Browse a full set of economic indicators

Panama

Includes Panama real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Panama economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Panama best banks and safest banks are also available.

Basic Information

Government Type: Presidential republic

Capital City: Panama City

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank National Bank of Panama (Banco Nacional de Panamá)
Currency Balboas (PAB)
International Reserves USD 2.1 billion (2018)

International Monetary Fund (IMF), data retrieved October 2019
Gross Domestic Product – GDP USD 65.2 billion (2018, estimate)
GDP (Purchasing Power Parity) Intl$ 106.8 billion (2018, estimate)

GDP Data

Real GDP growth 2007 12.1%
2008 9.9%
2009 1.2%
2010 5.8%
2011 11.3%
2012 9.8%
2013 6.9%
2014 5.1%
2015 5.7%
2016 5%
2017* 5.3%
2018* 3.9%

*Estimate
GDP per capita – current prices USD 15,679.0 (2018, estimate)
GDP per capita – PPP Intl$ 25,674.5 (2018, estimate)
GDP (PPP) – share of world total 1980 0.05%
1990 0.04%
2000 0.05%
2010 0.06%
2018* 0.08%
GDP – composition by sector agriculture: 2.2%
industry: 29.2%
services: 65.1%
(2016 estimate)
Gross domestic expenditure on R&D; (% of GDP) N/A
Inflation 2015 0.1%
2016 0.7%
2017 0.9%
2018* 0.8%
2019* 0%

*Estimate

Inflation & Debt

Inflation 2015 0.1%
2016 0.7%
2017 0.9%
2018* 0.8%
2019* 0%

*Estimate
Government Bond Ratings Standard & Poor’s: BBB+

Moody’s: Baa1

Standard & Poor’s / Moody’s
Unemployment rate 2015 5.1%
2016 5.5%
2017 6.1%
2018* 6%
2019* 6.1%

*Estimate
Household saving rates N/A
Public debt (General government gross debt as a % of GDP) 2015 37.4%
2016 37.3%
2017 37.5%
2018* 39.5%
2019* 41.3%

*Estimate
Public deficit (General government net lending/borrowing as a % of GDP) 2015 -2.3%
2016 -1.8%
2017 -1.9%
2018* -2%
2019* -3.1%

*Estimate

Market value of publicly traded shares 2016 USD 13.6 billion
2017 USD 15.0 billion
2018* USD 15.6 billion
Largest Companies N/A

Import/Export

Exports as percent of GDP (Exports of goods and services) 42.3% (2017)
Shares in world total merchandising export 0.06% (2018)
Shares in world total commercial services export 0.24% (2018)
Total exports USD 27.1 billion (2018)
Export commodities Fruit and nuts, fish, iron and steel waste, wood
Total imports USD 28.4 billion (2018 estimate)
Import commodities Fuels, machinery, vehicles, iron and steel rods, pharmaceuticals
Exports – major partners US 18.9%, Netherlands 16.6%, China 6.5%, Costa Rica 5.4%, India 5.1%, Vietnam 5% (2017)
Imports – major partners US 24.4%, China 9.8%, Mexico 4.9% (2017)

Competitiveness & Trade

Current account balance USD -5.1 billion (2018 estimate)
Current account balance by percentage of GDP -7.8 % (2018 estimate)
FDI inflows 2016 USD 4,866 million
2017 USD 4,569 million
2018 USD 5,549 million
FDI Outflows 2016 USD 214 million
2017 USD -62 million
2018 USD 158 million
Value of cross-border M&A, by country of purchaser 2015 USD 33.5 million
2016 USD 4.9 million
2017 USD -5.2 million
2018 USD -3.2 million
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
Best countries for doing business Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking:

86 out of 190 countries

Subcategories:
Starting a Business: 51 out of 190 countries
Dealing with Construction Permits: 100 out of 190 countries
Getting Electricity: 51 out of 190 countries
Registering Property: 87 out of 190 countries
Getting Credit: 25 out of 190 countries
Protecting Minority Investors: 88 out of 190 countries
Paying Taxes: 176 out of 190 countries
Trading across Borders: 59 out of 190 countries
Enforcing Contracts: 141 out of 190 countries
Resolving Insolvency: 113 out of 190 countries
Global competitiveness ranking 66 out of 141 countries

(2019)
Index of Economic Freedom Ranking: 50 / Score: 67.2 (Moderately free)

(100=totally free 0=totally repressed)

Population & Geographic Data

Total Area 75,420 sq km


Total Population 1990 2.47 million
2000 3.04 million
2010 3.66 million
2015 3.98 million
2020 4.28 million
Urban population as % of total population 1960 41.2%
1980 50.4%
2000 62.2%
2018 67.7%
Population median age 29.5 years
Population growth rate 1.24% (2018 estimate)
Life expectancy 78.9 years (2018 estimate)
% of population living on less than $3.10 a day 6.3% (last available estimate, 2017)
Inequality of wealth distribution (Gini index) 49.9 (last available estimate, 2017)

(0=perfect equality, 100=absolute inequality)
Freedom House rating Free
Political Rights: 1
Civil Liberties: 2 (2019)
(1 represents the most free, 7 the least free rating)
Total telephone subscribers as % of population
Fixed: 16.1% Mobile: 130.1% (2018)

(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population 57.87 % (2017)

Language & Religon

Languages Spanish (official), indigenous languages (including Ngabere (or Guaymi), Buglere, Kuna, Embera, Wounaan, Naso (or Teribe), and Bri Bri), Panamanian English Creole (similar to Jamaican English Creole; a mixture of English and Spanish with elements of Ngabe
Literacy
Total population: 95%
Male: 95.7%
Female: 94.4%
Definition: age 15 and over can read and write (2015 est.)
Religions Roman Catholic 85%, Protestant 15%

World Rankings

Population 4.28 million
Mercer Cost of living index Panama City: 93rd (2019)
C02 Emissions per capita 2.26 metric tons per capita (2014)

Global Finance Rankings & Awards: Panama

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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