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Panama Economy: overview and statistics

Panama's economy is based primarily on a well-developed services sector that accounts for three-fourths of GDP. Services include 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 2000-01. The government plans public works programs, tax reforms, and new regional trade agreements in order to stimulate growth.

Economy of Panama: Key statistics

Unemployment
13% (2000)

Inflation Rate
1% (2000)

Industries
Construction, petroleum refining, brewing, cement and other construction materials, sugar milling.

Exports
US$5.9 billion (f.o.b., 2001)

Imports
US$6.7 billion (f.o.b., 2001)

Total Trade
Purchasing power parity
GDP US $16.9 billion (2001)

Top Export Partners (2000):
US 45.9%,
Sweden 8.1%,
Benelux 5.3%,
Costa Rica 5.1%

Top Import Partners (2000):
US 33.1%,
Ecuador 7.2%
Venezuela 6.6%
Japan 5.5%

Top Exports
Bananas, shrimp, sugar, coffee, clothing

Top Imports
Capital goods, crude oil, foodstuffs, consumer goods, chemicals

Debt - external
US$7.6 billion (2001)

Economic aid
US$197.1 million (1995)

Fiscal Year:
The Calendar year