World Factbook

Panama

República de Panama

Last updated: 2026-03-28 (today)

Budget

note

note: central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated

revenues

$7.57 billion (2021 est.)

expenditures

$12.046 billion (2021 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2022

$35.717 billion (2022 est.)

Exports 2023

$37.905 billion (2023 est.)

Exports 2024

$37.376 billion (2024 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

Imports 2022

$32.646 billion (2022 est.)

Imports 2023

$35.927 billion (2023 est.)

Imports 2024

$30.887 billion (2024 est.)

Industries

construction, brewing, cement and other construction materials, sugar milling

Labor force

2.206 million (2024 est.)

note: number of people ages 15 or older who are employed or seeking work

Public debt

Public debt 2016

37.4% of GDP (2016 est.)

Remittances

note

note: personal transfers and compensation between resident and non-resident individuals/households/entities

Remittances 2022

0.7% of GDP (2022 est.)

Remittances 2023

0.6% of GDP (2023 est.)

Remittances 2024

0.6% of GDP (2024 est.)

Exchange rates

Currency

balboas (PAB) per US dollar -

Exchange rates 2020

1 (2020 est.)

Exchange rates 2021

1 (2021 est.)

Exchange rates 2022

1 (2022 est.)

Exchange rates 2023

1 (2023 est.)

Exchange rates 2024

1 (2024 est.)

Economic overview

upper middle-income Central American economy; increasing Chinese trade; US dollar user; canal expansion fueling broader infrastructure investment; services sector dominates economy; historic money-laundering and illegal drug hub

Unemployment rate

note

note: % of labor force seeking employment

Unemployment rate 2022

8.1% (2022 est.)

Unemployment rate 2023

6.6% (2023 est.)

Unemployment rate 2024

6.6% (2024 est.)

Exports - partners

China 25%, Japan 10%, USA 6%, Thailand 5%, Costa Rica 5% (2023)

note: top five export partners based on percentage share of exports

Imports - partners

USA 15%, Colombia 13%, China 13%, Ecuador 13%, Japan 11% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2021 dollars

Real GDP per capita 2022

$33,800 (2022 est.)

Real GDP per capita 2023

$35,900 (2023 est.)

Real GDP per capita 2024

$36,400 (2024 est.)

Real GDP growth rate

note

note: annual GDP % growth based on constant local currency

Real GDP growth rate 2022

10.8% (2022 est.)

Real GDP growth rate 2023

7.4% (2023 est.)

Real GDP growth rate 2024

2.9% (2024 est.)

Agricultural products

sugarcane, rice, bananas, oranges, oil palm fruit, chicken, plantains, maize, milk, pineapples (2023)

note: top ten agricultural products based on tonnage

Exports - commodities

copper ore, ships, refined petroleum, bananas, fish (2023)

note: top five export commodities based on value in dollars

Imports - commodities

crude petroleum, ships, refined petroleum, nitrogen compounds, cars (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

Current account balance 2022

$28.769 million (2022 est.)

Current account balance 2023

-$2.581 billion (2023 est.)

Current account balance 2024

$1.672 billion (2024 est.)

Taxes and other revenues

7.5% (of GDP) (2021 est.)

note: central government tax revenue as a % of GDP

GDP (official exchange rate)

$86.26 billion (2024 est.)

note: data in current dollars at official exchange rate

GDP - composition, by end use

note

note: figures may not total 100% due to rounding or gaps in data collection

household consumption

46.7% (2023 est.)

government consumption

12.2% (2023 est.)

investment in inventories

5.4% (2023 est.)

investment in fixed capital

32.3% (2023 est.)

exports of goods and services

46.5% (2023 est.)

imports of goods and services

-43.1% (2023 est.)

Population below poverty line

21.8% (2021 est.)

note: % of population with income below national poverty line

Average household expenditures

on food

15.4% of household expenditures (2023 est.)

on alcohol and tobacco

1.6% of household expenditures (2023 est.)

Inflation rate (consumer prices)

note

note: annual % change based on consumer prices

Inflation rate (consumer prices) 2022

2.9% (2022 est.)

Inflation rate (consumer prices) 2023

1.5% (2023 est.)

Inflation rate (consumer prices) 2024

0.7% (2024 est.)

Industrial production growth rate

-2.6% (2024 est.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

Real GDP (purchasing power parity) 2022

$148.891 billion (2022 est.)

Real GDP (purchasing power parity) 2023

$159.908 billion (2023 est.)

Real GDP (purchasing power parity) 2024

$164.484 billion (2024 est.)

Youth unemployment rate (ages 15-24)

male

13.4% (2024 est.)

note

note: % of labor force ages 15-24 seeking employment

total

16.8% (2024 est.)

female

22.1% (2024 est.)

Reserves of foreign exchange and gold

note

note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Reserves of foreign exchange and gold 2022

$6.876 billion (2022 est.)

Reserves of foreign exchange and gold 2023

$6.757 billion (2023 est.)

Reserves of foreign exchange and gold 2024

$6.856 billion (2024 est.)

GDP - composition, by sector of origin

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

26.3% (2024 est.)

services

68.8% (2024 est.)

agriculture

2.6% (2024 est.)

Household income or consumption by percentage share

note

note: % share of income accruing to lowest and highest 10% of population

lowest 10%

1.2% (2023 est.)

highest 10%

36.9% (2023 est.)

Gini Index coefficient - distribution of family income

note

note: index (0-100) of income distribution; higher values represent greater inequality

Gini Index coefficient - distribution of family income 2023

48.9 (2023 est.)