital goods, foodstuffs, consumer goods, chemicals |
Imports - partners:
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US 29.6%, Costa Rica 5%, China 5%, Japan 4.2% (2008) |
Reserves of foreign exchange and gold:
|
$1.803 billion (31 December 2009 est.)
$2.693 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
537 USD per capita |
Debt - external:
|
$12.04 billion (31 December 2009 est.)
$11.26 billion (31 December 2008 est.) |
Debt - external - per capita:
|
3,583 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:
|
$6.568 billion (31 December 2008)
$6.219 billion (31 December 2007)
$5.716 billion (31 December 2006) |
Market value of publicly traded shares - per capita:
|
1,955 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$19.54 million |
Economic aid - recipient per capita:
|
6 USD per capita |
Currency (code):
|
balboa (PAB); US dollar (USD) |
Exchange rates:
|
balboas (PAB) per US dollar - 1 (2009), 1 (2008), 1 (2007), 1 (2006), 1 (2005)
note: the US dollar is the legal currency |
Fiscal year:
|
calendar year |
|
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