Countries
Panama
Key Economic Indicators
$186.81 billion
$41,369
2.75%
0.69%
8.36%
$86.26 billion (2024 est.)
37.4% of GDP (2016 est.)
$1.67 billion
Economic Overview
upper middle-income Central American economy; increasing Chinese trade; US dollar user; canal expansion fueling broader infrastructure investment; services sector dominates economy; historic money-laundering and illegal drug hub
All Economic Data
Agricultural products
sugarcane, rice, bananas, oranges, oil palm fruit, chicken, plantains, maize, milk, pineapples (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
1.6% of household expenditures (2023 est.)
On food:
15.4% of household expenditures (2023 est.)
Budget
Expenditures:
$12.046 billion (2021 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$7.57 billion (2021 est.)
Currency
code:
EUR
name:
euro (EUR) [€]
Current account balance
$1.67 billion
Current account balance 2022:
$28.769 million (2022 est.)
Current account balance 2023:
-$2.581 billion (2023 est.)
Current account balance 2024:
$1.672 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Exchange rates
Currency:
balboas (PAB) per US dollar -
Exchange rates 2020:
1 (2020 est.)
Exchange rates 2021:
1 (2021 est.)
Exchange rates 2022:
1 (2022 est.)
Exchange rates 2023:
1 (2023 est.)
Exchange rates 2024:
1 (2024 est.)
Exports
$38.38 billion
Exports 2022:
$35.717 billion (2022 est.)
Exports 2023:
$37.905 billion (2023 est.)
Exports 2024:
$37.376 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
copper ore, ships, refined petroleum, bananas, fish (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
China 25%, Japan 10%, USA 6%, Thailand 5%, Costa Rica 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$3.24 billion
GDP - composition, by end use
Exports of goods and services:
46.5% (2023 est.)
Government consumption:
12.2% (2023 est.)
Household consumption:
46.7% (2023 est.)
Imports of goods and services:
-43.1% (2023 est.)
Investment in fixed capital:
32.3% (2023 est.)
Investment in inventories:
5.4% (2023 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
2.6% (2024 est.)
Industry:
26.3% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
68.8% (2024 est.)
GDP (official exchange rate)
$86.26 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$19,161
Gini Index coefficient - distribution of family income
49.8 (2019)
Gini Index coefficient - distribution of family income 2023:
48.9 (2023 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$82.12 billion
GNI per capita
$18,010
Gross domestic investment
34 % of GDP
Household income or consumption by percentage share
Highest 10%:
36.9% (2023 est.)
Lowest 10%:
1.2% (2023 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$34.02 billion
Imports 2022:
$32.646 billion (2022 est.)
Imports 2023:
$35.927 billion (2023 est.)
Imports 2024:
$30.887 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
crude petroleum, ships, refined petroleum, nitrogen compounds, cars (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
USA 15%, Colombia 13%, China 13%, Ecuador 13%, Japan 11% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
-2.6% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
construction, brewing, cement and other construction materials, sugar milling
Inflation rate (consumer prices)
0.69%
Inflation rate (consumer prices) 2022:
2.9% (2022 est.)
Inflation rate (consumer prices) 2023:
1.5% (2023 est.)
Inflation rate (consumer prices) 2024:
0.7% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
2.206 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
2.29 million persons
Labor force - by occupation
agriculture:
16.04%
industry:
17.01%
services:
66.95%
Population below poverty line
21.8% (2021 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Public debt 2016:
37.4% of GDP (2016 est.)
Real GDP (purchasing power parity)
$186.81 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$148.891 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$159.908 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$164.484 billion (2024 est.)
Real GDP growth rate
2.75%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
10.8% (2022 est.)
Real GDP growth rate 2023:
7.4% (2023 est.)
Real GDP growth rate 2024:
2.9% (2024 est.)
Real GDP per capita
$41,369
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$33,800 (2022 est.)
Real GDP per capita 2023:
$35,900 (2023 est.)
Real GDP per capita 2024:
$36,400 (2024 est.)
Remittances
$531.59 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
0.7% of GDP (2022 est.)
Remittances 2023:
0.6% of GDP (2023 est.)
Remittances 2024:
0.6% of GDP (2024 est.)
Reserves of foreign exchange and gold
$6.86 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$6.876 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$6.757 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$6.856 billion (2024 est.)
Revenue (excl grants)
11 % of GDP
Tax revenue
7 % of GDP
Taxes and other revenues
7.5% (of GDP) (2021 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
8.36%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
8.1% (2022 est.)
Unemployment rate 2023:
6.6% (2023 est.)
Unemployment rate 2024:
6.6% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
22.1% (2024 est.)
Male:
13.4% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
16.8% (2024 est.)
Economic Rankings
GDP Growth Rate
#16
Gini Index
#17
GDP per Capita
#54
Unemployment Rate
#59
Imports
#72
Exports
#74
GDP (Nominal)
#76
GDP (PPP)
#80
Reserves
#88
Inflation Rate
#184
Quick Facts
Industries
construction, brewing, cement and other construction materials, sugar milling
Agricultural products
sugarcane, rice, bananas, oranges, oil palm fruit, chicken, plantains, maize, milk, pineapples (2023)
Labor force
2.206 million (2024 est.)
Exports - partners
China 25%, Japan 10%, USA 6%, Thailand 5%, Costa Rica 5% (2023)
Imports - partners
USA 15%, Colombia 13%, China 13%, Ecuador 13%, Japan 11% (2023)
Exchange rates
balboas (PAB) per US dollar -
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