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, bananas, rice, oranges, oil palm fruit, plantains, chicken, milk, pineapples, maize (2022).
More about the economy of Panama
| Labor force | 2.096 million (2023 est.) |
|---|---|
| Industrial production growth rate | 13.06% (2023 est.) |
| Industries | construction, brewing, cement and other construction materials, sugar milling |
| Population below poverty line | 21.5% (2019 est.) |
| Taxes and other revenues | 7.46% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | balboas (PAB) per US dollar - |
| Exchange rates 2023 | 1 (2023 est.) |
| Exchange rates 2022 | 1 (2022 est.) |
| Exchange rates 2021 | 1 (2021 est.) |
| Exchange rates 2020 | 1 (2020 est.) |
| Exchange rates 2019 | 1 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $6.757 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $6.876 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $8.832 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$3.739 billion (2023 est.) |
| Current account balance 2022 | -$475.146 million (2022 est.) |
| Current account balance 2021 | -$778.779 million (2021 est.) |
| Public debt | |
| Public debt 2017 | 37.8% of GDP (2017 est.) |
| Budget | |
| Revenues | $7.57 billion (2021 est.) |
| Expenditures | $11.553 billion (2021 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.64% of GDP (2023 est.) |
| Remittances 2022 | 0.69% of GDP (2022 est.) |
| Remittances 2021 | 0.84% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 1.2% (2023 est.) |
| Highest 10% | 36.9% (2023 est.) |
| Average household expenditures | |
| On food | 15.6% of household expenditures (2022 est.) |
| On alcohol and tobacco | 1.7% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $36.135 billion (2023 est.) |
| Imports 2022 | $32.693 billion (2022 est.) |
| Imports 2021 | $24.459 billion (2021 est.) |
| Imports (partners) | China 20%, US 20%, Guyana 11%, Colombia 11%, Ecuador 9% (2022) |
| Comodities Imports force | crude petroleum, refined petroleum, ships, garments, packaged medicine (2022) |
| Exports | |
| Imports 2023 | $36.135 billion (2023 est.) |
| Imports 2022 | $32.693 billion (2022 est.) |
| Imports 2021 | $24.459 billion (2021 est.) |
| Exports (partners) | China 17%, Japan 12%, South Korea 8%, US 5%, Spain 5% (2022) |
| Comodities Exports force | copper ore, ships, fish, bananas, refined petroleum (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $159.867 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $148.968 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $134.436 billion (2021 est.) |
| GDP (official exchange rate) | $83.382 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $35,800 (2023 est.) |
| Real GDP per capita 2022 | $33,800 (2022 est.) |
| Real GDP per capita 2021 | $30,900 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 2.4% (2023 est.) |
| Industry | 27.1% (2023 est.) |
| Services | 67.9% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 46.1% (2022 est.) |
| Government consumption | 12.8% (2022 est.) |
| Investment in fixed capital | 29.5% (2022 est.) |
| Investment in inventories | 11.7% (2022 est.) |
| Exports of goods and services | 47.9% (2022 est.) |
| Imports of goods and services | -48% (2022 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 6.7% (2023 est.) |
| Unemployment rate 2022 | 8.2% (2022 est.) |
| Unemployment rate 2021 | 10.45% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 16.6% (2023 est.) |
| Male | 13.5% (2023 est.) |
| Female | 22% (2023 est.) |
All Important Facts about Panama
Want to know more about Panama? Check all different factbooks for Panama below.
