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 - $25.5 (2006 est.)
GDP - real growth rate: 8.3% (2006 est.)
GDP - per capita: purchasing power parity - $7,700 (2006 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: 30% (2006 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: 8.6% (2006 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
1 All twenty-seven member states of the European Union are also members of the WTO in their own right:
Austria • Belgium • Bulgaria • Cyprus • Czech Republic • Denmark • Estonia • Finland • France • Germany • Greece • Hungary • Ireland • Italy • Latvia • Lithuania • Luxembourg • Malta • Netherlands (— For the Kingdom in Europe and for the Netherlands Antilles) • Poland • Portugal • Romania • Slovakia • Slovenia • Spain • Sweden • United Kingdom
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