Economy of Panama
From Wikipedia, the free encyclopedia
Because of its key geographic location, Panama's economy is service-based, heavily weighted toward banking, commerce, and tourism. The hand-over of the canal and military installations by the US has given rise to new construction projects.
Panama's economy is based primarily on a well-developed services sector that accounts for nearly 80% of GDP. Services include the Panama Canal, banking, the Colon Free Zone, insurance, container ports, and flagship registry, medical and health, and other business.
GDP growth for 2000 was about 2.3% compared to 3.0% in 1999. Though Panama has the highest GDP per capita in Central America, about 40% of its population lives in poverty. The unemployment rate surpassed 14% in 2002.
[edit] Statistics
GDP: purchasing - $18.78 billion (2003 est.)
GDP - real growth rate: 4.1% (2003 est.)
GDP - per capita: purchasing power parity - $6,300 (2003 est.)
GDP - composition by sector:
agriculture: 8.3%
industry: 14.7%
services: 77.1% (2003 est.)
Household income or consumption by percentage share:
lowest 10%: 0.5%
highest 10%: 42.5% (1991) 24.8% of GDP (2003)
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% (2003 est.)
Labor force: 1.19 million
note: shortage of skilled labor, but an oversupply of unskilled labor (2003 est.)
Labor force - by occupation: agriculture 20.8%, industry 18%, services 61.2% (1995 est.)
Unemployment rate: 13.8% (2003 est.)
Budget:
revenues: $2.995 billion
expenditures: $3.421 billion, including capital expenditures of $471 million (2003 est.)
Agriculture - products: bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp
Industries: construction, petroleum refining, brewing, cement and other construction materials, sugar milling
Currency: balboa (PAB); US dollar (USD)
Exchange rates: balboas per US dollar - 1 (2003), 1 (2002), 1 (2001), 1 (2000), 1 (1999) (fixed rate)
Fiscal year: calendar year
[edit] See also
Albania • Angola • Antigua and Barbuda • Argentina • Armenia • Australia • Bahrain • Bangladesh • Barbados • Belize • Benin • Bolivia • Botswana • Brazil • Brunei • Bulgaria • Burkina Faso • Burundi • Cambodia • Cameroon • Canada • Central African Republic • Chad • Chile • People's Republic of China • Colombia • Congo • Costa Rica • Cote d'Ivoire • Croatia • Cuba • Democratic Republic of the Congo • Djibouti • Dominica • Dominican Republic • Ecuador • Egypt • El Salvador • European Communities • Fiji • Gabon • The Gambia • Georgia • Ghana • Grenada • Guatemala • Guinea • Guinea-Bissau • Guyana • Haiti • Honduras • Hong Kong, China • Iceland • India • Indonesia • Israel • Jamaica • Japan • Jordan • Kenya • South Korea • Kuwait • Kyrgyztan • Lesotho • Liechtenstein • Macau, China • Republic of Macedonia • Madagascar • Malawi • Malaysia • Maldives • Mali • Malta • Mauritania • Mauritius • Mexico • Moldova • Mongolia • Morocco • Mozambique • Myanmar • Namibia • Nepal • New Zealand • Nicaragua • Niger • Nigeria • Norway • Oman • Pakistan • Panama • Papua New Guinea • Paraguay • Peru • Philippines • Qatar • Romania • Rwanda • Saint Kitts and Nevis • Saint Lucia • Saint Vincent and the Grenadines • Saudi Arabia • Senegal • Sierra Leone • Singapore • Solomon Islands • South Africa • Sri Lanka • Suriname • Swaziland • Switzerland • Taiwan • Tanzania • Thailand • Togo • Trinidad and Tobago • Tunisia • Turkey • Uganda • United Arab Emirates • United States • Uruguay • Venezuela • Vietnam • Zambia • Zimbabwe
Argentina · Bolivia · Brazil · Chile · Colombia · Ecuador · Guyana · Panama · Paraguay · Peru · Suriname · Trinidad and Tobago · Uruguay · Venezuela
Territories
Aruba · Falkland Islands · French Guiana · South Georgia and the South Sandwich Islands