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Panama's economy in numbers:
Nominal GDP of USD 76.5 billion in 2022.
Nominal GDP of USD 83.3 billion in 2023.
GDP per capita of USD 18,711 compared to the global average of USD 10,589.
GDP per capita of USD 17,411 compared to the global average of USD 10,589.
Average real GDP growth of 4.9% over the last decade.
Average real GDP growth of 4.7% over the last decade.
Economic structure:
In 2021, services accounted for 70% of overall GDP, manufacturing 5%, other industrial activity 22%, and agriculture 3%. Looking at GDP by expenditure, private consumption accounted for 54% of GDP in 2020, government consumption 17%, fixed investment 24%, and net exports 5%.International trade:
In 2021, manufactured products made up 3% of total merchandise exports, mineral fuels 0%, food 14%, ores and metals 80% and agricultural raw materials 1%, with other categories accounting for 2% of the total. In the same period, manufactured products made up 64% of total merchandise imports, mineral fuels 17%, food 18%, ores and metals 1% and agricultural raw materials 0%, with other goods accounting for 0% of the total. Total exports were worth USD 21 billion in 2022, while total imports were USD 30 billion.Economic growth:
The economy recorded average annual growth of 4.9% in the decade to 2022. To read more about GDP growth in Panama, go to our dedicated page.
Fiscal policy:
Panama's fiscal deficit averaged 3.4% of GDP in the decade to 2021. Find out more on our dedicated page.
Unemployment:
The unemployment rate averaged 6.5% in the decade to 2021. For more information on Panama's unemployment click here.
Inflation:
Inflation averaged 1.6% in the decade to 2022. Go to our Panama inflation page for extra insight.
Exchange Rate:
From end-2012 to end-2022 the balboa stayed on the same level vs the U.S. dollar. For more info on the balboa, click here.
44 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 20 expert analysts.
Want to get insight on the economic outlook for Panama in the coming years? FocusEconomics collects projections out to 2034 on 44 economic indicators for Panama from a panel of 20 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Panama economy. To download a sample report on the Panama's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.