ECONOMY OF PANAMA

Because of its key geographic location, Panama's economy is service-based,
heavily weighted toward banking, commerce, and tourism. The hand-over of the
canal and military installations by the US has given rise to new
construction projects.
Panama's economy is based primarily on a well-developed services sector that
accounts for nearly 80% of GDP. Services include the Panama Canal, banking,
the Canal Free Zone, insurance, container ports, and flagship registry,
medical and health, and other business.
GDP growth for 2000 was about 2.3% compared to 3.0% in 1999. Though Panama
has the highest GDP per capita in Central America, about 36% of its population
lives in poverty. The unemployment rate is 7.3%.

Contents

Statistics

Panama Government and UN Stats

References

See also

Statistics

'GDP (purchasing power parity):'
$26.04 billion (2006 est.)
'GDP - real growth rate:'
8.1% (2006 est.), 9.4% (First trimester of 2007)
'GDP - per capita:'
purchasing power parity - $8,200 (2006 est.)
'GDP - composition by sector:'

''agriculture:''
8.3%

''industry:''
14.7%

''services:''
77.1% (2003 est.)
'Household income or consumption by percentage share:'

''lowest 10%:''
0.5%

''highest 10%:''
42.5% (1991)
'
24.8% of GDP (2003)
'Population below poverty line:'
27% (2007 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):'
1.4% (2003 est.)
'Labor force:'
1.19 million

''note:'' shortage of skilled labor, but an oversupply of unskilled labor (2003 est.)
'Labor force - by occupation:'
agriculture 20.8%, industry 18%, services 61.2% (1995 est.)
'Unemployment rate:'
7.3% (2007 est.)^[1]
'Budget:'

''revenues:''
$2.995 billion

''expenditures:''
$3.421 billion, including capital expenditures of $471 million (2003 est.)
'Agriculture - products:'
bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp
'Industries:'
construction, petroleum refining, brewing, cement and other construction materials, sugar milling
'Currency:'
balboa (PAB); US dollar (USD)
'Exchange rates:'
balboas per US dollar - 1 (2003), 1 (2002), 1 (2001), 1 (2000), 1 (1999) (fixed rate)
'Fiscal year:'
calendar year

Panama Government and UN Stats

Nominal GDP in Panama was (in million of balboa or US dollar) was 11,691 in 2002, 13,099 in 2004, 14,004 in 2005 (Prelim), 15,141.9 in 2006 (est), as reported by Office of Statistics and Census, Government of Panama. ^[2] Growth from 2002 to 2006 has been especially strong in the transport and communications sector, which has become the biggest component of GDP, although many sectors have seen strong growth. Real GDP has risen 7.5% (03-04), 6.9% (04-05), 8.1% (05-06).^[3] GDP estimates by United Nations Economic Commission for Latin America and the Caribbean (ECLAC) forecast 8.5% for 2006-07, and 7.5% for 2007-08, both years being the highest for all of Latin America.^[4]

References

1. El índice de desempleo total se redujo a 7.3% Edith Castillo Duarte
2. [1]
3. [2]
4. [3]

See also

★ Panama