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) |
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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 |
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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 |
Panama
Inflation & Debt
Inflation |
2015 0.1% 2016 0.7% 2017 0.9% 2018* 0.8% 2019* 0% *Estimate |
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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) |
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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) |
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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 |
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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 |
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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 |
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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