Panama - Economy
How is the economy of Panama? Based on the information we have, Panama has a 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. Key agricultural products in this country include: sugarcane, rice, bananas, oranges, oil palm fruit, chicken, plantains, maize, milk, pineapples (2023).
More about the economy of Panama
| Labor force | 2.206 million (2024 est.) |
|---|---|
| Industrial production growth rate | -2.6% (2024 est.) |
| Industries | construction, brewing, cement and other construction materials, sugar milling |
| Population below poverty line | 21.8% (2021 est.) |
| Taxes and other revenues | 7.5% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | balboas (PAB) per US dollar - |
| Exchange rates 2024 | 1 (2024 est.) |
| Exchange rates 2023 | 1 (2023 est.) |
| Exchange rates 2022 | 1 (2022 est.) |
| Exchange rates 2021 | 1 (2021 est.) |
| Exchange rates 2020 | 1 (2020 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $6.856 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $6.757 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $6.876 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | $1.672 billion (2024 est.) |
| Current account balance 2023 | -$2.581 billion (2023 est.) |
| Current account balance 2022 | $28.769 million (2022 est.) |
| Budget | |
| Revenues | $7.57 billion (2021 est.) |
| Expenditures | $11.553 billion (2021 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 0.6% of GDP (2024 est.) |
| Remittances 2023 | 0.6% of GDP (2023 est.) |
| Remittances 2022 | 0.7% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 1.2% (2023 est.) |
| Highest 10% | 36.9% (2023 est.) |
| Average household expenditures | |
| On food | 15.4% of household expenditures (2023 est.) |
| On alcohol and tobacco | 1.6% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $30.887 billion (2024 est.) |
| Imports 2023 | $35.927 billion (2023 est.) |
| Imports 2022 | $32.646 billion (2022 est.) |
| Imports (partners) | USA 15%, Colombia 13%, China 13%, Ecuador 13%, Japan 11% (2023) |
| Comodities Imports force | crude petroleum, ships, refined petroleum, nitrogen compounds, cars (2023) |
| Exports | |
| Imports 2024 | $30.887 billion (2024 est.) |
| Imports 2023 | $35.927 billion (2023 est.) |
| Imports 2022 | $32.646 billion (2022 est.) |
| Exports (partners) | China 25%, Japan 10%, USA 6%, Thailand 5%, Costa Rica 5% (2023) |
| Comodities Exports force | copper ore, ships, refined petroleum, bananas, fish (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $164.484 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $159.908 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $148.891 billion (2022 est.) |
| GDP (official exchange rate) | $86.26 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $36,400 (2024 est.) |
| Real GDP per capita 2023 | $35,900 (2023 est.) |
| Real GDP per capita 2022 | $33,800 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 2.6% (2024 est.) |
| Industry | 26.3% (2024 est.) |
| Services | 68.8% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 46.7% (2023 est.) |
| Government consumption | 12.2% (2023 est.) |
| Investment in fixed capital | 32.3% (2023 est.) |
| Investment in inventories | 5.4% (2023 est.) |
| Exports of goods and services | 46.5% (2023 est.) |
| Imports of goods and services | -43.1% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 6.6% (2024 est.) |
| Unemployment rate 2023 | 6.6% (2023 est.) |
| Unemployment rate 2022 | 8.1% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 16.8% (2024 est.) |
| Male | 13.4% (2024 est.) |
| Female | 22.1% (2024 est.) |
All Important Facts about Panama
Want to know more about Panama? Check all different factbooks for Panama below.
