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Panama:
Economy

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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


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