Panama


Panama Country Report: GDP data and GDP forecasts; economic, financial and trade information; the best banks in Panama; country and population overview

DATA ON GDP AND ECONOMIC INFORMATION
Central bankN/A
International ReservesUS$ 2.714 billion (Source: World Bank; Data updated: November 2010)
Gross Domestic Product - GDPUS$ 29.799 billion (2009 estimate)
GDP (Purchasing Power Parity)48.166 billion of International dollars (2009 estimate)
Real GDP growth
20002001200220032004200520062007
2.7%0.6%2.2%4.2%7.5%7.2%8.5%12.1%
2008200920102011*
10.1%3.2%7.5%7.4%

*Estimate

GDP per capita - current pricesUS$ 8,300 (2000 estimate)
GDP per capita - PPP$13,416 International Dollars (2000 estimate)
GDP (PPP) - share of world total
19801990200020102015**
0.05%0.04%0.05%0.06%0.07%

**Forecast

GDP - composition by sector
  • agriculture: 5.9% 
  • industry: 17.2% 
  • services: 76.8% (2009 estimate)

    • (Data released on November 2010)

Gross domestic expenditure on R&D (% of GDP)N/A

(Data released on November 2010)

Inflation
2008200920102011*
8.8%(2008)2.4%3.5%5%

*Estimate

Unemployment rate
2008200920102011*
5.8%6.9%6.5%(2009)6%

*Estimate

Household saving ratesN/A

(Data released on November 2010)

Public debt (General government gross debt as a % of GDP)
20072008200920102011*
48.5%41.2%40.4%40.9%38.3%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2007200820092010*2011**
3.4%0.4%-1%-0.7%-1%

*Estimate    **Forecast

Government bond ratings

Standard & Poor's: BBB-/Stable/A-3

Moody's rating: Baa3

Moody's outlook: STA

(Foreign Currency Government Bond Ratings; Data last updated Nov 2010)

Market value of publicly traded shares
200720082009
US$6.219 billionUS$6.568 billionUS$8.048 billion
Largest companies in PanamaCarnival (Hotels & Motels)
(2011)
DATA ON TRADE AND COMPETITIVENESS
Current account balanceUS$ -3.7 billion (2009 estimate)(After 2008)
Current account balance by percentage of GDP-12.5% of GDP (2009 estimate)(2009)
Exports as percent of GDP

(Exports of goods and services)

59.8% (2009)

(Data released on December 2010)

Shares in world total merchandising export0.01%(2007)

(Data were released in Nov 2011 and refer to 2010)

Shares in world total commercial services export0.16%(2007)

(Data were released in Nov 2011 and refer to 2010)

Total exportsUS$12.52 billion f.o.b. (2010 estimate)
Export commoditiesbananas, shrimp, sugar, coffee, clothing
Total importsUS$15.18 billion f.o.b.
Import commoditiescapital goods, foodstuffs, consumer goods, chemicals
Exports - major partnersUS 35.6%, Netherlands 10.2%, China 6%, Sweden 5.5%, UK 5.4%, Costa Rica 5.1%, Spain 5% (2007)
Imports - major partnersUS 32.8%, Netherlands Antilles 7.6%, China 5.6%, Japan 5.1%, Costa Rica 5.1%, South Korea 4.1% (2007)
FDI inflows
200820092010
US$2,196 millionUS$1,773 million(2009)US$2,363 million(2009)
FDI outflows
200820092010
US$2,095 millionUS$2,336 millionUS$2,377 million
Value of cross-border M&A, by country of purchaser
2008200920102011
US$-591 millionUS$185 million(2009)US$17 million(2009)US$446 million
Cross-border M&A deals worth over $3 billion completed in 2008

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A

(for a monthly update on M&A click here )

Cross-border M&A deals worth over $3 billion completed in 2010

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A(2008 estimate)

(for a monthly update on M&A click here )

Best countries for doing business

World Bank/IFC Doing Business Project

(Economies are ranked on their ease of doing business, from 1 – 183. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.)

Overall ranking: 72 out of 183 countries(2009) (2010)

Subcategories:

Starting a business: 23 out of 183 countries(2009)

Registering property: 113 out of 183 countries

Paying Taxes: 175 out of 183 countries

Getting credit: 32 out of 183 countries

Protecting investors: 109 out of 183 countries

Trading across border: 11 out of 183 countries

Enforcing Contracts: 119 out of 183 countries

(2010)

Global competitiveness ranking
(ranking by country on a basis of 142, the first is the best)		49

(2011/2012)

Index of Economic Freedom

WSJ and Heritage Foundation

Ranking: 59 Score: 64.9 (Moderately Free) (2009)

(100=totally free 0=totally repressed )

COUNTRY AND POPULATION OVERVIEW
Time zoneUTC-5
Total area 75,517 km2 (2006)
CapitalPanama (2009)
Currencybalboas (PAB) (2009)
Government typeconstitutional democracy (2009)
LanguagesSpanish (official), English 14%; note - many Panamanians bilingual
ReligionsRoman Catholic 85%, Protestant 15%
Total population
1980199020002010*2015**
1.96 million2.39 million2.95 million3.53 million3.86 million

*Estimate    **Forecast

Urban population as % of total population
1960198020002009
41.2%50.4%65.8%74%
Population median age26.0 years (2006)
Population growth rate1.6% (2009)
Life expectancy75 years (2007)
Adult literacy93% (2000/2007)
% of population living on less than $2 a day9.48% (2011)
Inequality of wealth distribution (Gini index)

52.3 (2009)

(0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights:1
Civil Liberties:2 (2010)

(1 represents the most free, 7 the least free)

Total telephone subscribers as % of population

200.44% (2010)

(sum of fixed telephone lines and mobile cellular subscribers)

Internet users as % of total population42.75% (Data were released in 2011 and refer to 2010)
Cost of living index

(ranking by city on a basis of 214; the 1st is the most expensive and the 214th is the least expensive)

Panama City: 141st (2011)

CO2 emissions
(Metric tons of CO2 per capita)

2.0336 (2008)

GLOBAL FINANCE RANKINGS AND AWARDS

WORLD'S BEST INTERNET BANKS

2011:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2011)
2010:
  • COUNTRY WINNERS / Best Corporate/Institutional Internet Banks Citi (National, 2010)
2009:
  • COUNTRY WINNERS / Best Corporate/Institutional Internet Banks Citi (2009)

WORLD'S BEST EMERGING MARKET BANKS

2011:
  • COUNTRY WINNERS Banco General (National, 2011)
2010:
  • COUNTRY WINNERS Banco General (National, 2010)
2009:
  • COUNTRY WINNERS Banco General (National, 2009)
ARTICLES AND COUNTRIES REPORTS FROM GLOBAL FINANCE ARCHIVE