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| PANAMANIAN ECONOMY STATS: |
| Top Stats |
| | All Stats |
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Agriculture > products
bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp |
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Aid as % of GDP
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0.2% |
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[116th of 129]
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Debt > External
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$10,450,000,000.00 |
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[75th of 136]
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Distribution of family income > Gini index
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56.1 |
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[5th of 43]
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Economic freedom
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2.35 |
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[47th of 156]
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Economy > Overview
Panama's dollarized economy rests primarily on a well-developed services sector that accounts for two-thirds 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. |
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Exports
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$9,312,000,000.00 |
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[80th of 189]
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GDP
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$17,097,100,000.00 |
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[84th of 203]
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GDP > PPP
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$22,235,000,000.00 |
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[97th of 163]
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GDP > Real growth rate
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11.2% |
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[11th of 198]
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GINI index
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56.08
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[4th of 40]
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Gross National Income
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$9,455,180,000.00 |
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[78th of 172]
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Human Development Index
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0.804 |
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[56th of 178]
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Income category
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Upper middle income |
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Income distribution > Richest 10%
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35.6% |
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[30th of 114]
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Population below poverty line
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37% |
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[5th of 46]
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Poverty > Share of all poor people
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0.04 % of world's poor |
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[56th of 80]
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Public debt
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53 % of GDP |
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[34th of 121]
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Technological achievement
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0.32 |
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[38th of 68]
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Tourist arrivals
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402,000 |
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[73rd of 152]
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... View all Economy stats
SOURCES: CIA World Factbook, 28 July 2005; calculated on the basis of data on ODA from OECD (Organisation for Economic Co-operation and Development), Development Assistance Committee. 2002. DAC Online. Database. Paris.; and data on GDP from World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC; All CIA World Factbooks 18 December 2003 to 18 December 2008; The Heritage Foundation; World Development Indicators database and CIA World Factbook; World Bank. 2005. World Development Indicators 2005.; World Development Indicators database; ; Human Development Report 2006, United Nations Development Programme; ; World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC; Country Responsibilities in Achieving the Millenium Development Goals", April 8 2003, by Janice Poling; United Nations Development Program. Human Development Report 2001. New York: Oxford University Press,2001, Table A2.1. via ciesin.org; United Nations World Statistics Pocketbook and Statistical Yearbook
ALTERNATIVE NAMES:
Panama, Republic of Panama, Republica de Panama
Related links:
More facts and figures on Panama
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