Economy Of Panama - Panama Information

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Economy Of Panama
Panama Information - Country Guides

Economy overview	Panama's dollarised economy rests primarily on a well-developed services sector that accounts for three-fourths of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. A slump in Colon Free Zone and agricultural exports, the global slowdown, and the withdrawal of US military forces held back economic growth in 2000-03. The government has been backing public works programs, tax reforms, new regional trade agreements, and development of tourism in order to stimulate growth. Unemployment remains at an unacceptably high level.
GDP	purchasing power parity - $18.78 billion (2004 est.)
GDP - real growth rate	4.1% (2004 est.)
GDP - per capita	purchasing power parity - $6,300 (2004 est.)
GDP - composition by sector	agriculture: 8.3% industry: 14.7% services: 77.1% (2004 est.)
Investment gross fixed	24.8% of GDP (2004 est.)
Population below poverty line	37% (1999 est.)
Household income or consumption by percentage share	lowest 10%: 1.2% highest 10%: 35.7% (1997)
Distribution of family income - Gini index	48.5 (1997)
Inflation rate consumer prices	1.4% (2004 est.)
Labor force	1.19 million note: shortage of skilled labor, but an oversupply of unskilled labor (2004 est.)
Labor force by occupation	agriculture 20.8%, industry 18%, services 61.2% (1995 est.)
Unemployment rate	13.8% (2004 est.)
Budget	revenues: $2.995 billion expenditures: $3.421 billion, including capital expenditures of $471 million (2004 est.)
Public debt	73.3% of GDP (2004 est.)
Agriculture products	bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp
Industries	construction, petroleum refining, brewing, cement and other construction materials, sugar milling
Industrial production growth rate	7% (2004 est.)
Electricity production	4.039 billion kWh (2001)
Electricity production by source	fossil fuel: 37% hydro: 61.3% other: 1.7% (2001) nuclear: 0%
Electricity consumption	3.681 billion kWh (2001)
Electricity exports	118 million kWh (2001)
Electricity imports	43 million kWh (2001)
Oil production	0 bbl/day (2001 est.)
Oil consumption	52,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance	$-408 million (2004 est.)
Exports	$5.237 billion f.o.b. (2004 est.)
Exports commodities	bananas, shrimp, sugar, coffee, clothing (1999)
Exports partners	US 13.9%, Nigeria 9.8%, Germany 8.1%, South Korea 7.8%, Peru 5.1%, Costa Rica 4.9%, Belgium 4.8%, Japan 4.5% (2003)
Imports	$6.622 billion f.o.b. (2003 est.)
Imports commodities	capital goods, crude oil, foodstuffs, consumer goods, chemicals (1999)
Imports partners	Japan 33.2%, US 11.4%, China 9.1%, South Korea 7.7%, Singapore 7.1% (2003)
Reserves of foreign exchange gold	$1.011 billion (2004 est.)
Debt external	$8.834 billion (2004 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 (2003), 1 (2002), 1 (2001), 1 (2000), 1 (1999)
Fiscal year	calendar year

Panamanian Flag Map Of Panama

Economy Of PanamaPanama Information - Country Guides

Economy Of Panama
Panama Information - Country Guides