Economy of Panama
Population: 4.18 M (2018)
GDP per Capita: 15,575 USD (2018)
65,060 M.

GDP USD

(2018)

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26,320 M.

EXPORTS USD

(2017)

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28,220 M.

IMPORTS USD

(2017)

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39.48 %

PUBLIC DEBT

(2018)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 3.68 % (2018)
GDP of 2010 USD USD 49.00 B. (2018)
GDP Current USD USD 65.06 B. (2018)
GDP per Capita Current USD USD 15,575 (2018)
GDP per capita, PPP USD 22,674 (2018)
GDP per Capita, 2010 USD USD 11,724 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 11.03 % (2017)
Government Spending USD 6.87 B. (2017)
Government Debt % GDP 39.48 % (2018)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 162.13 (2018)
Trade Openness 87.57 % (2017)
Exports of Goods and Services % GDP 42.26 % (2017)
Exports Goods & Services USD 26.32 B. (2017)
Exports Annual Growth 5.37 % (2017)
Imports as % GDP 45.31 % (2017)
Total Imports USD 28.22 B. (2017)
Foreign Direct Investment % GDP 9.09 % (2018)
Foreign Direct Investment USD 6.58 B. (2018)
Current Account Balance % GDP USD -10.44 % (2018)
Current Account Balance USD -6.79 B. (2018)
Trade Balance % GDP % (2018)
Trade Balance USD -1.80 B. (2018)
Foreign Exchange Reserves incl Gold USD 2.12 B. (2018)
Remittances % GDP 0.83 % (2018)
Remittances USD 457 M. (2018)
Balance of Payments USD 441 M. (2018)

Labor Market

Indicator Value
Labor Force 2.06 M. (2019)
Unemployment Rate 3.90 % (2019)
Unemployment Rate Females 5.05 % (2019)
Unemployment Rate Males 3.12 % (2019)
Youth Unemployment (ages 15-24) 10.02 % (2019)
Labor Force Participation Rate 66.36 % (2019)
Labor Force (Percent Female) 40.36 % (2019)
Female Labor Force Participation Rate 52.51 % (2019)
Male Labor Force Participation Rate 80.36 % (2019)
Dependent People 54.24 % (2018)

Agriculture Sector

Indicator Value
Forest Area 61.90 % (2016)
Forest Area km² 46,006 km² (2016)
Agricultural Land 30.36 % (2016)
Agricultural Land km² 22,570 km² (2016)
Employment 14.19 % (2019)
Value added % GDP 2.18 % (2018)
Agriculture Value added USD 1.42 B. (2018)
Crop Production Index 87.90 (2016)
Precipitation 2,928 mm (2014)
Arable Land 8 % (2016)
Cereal Yield 2,702 kg/hectare (2017)
Food production index 115 (2016)
Rural Population 32 % (2018)
Fertilizer use of Arable Land 49 kg/hectare (2016)
Livestock Production Index 137 (2016)
Economy of Panama

According to the World Bank and its latest published data, the economy of the Panama presents a growth rate of 3.68 % (2018) to the previous year.

With a population that reaches 4.18 M (2018) and a gross domestic product of USD 65.06 B. (2018), it translates a Gross Domestic Product per Capita of USD 15,575 placing its inhabitants on the threshold of an High-income country (according to the World Bank's updated classification).

Panama also has a workforce of 2.06 M. (2019) with an unemployment rate of 3.90 % (2019), where women represent 5.05 % (2019) and men 3.12 % (2019), the unemployment rate for young people between 15-24 years old stood at 10.02 % (2019). The total number of dependent people stands at 54.24 % (2018).

The central government spent 11.03 % (2017) of its gross domestic product that year, which in absolute terms is USD 6.87 B. (2017). Its consolidated public debt reached 39.48 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Panama exported USD 26.32 B. (2017), which represents 42.26 % (2017) of its gross domestic product, in that same sense its imports reached USD 28.22 B. (2017) with a direct foreign investment of USD 6.58 B. (2018).

Panama has a forest area of 46,006 km² (2016), which represents 61.90 % (2016) of its total area, an average rainfall of 2,928 mm (2014) per year and a population of 32 % (2018) living in rural areas. With a total area of 22,570 km² (2016) available for agriculture and 14.19 % (2019) of its employments, the agricultural sector contributes to the economy of the Panama about USD 1.42 B. (2018) (2.18 % (2018) of its GDP).