Panama - Economic Indicators
Latin America's Outlook Deteriorates
Aug 15, 2019
The economic outlook for Latin America has deteriorated for 2019 given most countries' lower-than-expected performance. Based on the disappointing performance during the first half of the year, we are revising our growth estimate to only 0.3% from a previous 0.6%. Given the recent unfavorable winds coming from the external environment, and financial turbulence in Argentina generated by the primary election results, there is the risk of a further downward...
| GDP | Reference | Last | Previous | Units | Frequency |
|---|---|---|---|---|---|
| Private Consumption | 2017 | 31,335 | 29,818 | Mil. PAB | Annual |
| Real Private Consumption | 2017 | 20,587 | 19,968 | Mil. 2007 PAB | Annual |
| Real Gross Domestic Product | 2017 | 40,214 | 38,182 | Mil. 2007 PAB | Annual |
| Government Consumption | 2017 | 6,869 | 6,347 | Mil. PAB | Annual |
| Nominal Gross Domestic Product | 2017 | 62,283 | 57,957 | Mil. PAB | Annual |
| Nominal Fixed Investment (gross fixed capital formation) | 2017 | 24,723 | 22,294 | Mil. PAB | Annual |
| Real Government Consumption | 2017 | 4,384 | 4,129 | Mil. 2007 PAB | Annual |
| Real Fixed Investment (gross fixed capital formation) | 2017 | 17,873 | 16,702 | Mil. 2007 PAB | Annual |
| Real Investment | 2017 | 19,061 | 17,838 | Mil. 2007 PAB | Annual |
| Investment | 2017 | 25,977 | 23,484 | Mil. PAB | Annual |
| Price | Reference | Last | Previous | Units | Frequency |
| Consumer Price Index (CPI) | Jul 2019 | 105.18 | 104.95 | Index 2013=100, NSA | Monthly |
| Producer Price Index (PPI) | 2016 Q4 | 109.67 | 108.21 | Index 2005=100 | Quarterly |
| Wholesale Price Index | 2016 | 176.5 | 177.98 | 1987=100 | Annual |
| Labor | Reference | Last | Previous | Units | Frequency |
| Unemployment Rate | 2018 | 6 | 6.13 | % | Annual |
| Unemployment | 2018 | 118.34 | 116.63 | Ths. | Annual |
| Labor Force Employment | 2018 | 1,868 | 1,785 | Ths. | Annual |
| Labor Force | 2018 | 1,986 | 1,902 | Ths. | Annual |
| Agriculture Employment | 2017 | 300,651 | 300,062 | # | Annual |
| Wage & Salaries | 2017 | 15,860 | 14,448 | Mil. PAB | Annual |
| Primary Industries Employment | 2012 | 33,230 | 30,446 | # | Annual |
| Total Employment | 2012 | 687,505 | 644,251 | # | Annual |
| Trade | Reference | Last | Previous | Units | Frequency |
| Current Account Balance | 2019 Q1 | -1,291 | -1,041 | Mil. PAB, NSA | Quarterly |
| Balance of Goods | 2019 Q1 | -2,268,400,000 | -2,522,100,000 | USD, NSA | Quarterly |
| Real Exports of Goods and Services | 2017 | 22,746 | 21,586 | Mil. 2007 PAB | Annual |
| Exports of Goods and Services | 2017 | 26,320 | 24,445 | Mil. PAB | Annual |
| Net Exports | 2017 | -1,898 | -1,693 | Mil. PAB | Annual |
| Real Imports of Goods and Services | 2017 | 26,538 | 25,211 | Mil. 2007 PAB | Annual |
| Imports of Goods and Services | 2017 | 28,219 | 26,138 | Mil. PAB | Annual |
| Real Net Exports | 2017 | -3,791 | -3,625 | Mil. 2007 PAB | Annual |
| Imports of Goods | 2017 | 20,300 | 20,569 | Mil. USD | Annual |
| Exports of Goods | 2017 | 11,450 | 11,194 | Mil. USD | Annual |
| Government | Reference | Last | Previous | Units | Frequency |
| Government Budget Balance | 2017 | 0.85 | 0.25 | Mil. PAB | Annual |
| Government Revenues | 2017 | 11,839 | 11,331 | Mil. PAB | Annual |
| Government Expenditures | 2017 | 11,838 | 11,331 | Mil. PAB | Annual |
| Markets | Reference | Last | Previous | Units | Frequency |
| Average Long-term Government Bond | 2019 Q1 | 15,488 | 15,491 | Mil. USD, NSA | Quarterly |
| Money Market Rate | Jul 2018 | 1.36 | 1.35 | % p.a., NSA | Monthly |
| Lending Rate | 2017 | 7.52 | 7.53 | % | Annual |
| Real Estate | Reference | Last | Previous | Units | Frequency |
| Non-residential Building Permits | 2016 | 562 | 622 | # | Annual |
| Residential Building Permits | 2016 | 15,341 | 18,439 | # | Annual |
| Building Permits | 2016 | 15,903 | 19,061 | # | Annual |
| Dwelling Stocks | 2010 | 896,050 | # | Annual | |
| Consumer | Reference | Last | Previous | Units | Frequency |
| Personal Income | 2017 | 61,838 | 57,820 | Mil. PAB | Annual |
| Business | Reference | Last | Previous | Units | Frequency |
| Industrial Production | Mar 2019 | 249.04 | 245.18 | 2001=100, NSA | Monthly |
| Change in Inventories | 2017 | 1,253 | 1,190 | Mil. PAB | Annual |
| Real Change in Inventories | 2017 | 1,188 | 1,136 | Mil. 2007 PAB | Annual |
| Demographics | Reference | Last | Previous | Units | Frequency |
| Net Migration | 2017 | 31,448 | # | Annual | |
| Births | 2017 | 76,166 | 75,184 | # | Annual |
| Population | 2017 | 4,098,135 | 4,037,043 | # | Annual |
| Birth Rate | 2016 | 19.53 | 19.85 | # per Ths. pop. | Annual |
| Death Rate | 2016 | 5.02 | 5 | # per Ths. pop. | Annual |
| Deaths | 2016 | 18,882 | 18,429 | # | Annual |
Factbook
Background
Background:
Explored and settled by the Spanish in the 16th century, Panama broke with Spain in 1821 and joined a union of Colombia, Ecuador, and Venezuela - named the Republic of Gran Colombia. When the latter dissolved in 1830, Panama remained part of Colombia. With US backing, Panama seceded from Colombia in 1903 and promptly signed a treaty with the US allowing for the construction of a canal and US sovereignty over a strip of land on either side of the structure (the Panama Canal Zone). The Panama Canal was built by the US Army Corps of Engineers between 1904 and 1914. In 1977, an agreement was signed for the complete transfer of the Canal from the US to Panama by the end of the century. Certain portions of the Zone and increasing responsibility over the Canal were turned over in the subsequent decades. With US help, dictator Manuel NORIEGA was deposed in 1989. The entire Panama Canal, the area supporting the Canal, and remaining US military bases were transferred to Panama by the end of 1999. An ambitious expansion project to more than double the Canal's capacity - by allowing for more Canal transits and larger ships - was carried out between 2007 and 2016.
Geography
Location:
Central America, bordering both the Caribbean Sea and the North Pacific Ocean, between Colombia and Costa Rica
Geographic coordinates:
9 00 N, 80 00 W
Map references:
Central America and the Caribbean
Area:
total: 75,420 sq km
land: 74,340 sq km
water: 1,080 sq km
country comparison to the world: 119
Area - comparative:
slightly smaller than South Carolina
Area comparison map:
Land boundaries:
total: 687 km
border countries (2): Colombia 339 km, Costa Rica 348 km
Coastline:
2,490 km
Maritime claims:
territorial sea: 12 nm
contiguous zone: 24 nm
exclusive economic zone: 200 nm or edge of continental margin
Climate:
tropical maritime; hot, humid, cloudy; prolonged rainy season (May to January), short dry season (January to May)
Terrain:
interior mostly steep, rugged mountains with dissected, upland plains; coastal plains with rolling hills
Elevation:
mean elevation: 360 m
elevation extremes: lowest point: Pacific Ocean 0 m
highest point: Volcan Baru 3,475 m
Natural resources:
copper, mahogany forests, shrimp, hydropower
Land use:
agricultural land: 30.5%
arable land 7.3%; permanent crops 2.5%; permanent pasture 20.7%
forest: 43.6%
other: 25.9% (2011 est.)
Irrigated land:
321 sq km (2012)
Population - distribution:
population is concentrated towards the center of the country, particularly around the Canal, but a sizeable segment of the populace also lives in the far west around David; the eastern third of the country is sparsely inhabited
Natural hazards:
occasional severe storms and forest fires in the Darien area
Environment - current issues:
water pollution from agricultural runoff threatens fishery resources; deforestation of tropical rain forest; land degradation and soil erosion threatens siltation of Panama Canal; air pollution in urban areas; mining threatens natural resources
Environment - international agreements:
party to: Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified: Marine Life Conservation
Geography - note:
strategic location on eastern end of isthmus forming land bridge connecting North and South America; controls Panama Canal that links North Atlantic Ocean via Caribbean Sea with North Pacific Ocean
People & Society
Population:
3,753,142 (July 2017 est.)
country comparison to the world: 130
Nationality:
noun: Panamanian(s)
adjective: Panamanian
Ethnic groups:
mestizo (mixed Amerindian and white) 65%, Native American 12.3% (Ngabe 7.6%, Kuna 2.4%, Embera 0.9%, Bugle 0.8%, other 0.4%, unspecified 0.2%), black or African descent 9.2%, mulatto 6.8%, white 6.7% (2010 est.)
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)
note: many Panamanians are bilingual
Religions:
Roman Catholic 85%, Protestant 15%
Demographic profile:
Panama is a country of demographic and economic contrasts. It is in the midst of a demographic transition, characterized by steadily declining rates of fertility, mortality, and population growth, but disparities persist based on wealth, geography, and ethnicity. Panama has one of the fastest growing economies in Latin America and dedicates substantial funding to social programs, yet poverty and inequality remain prevalent. The indigenous population accounts for a growing share of Panama's poor and extreme poor, while the non-indigenous rural poor have been more successful at rising out of poverty through rural-to-urban labor migration. The government's large expenditures on untargeted, indirect subsidies for water, electricity, and fuel have been ineffective, but its conditional cash transfer program has shown some promise in helping to decrease extreme poverty among the indigenous population.
Panama has expanded access to education and clean water, but the availability of sanitation and, to a lesser extent, electricity remains poor. The increase in secondary schooling - led by female enrollment - is spreading to rural and indigenous areas, which probably will help to alleviate poverty if educational quality and the availability of skilled jobs improve. Inadequate access to sanitation contributes to a high incidence of diarrhea in Panama's children, which is one of the main causes of Panama's elevated chronic malnutrition rate, especially among indigenous communities.
Age structure:
0-14 years: 26.4% (male 505,711/female 484,980)
15-24 years: 16.99% (male 324,897/female 312,729)
25-54 years: 40.35% (male 766,747/female 747,472)
55-64 years: 7.91% (male 147,069/female 149,706)
65 years and over: 8.36% (male 144,086/female 169,745) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 54.8
youth dependency ratio: 43.1
elderly dependency ratio: 11.7
potential support ratio: 8.5 (2015 est.)
Median age:
total: 29.2 years
male: 28.8 years
female: 29.6 years (2017 est.)
country comparison to the world: 123
Population growth rate:
1.27% (2017 est.)
country comparison to the world: 89
Birth rate:
17.9 births/1,000 population (2017 est.)
country comparison to the world: 100
Death rate:
4.9 deaths/1,000 population (2017 est.)
country comparison to the world: 197
Net migration rate:
-0.2 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 108
Population distribution:
population is concentrated towards the center of the country, particularly around the Canal, but a sizeable segment of the populace also lives in the far west around David; the eastern third of the country is sparsely inhabited
Urbanization:
urban population: 67.2% of total population (2017)
rate of urbanization: 1.94% annual rate of change (2015-20 est.)
Major urban areas - population:
PANAMA CITY (capital) 1.673 million (2015)
Sex ratio:
at birth: 1.04 male(s)/female
0-14 years: 1.04 male(s)/female
15-24 years: 1.04 male(s)/female
25-54 years: 1.03 male(s)/female
55-64 years: 0.98 male(s)/female
65 years and over: 0.85 male(s)/female
total population: 1.01 male(s)/female (2017 est.)
Maternal mortality ratio:
94 deaths/100,000 live births (2015 est.)
country comparison to the world: 74
Infant mortality rate:
total: 9.9 deaths/1,000 live births
male: 10.6 deaths/1,000 live births
female: 9.1 deaths/1,000 live births (2017 est.)
country comparison to the world: 138
Life expectancy at birth:
total population: 78.8 years
male: 76 years
female: 81.7 years (2017 est.)
country comparison to the world: 55
Total fertility rate:
2.3 children born/woman (2017 est.)
country comparison to the world: 90
Contraceptive prevalence rate:
62.8% (2013)
Health expenditures:
8% of GDP (2014)
country comparison to the world: 56
Physicians density:
1.59 physicians/1,000 population (2013)
Hospital bed density:
2.3 beds/1,000 population (2013)
Drinking water source:
improved:
urban: 97.7% of population
rural: 86.6% of population
total: 94.7% of population
unimproved:
urban: 2.3% of population
rural: 11.4% of population
total: 5.3% of population (2015 est.)
Sanitation facility access:
improved:
urban: 83.5% of population
rural: 58% of population
total: 75% of population
unimproved:
urban: 16.5% of population
rural: 42% of population
total: 25% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
0.8% (2016 est.)
country comparison to the world: 49
HIV/AIDS - people living with HIV/AIDS:
21,000 (2016 est.)
country comparison to the world: 76
HIV/AIDS - deaths:
<1000 (2016 est.)
Major infectious diseases:
degree of risk: intermediate
food or waterborne diseases: bacterial diarrhea
vectorborne disease: dengue fever
note: active local transmission of Zika virus by Aedes species mosquitoes has been identified in this country (as of August 2016); it poses an important risk (a large number of cases possible) among US citizens if bitten by an infective mosquito; other less common ways to get Zika are through sex, via blood transfusion, or during pregnancy, in which the pregnant woman passes Zika virus to her fetus (2016)
Obesity - adult prevalence rate:
22.7% (2016)
country comparison to the world: 72
Children under the age of 5 years underweight:
3.9% (2008)
country comparison to the world: 99
Education expenditures:
3.2% of GDP (2011)
country comparison to the world: 122
Literacy:
definition: age 15 and over can read and write
total population: 95%
male: 95.7%
female: 94.4% (2015 est.)
School life expectancy (primary to tertiary education):
total: 13 years
male: 12 years
female: 13 years (2013)
Unemployment, youth ages 15-24:
total: 11.5%
male: 9%
female: 16% (2016 est.)
country comparison to the world: 113
Government
Country name:
conventional long form: Republic of Panama
conventional short form: Panama
local long form: Republica de Panama
local short form: Panama
etymology: according to tradition, the name derives from a former indigenous fishing village and its nearby beach that were called "Panama" meaning "an abundance of fish"
Government type:
presidential republic
Capital:
name: Panama City
geographic coordinates: 8 58 N, 79 32 W
time difference: UTC-5 (same time as Washington, DC, during Standard Time)
Administrative divisions:
10 provinces (provincias, singular - provincia) and 3 indigenous regions* (comarcas); Bocas del Toro, Chiriqui, Cocle, Colon, Darien, Embera-Wounaan*, Herrera, Guna Yala*, Los Santos, Ngobe-Bugle*, Panama, Panama Oeste, Veraguas
Independence:
3 November 1903 (from Colombia; became independent from Spain on 28 November 1821)
National holiday:
Independence Day (Separation Day), 3 November (1903)
Constitution:
several previous; latest effective 11 October 1972; amended several times, last in 2004 (2016)
Legal system:
civil law system; judicial review of legislative acts in the Supreme Court of Justice
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: yes
citizenship by descent: yes
dual citizenship recognized: no
residency requirement for naturalization: 5 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Juan Carlos VARELA (since 1 July 2014); Vice President Isabel de SAINT MALO de Alvarado (since 1 July 2014); note - the president is both chief of state and head of government
head of government: President Juan Carlos VARELA (since 1 July 2014); Vice President Isabel de SAINT MALO de Alvarado (since 1 July 2014)
cabinet: Cabinet appointed by the president
elections/appointments: president and vice president directly elected on the same ballot by simple majority popular vote for a 5-year term; president eligible for a single non-consecutive term); election last held on 4 May 2014 (next to be held in 2019)
election results: Juan Carlos VARELA elected president; percent of vote - Juan Carlos VARELA (PP) 39.1%, Jose Domingo ARIAS (CD) 31.4%, Juan Carlos NAVARRO (PRD) 28.2%, other 1.3%
Legislative branch:
description: unicameral National Assembly or Asamblea Nacional (71 seats; 45 members directly elected in multi-seat constituencies - populous towns and cities - by proportional representation vote and 26 directly elected in single-seat constituencies - outlying rural districts - by plurality vote; members serve 5-year terms)
elections: last held on 4 May 2014 (next to be held in May 2019)
election results: percent of vote by party - CD 33.7%, PRD 31.5%, Panamenista Party 20%, MOLIRENA 7.2%, PP 3.3%, other 1%, Independent 3%; seats by party - PRD 30, CD 25, Panamenista 12, MOLIRENA 2, PP 1, independent 1
note: an alliance between the Panamenista Party and Democratic Revolutionary Party (PRD) fractured after the 2014 election, but a loose coalition composed of Panamenista and moderate PRD and CD legislators generally work together to support the president’s agenda
Judicial branch:
highest court(s): Supreme Court of Justice or Corte Suprema de Justicia (consists of 9 magistrates and 9 alternates and divided into civil, criminal, administrative, and general business chambers)
judge selection and term of office: magistrates appointed by the president for staggered 10-year terms
subordinate courts: appellate courts or Tribunal Superior; Labor Supreme Courts; Court of Audit; circuit courts or Tribunal Circuital (2 each in 9 of the 10 provinces); municipal courts; electoral, family, maritime, and adolescent courts
Political parties and leaders:
Democratic Change or CD [Romulo ROUX]
Democratic Revolutionary Party or PRD [Benicio ROBINSON]
Nationalist Republican Liberal Movement or MOLIRENA [Francisco "Pancho" ALEMAN]
Panamenista Party [Jose Luis “Popi” VARELA Rodriguez] (formerly the Arnulfista Party)
Popular Party or PP [Juan Carlos ARANGO Reese] (formerly Christian Democratic Party or PDC)
Political pressure groups and leaders:
Chamber of Commerce
Concertacion Nacional (mechanism for Government of Panama to formally communicate with representatives of civil society)
National Council of Organized Workers or CONATO
National Council of Private Enterprise or CONEP
National Union of Construction and Similar Workers or SUNTRACS
Panamanian Association of Business Executives or APEDE
Panamanian Industrialists Society or SIP
Workers Confederation of the Republic of Panama or CTRP
International organization participation:
BCIE, CAN (observer), CD, CELAC, FAO, G-77, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAES, LAIA, MIGA, NAM, OAS, OPANAL, OPCW, Pacific Alliance (observer), PCA, SICA, UN, UNASUR (observer), UNCTAD, UNESCO, UNIDO, Union Latina, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO
Diplomatic representation in the US:
chief of mission: Ambassador Emanuel Arturo GONZALEZ-REVILLA Lince (since 18 September 2014)
chancery: 2862 McGill Terrace NW, Washington, DC 20007
telephone: [1] (202) 483-1407
FAX: [1] (202) 483-8413
consulate(s) general: Houston, Miami, Long Beach (CA), New Orleans, New York, Philadelphia, Tampa, Washington DC
Diplomatic representation from the US:
chief of mission: Ambassador (vacant), Charge d'Affairs Roxanne CABRAL (since 9 March 2018); note Ambassador John D. FEELEY resigned from his post 27 December 2017, effective 9 March 2018
embassy: Edificio 783, Avenida Demetrio Basilio Lakas Panama, Apartado Postal 0816-02561, Zona 5, Panama City
mailing address: American Embassy Panama, Unit 0945, APO AA 34002; American Embassy Panama, 9100 Panama City PL, Washington, DC 20521-9100
telephone: [507] 317-5000
FAX: [507] 317-5568
Flag description:
divided into four, equal rectangles; the top quadrants are white (hoist side) with a blue five-pointed star in the center and plain red; the bottom quadrants are plain blue (hoist side) and white with a red five-pointed star in the center; the blue and red colors are those of the main political parties (Conservatives and Liberals respectively) and the white denotes peace between them; the blue star stands for the civic virtues of purity and honesty, the red star signifies authority and law
National symbol(s):
harpy eagle; national colors: blue, white, red
National anthem:
name: "Himno Istmeno" (Isthmus Hymn)
lyrics/music: Jeronimo DE LA OSSA/Santos A. JORGE
note: adopted 1925
Economy
Economy - overview:
Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, and tourism and Panama is a center for offshore banking. Panama's transportation and logistics services sectors, along with infrastructure development projects, have boosted economic growth; however, public debt surpassed $37 billion in 2016 because of excessive government spending and public works projects. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012.
Future growth will be bolstered by the Panama Canal expansion project that began in 2007 and was completed in 2016 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project more than doubled the Canal's capacity, enabling it to accommodate high-capacity vessels such as tankers and neopanamax vessels that are too large to traverse the existing canal. The US and China are the top users of the Canal.
Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points.
GDP (purchasing power parity):
$99.43 billion (2017 est.)
$94.43 billion (2016 est.)
$90.04 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 86
GDP (official exchange rate):
$59.05 billion (2017 est.)
GDP - real growth rate:
5.3% (2017 est.)
4.9% (2016 est.)
5.8% (2015 est.)
country comparison to the world: 34
GDP - per capita (PPP):
$24,300 (2017 est.)
$23,400 (2016 est.)
$22,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 81
Gross national saving:
40.2% of GDP (2017 est.)
40.6% of GDP (2016 est.)
39.3% of GDP (2015 est.)
country comparison to the world: 9
GDP - composition, by end use:
household consumption: 48.2%
government consumption: 10.1%
investment in fixed capital: 42.8%
investment in inventories: 3.2%
exports of goods and services: 49.4%
imports of goods and services: -53.7% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 2.4%
industry: 15.7%
services: 77% (2017 est.)
Agriculture - products:
bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp
Industries:
construction, brewing, cement and other construction materials, sugar milling
Industrial production growth rate:
4.7% (2017 est.)
country comparison to the world: 56
Labor force:
1.633 million
note: shortage of skilled labor, but an oversupply of unskilled labor (2017 est.)
country comparison to the world: 129
Labor force - by occupation:
agriculture: 17%
industry: 18.6%
services: 64.4% (2009 est.)
Unemployment rate:
5.5% (2017 est.)
5.5% (2016 est.)
country comparison to the world: 74
Population below poverty line:
23% (2015 est.)
Household income or consumption by percentage share:
lowest 10%: 1.1%
highest 10%: 38.9% (2014 est.)
Distribution of family income - Gini index:
50.7 (2014 est.)
56.1 (2003 est.)
country comparison to the world: 14
Budget:
revenues: $12.6 billion
expenditures: $13.56 billion (2017 est.)
Taxes and other revenues:
21.3% of GDP (2017 est.)
country comparison to the world: 141
Budget surplus (+) or deficit (-):
-1.6% of GDP (2017 est.)
country comparison to the world: 71
Public debt:
38.8% of GDP (2017 est.)
38.6% of GDP (2016 est.)
country comparison to the world: 141
Fiscal year:
calendar year
Inflation rate (consumer prices):
1.6% (2017 est.)
0.7% (2016 est.)
country comparison to the world: 74
Commercial bank prime lending rate:
8.2% (31 December 2017 est.)
7.53% (31 December 2016 est.)
country comparison to the world: 106
Stock of narrow money:
$8.911 billion (31 December 2017 est.)
$8.249 billion (31 December 2016 est.)
country comparison to the world: 88
Stock of broad money:
$42.8 billion (31 December 2017 est.)
$38.14 billion (31 December 2016 est.)
country comparison to the world: 72
Stock of domestic credit:
$49.89 billion (31 December 2017 est.)
$46.41 billion (31 December 2016 est.)
country comparison to the world: 67
Market value of publicly traded shares:
$12.54 billion (31 December 2012 est.)
$10.68 billion (31 December 2011 est.)
$8.348 billion (31 December 2010 est.)
country comparison to the world: 70
Current account balance:
$-2.99 billion (2017 est.)
$-3.151 billion (2016 est.)
country comparison to the world: 166
Exports:
$15.48 billion (2017 est.)
$14.7 billion (2016 est.)
note: includes the Colon Free Zone
country comparison to the world: 75
Exports - commodities:
fruit and nuts, fish, iron and steel waste, wood
Exports - partners:
US 21.4%, Netherlands 15.2%, Costa Rica 6%, China 5.6% (2016)
Imports:
$21.22 billion (2017 est.)
$22.48 billion (2016 est.)
note: includes the Colon Free Zone
country comparison to the world: 71
Imports - commodities:
fuels, machinery, vehicles, iron and steel rods, pharmaceuticals
Imports - partners:
US 25.7%, China 9.2%, Mexico 5.3% (2016)
Reserves of foreign exchange and gold:
$3.888 billion (31 December 2017 est.)
$3.878 billion (31 December 2016 est.)
country comparison to the world: 99
Debt - external:
$86.55 billion (31 December 2017 est.)
$83.81 billion (31 December 2016 est.)
country comparison to the world: 55
Stock of direct foreign investment - at home:
$56.02 billion (31 December 2017 est.)
$50.62 billion (31 December 2016 est.)
country comparison to the world: 57
Stock of direct foreign investment - abroad:
$11.59 billion (31 December 2017 est.)
$10.71 billion (31 December 2016 est.)
country comparison to the world: 60
Exchange rates:
balboas (PAB) per US dollar -
1 (2017 est.)
1 (2016 est.)
1 (2015 est.)
1 (2014 est.)
1 (2013 est.)
Energy
Electricity access:
population without electricity: 300,000
electrification - total population: 91%
electrification - urban areas: 94%
electrification - rural areas: 80% (2013)
Electricity - production:
9.724 billion kWh (2015 est.)
country comparison to the world: 102
Electricity - consumption:
8.202 billion kWh (2015 est.)
country comparison to the world: 101
Electricity - exports:
139 million kWh (2015 est.)
country comparison to the world: 79
Electricity - imports:
17 million kWh (2015 est.)
country comparison to the world: 111
Electricity - installed generating capacity:
3.203 million kW (2015 est.)
country comparison to the world: 96
Electricity - from fossil fuels:
35.8% of total installed capacity (2015 est.)
country comparison to the world: 175
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 165
Electricity - from hydroelectric plants:
53.9% of total installed capacity (2015 est.)
country comparison to the world: 37
Electricity - from other renewable sources:
11.6% of total installed capacity (2015 est.)
country comparison to the world: 64
Crude oil - production:
0 bbl/day (2016 est.)
country comparison to the world: 182
Crude oil - exports:
0 bbl/day (2014 est.)
country comparison to the world: 176
Crude oil - imports:
0 bbl/day (2014 est.)
country comparison to the world: 177
Crude oil - proved reserves:
0 bbl (1 January 2017 est.)
country comparison to the world: 180
Refined petroleum products - production:
0 bbl/day (2014 est.)
country comparison to the world: 187
Refined petroleum products - consumption:
144,000 bbl/day (2015 est.)
country comparison to the world: 70
Refined petroleum products - exports:
66.08 bbl/day (2014 est.)
country comparison to the world: 124
Refined petroleum products - imports:
131,000 bbl/day (2014 est.)
country comparison to the world: 50
Natural gas - production:
0 cu m (2013 est.)
country comparison to the world: 184
Natural gas - consumption:
0 cu m (2013 est.)
country comparison to the world: 123
Natural gas - exports:
0 cu m (2013 est.)
country comparison to the world: 167
Natural gas - imports:
0 cu m (2013 est.)
country comparison to the world: 175
Natural gas - proved reserves:
0 cu m (1 January 2014 est.)
country comparison to the world: 185
Carbon dioxide emissions from consumption of energy:
17 million Mt (2013 est.)
country comparison to the world: 86
Communications
Telephones - fixed lines:
total subscriptions: 641,688
subscriptions per 100 inhabitants: 17 (July 2016 est.)
country comparison to the world: 92
Telephones - mobile cellular:
total: 5,141,768
subscriptions per 100 inhabitants: 137 (July 2016 est.)
country comparison to the world: 120
Telephone system:
general assessment: domestic and international facilities well-developed
domestic: mobile-cellular telephone subscribership has increased rapidly
international: country code - 507; landing point for the Americas Region Caribbean Ring System (ARCOS-1), the MAYA-1, and PAN-AM submarine cable systems that together provide links to the US and parts of the Caribbean, Central America, and South America; satellite earth stations - 2 Intelsat (Atlantic Ocean); connected to the Central American Microwave System (2015)
Broadcast media:
multiple privately owned TV networks and a government-owned educational TV station; multi-channel cable and satellite TV subscription services are available; more than 100 commercial radio stations (2007)
Internet country code:
.pa
Internet users:
total: 2,000,833
percent of population: 54.0% (July 2016 est.)
country comparison to the world: 114
Transportation
National air transport system:
number of registered air carriers: 4
inventory of registered aircraft operated by air carriers: 103
annual passenger traffic on registered air carriers: 12,018,103
annual freight traffic on registered air carriers: 121,567,075 mt-km (2015)
Civil aircraft registration country code prefix:
HP (2016)
Airports:
117 (2013)
country comparison to the world: 49
Airports - with paved runways:
total: 57
over 3,047 m: 1
2,438 to 3,047 m: 3
1,524 to 2,437 m: 3
914 to 1,523 m: 20
under 914 m: 30 (2017)
Airports - with unpaved runways:
total: 60
1,524 to 2,437 m: 1
914 to 1,523 m: 8
under 914 m: 51 (2013)
Heliports:
3 (2013)
Pipelines:
oil 128 km (2013)
Railways:
total: 77 km
standard gauge: 77 km 1.435-m gauge (2014)
country comparison to the world: 129
Roadways:
total: 15,137 km
paved: 6,351 km
unpaved: 8,786 km (2010)
country comparison to the world: 123
Waterways:
800 km (includes the 82-km Panama Canal that is being widened) (2011)
country comparison to the world: 72
Merchant marine:
total: 8,052
by type: bulk carrier 2,665, container ship 617, general cargo 1,293, oil tanker 809, other 2,668 (2017)
country comparison to the world: 2
Ports and terminals:
major seaport(s): Balboa, Colon, Cristobal
container port(s) (TEUs): Balboa (3,078,000), Colon (2,765,000), Manzanillo (1,821,000) (2015)
Military & Security
Military branches:
no regular military forces; Panamanian Public Security Forces (subordinate to the Ministry of Public Security), comprising the National Police (PNP), National Air-Naval Service (SENAN), National Border Service (SENAFRONT) (2013)
Military - note:
on 10 February 1990, the government of then President ENDARA abolished Panama's military and reformed the security apparatus by creating the Panamanian Public Forces; in October 1994, Panama's National Assembly approved a constitutional amendment prohibiting the creation of a standing military force but allowing the temporary establishment of special police units to counter acts of "external aggression"
Transnational Issues
Disputes - international:
organized illegal narcotics operations in Colombia operate within the remote border region with Panama
Refugees and internally displaced persons:
refugees (country of origin): 15,614 (Colombia) (2016); 55,404 (Venezuela) (economic and political crisis; includes Venezuelans who have claimed asylum or have received alternative legal stay) (2018)
Illicit drugs:
major cocaine transshipment point and primary money-laundering center for narcotics revenue; money-laundering activity is especially heavy in the Colon Free Zone; offshore financial center; negligible signs of coca cultivation; monitoring of financial transactions is improving; official corruption remains a major problem
