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Economy - overview:
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Panama's economy is based primarily on a well-developed services sector that accounts for three-fourths 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 2000-02. The government has been backing public works programs, tax reforms, new regional trade agreements, and development of tourism in order to stimulate growth.
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GDP:
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purchasing power parity - $18.06 billion (2002 est.)
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GDP - real growth rate:
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0.7% (2002 est.)
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GDP - per capita:
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purchasing power parity - $6,200 (2002 est.)
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GDP - composition by sector:
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agriculture: 7%
industry: 17%
services: 76% (2001 est.)
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Population below poverty line:
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37% (1999 est.)
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Household income or consumption by percentage share:
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lowest 10%: 1.2%
highest 10%: 35.7% (1997)
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Distribution of family income - Gini index:
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48.5 (1997)
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Inflation rate (consumer prices):
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1.1% (2001 est.)
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Labor force:
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1.1 million
note: shortage of skilled labor, but an oversupply of unskilled labor (2000 est.)
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Labor force - by occupation:
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agriculture 20.8%, industry 18%, services 61.2% (1995 est.)
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Unemployment rate:
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16% (2002 est.)
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Budget:
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revenues: $1.9 billion
expenditures: $2 billion, including capital expenditures of $471 million (2000 est.)
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Industries:
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construction, petroleum refining, brewing, cement and other construction materials, sugar milling
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Industrial production growth rate:
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0.5% (2002 est.)
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Electricity - production:
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4.039 billion kWh (2001)
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Electricity - production by source:
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fossil fuel: 37%
hydro: 61.3%
other: 1.7% (2001)
nuclear: 0%
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Electricity - consumption:
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3.681 billion kWh (2001)
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Electricity - exports:
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118 million kWh (2001)
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Electricity - imports:
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43 million kWh (2001)
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Oil - production:
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0 bbl/day (2001 est.)
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Oil - consumption:
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52,000 bbl/day (2001 est.)
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Oil - exports:
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NA (2001)
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Oil - imports:
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NA (2001)
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Agriculture - products:
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bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp
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Exports:
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$5.8 billion f.o.b. (2002 est.)
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Exports - commodities:
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bananas, shrimp, sugar, coffee, clothing (1999)
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Exports - partners:
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US 47.8%, Sweden 5.8%, Costa Rica 4.8%, Honduras 4.4% (2002)
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Imports:
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$6.7 billion f.o.b. (2002 est.)
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Imports - commodities:
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capital goods, crude oil, foodstuffs, consumer goods, chemicals (1999)
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Imports - partners:
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US 34.3%, Colombia 5.9%, Japan 5.4%, Costa Rica 4.2%, Venezuela 4.2% (2002)
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Debt - external:
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$7 billion (2002 est.)
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Economic aid - recipient:
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$197.1 million (1995)
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Currency:
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balboa (PAB); US dollar (USD)
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Currency code:
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PAB; USD
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Exchange rates:
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balboas per US dollar - 1 (2002), 1 (2001), 1 (2000), 1 (1999), 1 (1998)
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Fiscal year:
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calendar year
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