Source
Central bank

National Bank of Panama (Banco Nacional de Panamá)

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)

Real GDP growth
2007 2008 2009 2010 2011 2012 2013
12.1% 9.9% 1.2% 5.8% 11.3% 9.8% 6.9%
2014 2015 2016 2017* 2018*    
5.1% 5.7% 5% 5.3% 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 1990 2000 2010 2018*
0.05% 0.04% 0.05% 0.06% 0.08%

*Estimate

 
 
Source
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 2016 2017 2018* 2019*

0.1%

0.7% 0.9% 0.8% 0%

*Estimate

Unemployment rate
2015 2016 2017 2018* 2019*
5.1% 5.5% 6.1% 6% 6.1%

*Estimate

Household saving rates

N/A

Public debt (General government gross debt as a % of GDP)
2015 2016 2017 2018* 2019*
37.4% 37.3% 37.5% 39.5% 41.3%

*Estimate

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

*Estimate

Government bond ratings

Standard & Poor's: BBB+

Moody's: Baa1

Standard & Poor's / Moody's

Market value of publicly traded shares
2016 2017 2018
USD 13.6 billion USD 15.0 billion USD 15.6 billion
Largest companies

N/A

 
 
Source
Current account balance

USD -5.1 billion (2018 estimate)

Current account balance by percentage of GDP

-7.8 % (2018 estimate)

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)

 
 
Source
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)

FDI inflows
2016 2017 2018
USD 4,866 million USD 4,569 million USD 5,549 million
FDI outflows
2016 2017 2018
USD 214 million USD -62 million USD 158 million
Value of cross-border M&A, by country of purchaser
2015 2016 2017 2018
USD 33.5 million USD 4.9 million USD -5.2 million 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)

 
 
Source
Time zone

UTC-5

Total area

75,420 sq km

Capital

Panama City

Currency

Balboas (PAB)

Government type

Presidential republic

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 Ngabere; also known as Guari Guari and Colon Creole), English, Chinese (Yue and Hakka), Arabic, French Creole, other (Yiddish, Hebrew, Korean, Japanese)

Religions

Roman Catholic 85%, Protestant 15%

Total population
1990 2000 2010 2016* 2021*
2.474 million 3.041 million 3.662 million 4.086 million 4.512 million

*Estimate 

 
 
Source
Urban population as % of total population
1960 1980 2000 2015
41% 50% 62% 67%
Population median age

28.9 years (2016 estimate)

Population growth rate

1.3% (2016 estimate)

Life expectancy

78.6 years (2016 estimate)

Literacy

Total population: 95%
Male: 95.7%
Female: 94.4% (2015 est.)

(age 15 and over can read and write)

% of population living on less than $3.10 a day

3.1% (2014 estimate)

Inequality of wealth distribution (Gini index)

50.7 (2014)

(0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights: 2
Civil Liberties: 2 (2017)                         

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

Source
Total telephone subscribers as % of population

Fixed 15.56%   Mobile 174.19% (2015)
(fixed-telephone subscribers and mobile-cellular subscribers)

Internet users as % of total population

51.21% (2015)

Mercer Cost of living index

Panama City: 81st (2016)

CO2 emissions

2.7 (2013)

World's Best Developed & Emerging Markets Banks

World's Best Internet Banks

World’s Best Treasury & Cash Management Providers

Safest Emerging Markets Banks

World's Best Subcustodian Banks

World’s Best Foreign Exchange Providers

World's Best Banks By Region

World's Best Banks

2013

Best of…

Additional Awards