Panama:
Economy

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Other pages in this profile of Panama:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition Panama's dollarized economy rests primarily on a well-developed services sector that accounts for two-thirds of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and should be completed by 2014 at a cost of $5.3 billion (about 30% of current GDP). The expansion project will more than double the Canal's capacity, enabling it to accommodate ships that are now too large to transverse the transoceanic crossway and should help to reduce the high unemployment rate. The government has implemented tax reforms, as well as social security reforms, and backs regional trade agreements and development of tourism. Not a CAFTA signatory, Panama in December 2006 independently negotiated a free trade agreement with the US, which, when implemented, will help promote the country's economic growth.
GDP (purchasing power parity)	Definition - World rank and map $34.51 billion (2007 est.)
GDP (official exchange rate)	Definition $19.74 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 11.2% (2007 est.)
GDP - per capita	Definition - World rank and map $10,300 (2007 est.)
GDP - composition by sector	Definition agriculture: 6.6% industry: 16.4% services: 77% (2007 est.)
Labor force	Definition 1.362 million note: shortage of skilled labor, but an oversupply of unskilled labor (2007 est.)
Labor force - by occupation	Definition agriculture: 15% industry: 18% services: 67% (2006)
Unemployment rate	Definition - World rank and map 6.4% (2007 est.)
Population below poverty line	Definition 37% (1999 est.)
Household income or consumption by percentage share	Definition lowest 10%: 0.7% highest 10%: 43% (2003)
Distribution of family income - Gini index	Definition - World rank and map 56.1 (2003)
Inflation rate (consumer prices)	Definition - World rank and map 4.2% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 20.1% of GDP (2007 est.)
Budget	Definition revenues: $5.505 billion expenditures: $4.822 billion (2007 est.)
Public debt	Definition - World rank and map 52.8% of GDP (2007 est.)
Agriculture - products	Definition bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp
Industries	Definition construction, brewing, cement and other construction materials, sugar milling
Industrial production growth rate	Definition - World rank and map 10.5% (2007 est.)
Electricity - production	Definition - World rank and map 5.661 billion kWh (2005)
Electricity - consumption	Definition - World rank and map 4.735 billion kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 1,438.1 kWh (2005)
Electricity - exports	Definition 51 million kWh (2005)
Electricity - imports	Definition 55 million kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 93,000 bbl/day (2006 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 28.2 bbl/day (2006 est.)
Oil - exports	Definition - World rank and map 4,140 bbl/day (2004)
Oil - imports	Definition - World rank and map 92,170 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$1.579 billion (2007 est.)
Exports	Definition - World rank and map $9.312 billion f.o.b.; note - includes the Colon Free Zone (2007 est.)
Exports - commodities	Definition bananas, shrimp, sugar, coffee, clothing
Exports - partners	Definition US 21.1%, Germany 14.6%, Spain 9.1%, Italy 6.1%, Belgium 5.5%, Netherlands 4.3% (2006)
Imports	Definition - World rank and map $12.63 billion f.o.b. note: includes the Colon Free Zone (2007 est.)
Imports - commodities	Definition capital goods, foodstuffs, consumer goods, chemicals
Imports - partners	Definition Japan 29.4%, China 17.4%, Singapore 13.1%, US 12.8% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $1.935 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $10.45 billion (31 December 2007 est.)
Stock of direct foreign investment - at home	Definition $NA
Stock of direct foreign investment - abroad	Definition $NA
Market value of publicly traded shares	Definition $5.074 billion (2005)
Economic aid - recipient	Definition $19.54 million (2005)
Currency (code)	Definition balboa (PAB); US dollar (USD)
Exchange rates	Definition balboas per US dollar - 1 (2007), 1 (2006), 1 (2005), 1 (2004), 1 (2003)
Fiscal year	Definition calendar year

Panama: Economy

Panama:
Economy