Panama Economy 2001

Economy - overview: Panama's economy is based primarily on a well-developed services sector that accounts for three-fourths of GDP. Services include the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. A slump in Colon Free Zone and agricultural exports, high oil prices, and the withdrawal of US military forces held back economic growth in 2000. The government plans public works programs, tax reforms, and new regional trade agreements in order to stimulate growth in 2001.

GDP: purchasing power parity - $16.6 billion (2000 est.)

GDP - real growth rate: 2.5% (2000 est.)

GDP - per capita: purchasing power parity - $6,000 (2000 est.)

GDP - composition by sector:
agriculture: 7%
industry: 16.5%
services: 76.5% (1999 est.)

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

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

Inflation rate (consumer prices): 1.8% (2000 est.)

Labor force: 1.1 million (2000 est.)
note: shortage of skilled labor, but an oversupply of unskilled labor

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

Unemployment rate: 13% (2000 est.)

Budget:
revenues: $2.8 billion
expenditures: $2.9 billion, including capital expenditures of $471 million (2000 est.)

Industries: construction, petroleum refining, brewing, cement and other construction materials, sugar milling

Industrial production growth rate: 2% (2000 est.)

Electricity - production: 4.413 billion kWh (1999)

Electricity - production by source:
fossil fuel: 27.78%
hydro: 71.65%
nuclear: 0%
other: 0.57% (1999)

Electricity - consumption: 4.049 billion kWh (1999)

Electricity - exports: 95 million kWh (1999)

Electricity - imports: 40 million kWh (1999)

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

Exports: $5.7 billion (f.o.b., 2000 est.)

Exports - commodities: bananas, shrimp, sugar, coffee, clothing

Exports - partners: US 42%, Germany 11%, Costa Rica 5%, Benelux 4%, Italy 4% (1999)

Imports: $6.9 billion (f.o.b., 2000 est.)

Imports - commodities: capital goods, crude oil, foodstuffs, consumer goods, chemicals

Imports - partners: US 39%, Colon Free Zone 14%, Japan 8%, Ecuador 6%, Mexico 5% (1999)

Debt - external: $7.56 billion (2000 est.)

Economic aid - recipient: $197.1 million (1995)

Currency: balboa (PAB); US dollar (USD)

Currency code: PAB; USD

Exchange rates: balboas per US dollar - 1.000 (fixed rate)

Fiscal year: calendar year

NOTE: The information regarding Panama on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Panama Economy 2001 information contained here. All suggestions for corrections of any errors about Panama Economy 2001 should be addressed to the CIA.