Panamanian Economy, Panama Economy

Economy - overview: Panama's dollarised economy rests primarily on a well-developed services sector that accounts for four-fifths of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. A slump in Colon Free Zone and agricultural exports, the global slowdown, and the withdrawal of US military forces held back economic growth in 2000-03; growth picked up in 2004 led by export-oriented services and a construction boom stimulated by tax incentives. The government has been backing tax reforms, reform of the social security program, new regional trade agreements, and development of tourism. Unemployment remains high.

GDP: 1.1% (2004)

GDP - real growth rate: 6% (2004 est.)

GDP - per capita: Purchasing power parity - $6,900 (2004 est.)

GDP - composition by sector: Agriculture: 7.2% industry: 13% services: 79.8% (2004 est.)

Population below poverty line: 37% (1999 est.)

Household income or consumption by percentage share: Lowest 10%: 1.2% highest 10%: 35.7% (1997)

Distribution of family income - Gini index: 48.5 (1997)

Inflation rate (consumer prices):

Labor force: 1.32 million note: shortage of skilled labor, but an oversupply of unskilled labor (2004 est.)

Labor force - by occupation: Agriculture 20.8%, industry 18%, services 61.2% (1995 est.)

Unemployment rate: 12.6% (2004 est.)

Budget: Revenues: $3.095 billion expenditures: $3.737 billion, including capital expenditures of $471 million (2004 est.)

Industries: Construction, brewing, cement and other construction materials, sugar milling

Industrial production growth rate: 5.4% (2004 est.)

Electricity - production: 4.873 billion kWh (2002)

Electricity - production by source:

Electricity - consumption: 4.473 billion kWh (2002)

Electricity - exports: 120 million kWh (2002)

Electricity - imports: 61 million kWh (2002)

Oil - production: 0 bbl/day (2004 est.)

Oil - consumption: 40,520 bbl/day (2003 est.)

Oil - exports: NA

Oil - imports: NA

Oil - proved reserves:

Natural gas - production:

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Natural gas - proved reserves:

Agriculture - products: Bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp

Exports: $5.699 billion f.o.b. (includes the Colon Free Zone) (2004 est.)

Exports - commodities: Bananas, shrimp, sugar, coffee, clothing (1999)

Exports - partners: US 50.5%, Sweden 6.6%, Spain 5.1%, Netherlands 4.4%, Costa Rica 4.2% (2004)

Imports: $7.164 billion f.o.b. (includes the Colon Free Zone) (2004 est.)

Imports - commodities: Capital goods, foodstuffs, consumer goods, chemicals

Imports - partners: US 33.3%, Netherlands Antilles 8.1%, Japan 6%, Costa Rica 5.7%, Mexico 4.6%, Colombia 4.2% (2004)

Debt - external: $8.78 billion (2004 est.)

Economic aid - recipient: $197.1 million (1995)

Currency:

Currency code:

Exchange rates: Balboas per US dollar - 1 (2004), 1 (2003), 1 (2002), 1 (2001), 1 (2000)

Fiscal year: Calendar year

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The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.

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