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World > North America > Panama > Economy (Facts)

Panama - Economy (Facts)
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. A slump in the Colon Free Zone and agricultural exports, the global slowdown, and the withdrawal of US military forces held back economic growth in 2000-03; growth picked up in 2004-06 led by export-oriented services and a construction boom stimulated by tax incentives. The government has implemented tax reforms, as well as social security reforms, and backs regional trade agreements and development of tourism. Unemployment remains high. In October 2006, voters passed a referendum to expand the Panama Canal to accommodate ships that are now too large to transverse the transoceanic crossway. 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 - real growth rate: 8.1% (2006 est.)
GDP (purchasing power parity): $26.04 billion (2006 est.)
GDP (official exchange rate): $16.47 billion (2006 est.)
GDP - per capita (PPP): $8,200 (2006 est.)
GDP - composition by sector: agriculture: 7.2%
industry: 16.4%
services: 76.4% (2006 est.)
Population below poverty line: 37% (1999 est.)
Household income or consumption by percentage share: lowest 10%: 1.2%
highest 10%: 35.7% (1997)
Inflation rate (consumer prices): 2.6% (2006 est.)
Labor force: 1.441 million
note: shortage of skilled labor, but an oversupply of unskilled labor (2006 est.)
Labor force - by occupation: agriculture: 20.8%
industry: 18%
services: 61.2% (1995 est.)
Unemployment rate: 8.8% (2006 est.)
Budget: revenues: $4.157 billion
expenditures: $4.489 billion; including capital expenditures of $471 million (2006 est.)
Industries: construction, brewing, cement and other construction materials, sugar milling
Industrial production growth rate: 3% (2006 est.)
Electricity - production: 7.545 billion kWh (2004)
Electricity - consumption: 6.888 billion kWh (2004)
Electricity - exports: 207 million kWh (2004)
Electricity - imports: 78 million kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 79,000 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp
Exports: $8.087 billion f.o.b.; note - includes the Colon Free Zone (2006 est.)
Exports - commodities: bananas, shrimp, sugar, coffee, clothing
Exports - partners: Spain 26.8%, US 18.9%, Italy 5.7%, Germany 5.4% (2006)
Imports: $9.365 billion f.o.b. (includes the Colon Free Zone) (2006 est.)
Imports - commodities: capital goods, foodstuffs, consumer goods, chemicals
Imports - partners: Japan 33.2%, China 16%, US 11.2%, Singapore 11.2% (2006)
Debt - external: $9.993 billion (2006 est.)
Economic aid - recipient: $197.1 million (1995)
Currency: Panamanian Balboa (PAB)

Current Panamanian Balboa Exchange Rates
Historical Panamanian Balboa Exchange Rates
Chart Panamanian Balboa Exchange Rates
Currency code: PAB
Exchange rates: balboas per US dollar - 1 (2006), 1 (2005), 1 (2004), 1 (2003), 1 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Panamanian Balboa Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Panamanian Balboa Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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