Economy
Panama
Budget
revenues
$7.57 billion (2021 est.)
expenditures
$12.046 billion (2021 est.)
Exports
Exports 2022
$35.717 billion (2022 est.)
Exports 2023
$37.905 billion (2023 est.)
Exports 2024
$37.376 billion (2024 est.)
Imports
Imports 2022
$32.646 billion (2022 est.)
Imports 2023
$35.927 billion (2023 est.)
Imports 2024
$30.887 billion (2024 est.)
Industries
construction, brewing, cement and various construction materials, sugar milling
Labor force
2.206 million (2024 est.)
Public debt
Public debt 2016
37.4% of GDP (2016 est.)
Remittances
Remittances 2022
0.7% of GDP (2022 est.)
Remittances 2023
0.6% of GDP (2023 est.)
Remittances 2024
0.6% of GDP (2024 est.)
Exchange rates
Currency
balboas (PAB) per US dollar -
Exchange rates 2020
1 (2020 est.)
Exchange rates 2021
1 (2021 est.)
Exchange rates 2022
1 (2022 est.)
Exchange rates 2023
1 (2023 est.)
Exchange rates 2024
1 (2024 est.)
Economic overview
an upper middle-income economy in Central America; growing trade with China; use of the US dollar; canal expansion promoting wider infrastructure investments; services sector predominates the economy; historically a hub for money laundering and illegal drug activities
Unemployment rate
Unemployment rate 2022
8.1% (2022 est.)
Unemployment rate 2023
6.6% (2023 est.)
Unemployment rate 2024
6.6% (2024 est.)
Exports - partners
China 25%, Japan 10%, USA 6%, Thailand 5%, Costa Rica 5% (2023)
Imports - partners
USA 15%, Colombia 13%, China 13%, Ecuador 13%, Japan 11% (2023)
Real GDP per capita
Real GDP per capita 2022
$33,800 (2022 est.)
Real GDP per capita 2023
$35,900 (2023 est.)
Real GDP per capita 2024
$36,400 (2024 est.)
Real GDP growth rate
Real GDP growth rate 2022
10.8% (2022 est.)
Real GDP growth rate 2023
7.4% (2023 est.)
Real GDP growth rate 2024
2.9% (2024 est.)
Agricultural products
sugarcane, rice, bananas, oranges, oil palm fruit, chicken, plantains, maize, milk, pineapples (2023)
Exports - commodities
copper ore, ships, refined petroleum, bananas, fish (2023)
Imports - commodities
crude petroleum, ships, refined petroleum, nitrogen compounds, cars (2023)
Current account balance
Current account balance 2022
$28.769 million (2022 est.)
Current account balance 2023
-$2.581 billion (2023 est.)
Current account balance 2024
$1.672 billion (2024 est.)
Taxes and other revenues
7.5% (of GDP) (2021 est.)
GDP (official exchange rate)
$86.26 billion (2024 est.)
GDP - composition, by end use
household consumption
46.7% (2023 est.)
government consumption
12.2% (2023 est.)
investment in inventories
5.4% (2023 est.)
investment in fixed capital
32.3% (2023 est.)
exports of goods and services
46.5% (2023 est.)
imports of goods and services
-43.1% (2023 est.)
Population below poverty line
21.8% (2021 est.)
Average household expenditures
on food
15.4% of household expenditures (2023 est.)
on alcohol and tobacco
1.6% of household expenditures (2023 est.)
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2022
2.9% (2022 est.)
Inflation rate (consumer prices) 2023
1.5% (2023 est.)
Inflation rate (consumer prices) 2024
0.7% (2024 est.)
Industrial production growth rate
-2.6% (2024 est.)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2022
$148.891 billion (2022 est.)
Real GDP (purchasing power parity) 2023
$159.908 billion (2023 est.)
Real GDP (purchasing power parity) 2024
$164.484 billion (2024 est.)
Youth unemployment rate (ages 15-24)
male
13.4% (2024 est.)
total
16.8% (2024 est.)
female
22.1% (2024 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2022
$6.876 billion (2022 est.)
Reserves of foreign exchange and gold 2023
$6.757 billion (2023 est.)
Reserves of foreign exchange and gold 2024
$6.856 billion (2024 est.)
GDP - composition, by sector of origin
industry
26.3% (2024 est.)
services
68.8% (2024 est.)
agriculture
2.6% (2024 est.)
Household income or consumption by percentage share
lowest 10%
1.2% (2023 est.)
highest 10%
36.9% (2023 est.)
Gini Index coefficient - distribution of family income
Gini Index coefficient - distribution of family income 2023
48.9 (2023 est.)