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Economic overview
Panama — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | The GDP contracted an estimated 7.5% in 1989, following a drop of 20% in 1988. Political instability, lack of credit, and the erosion of business confidence prompted declines of 20-70% in the financial, agricultural, commercial, manufacturing, and construction sectors between 1987 and 1989. Transits through the Panama Canal were off slightly, as were toll revenues. Unemployment remained about 23% during 1989. Imports of foodstuffs and crude oil increased during 1989, but capital goods imports co |
| 1991 | GDP expanded by an estimated 5% in 1990, after contracting 1% in 1988 and 14% in 1989. Political stability prompted greater business confidence and consumer demand, leading to increased production by the agricultural, commercial, manufacturing, construction, and utilities sectors. The transportation sector and government services declined slightly due to slack early-1990 transits through the Panama Canal, lower oil pipeline flowthrough, and Panama City's budget cuts. Imports and exports posted g |
| 1992 | GDP expanded by roughly 9.3% in 1991, following growth of 4.6% in 1990 and a 0.4% contraction in 1989. Delay in coming to terms with the international financial institutions on policies to implement structural reform in Panama generated uncertainty in the private sector and tempered the pace of business expansion in 1991. Public investment was limited as the administration kept the fiscal deficit below 3% of GDP. Unemployment and economic reform are the two major issues the government must face |
| 1993 | GDP expanded by roughly 8% in 1992, following growth of 9.3% in 1991. The economy thus continues to recover from the crisis that preceded the ouster of Manuel NORIEGA, even though the government's structural adjustment program has been hampered by a lack of popular support and a passive administration. Public investment has been limited as the administration has kept the fiscal deficit below 3% of GDP. Unemployment and economic reform are the two major issues the government must face in 1993-94. |
| 1994 | GDP expanded by roughly 5.9% in 1993, following growth of 8% in 1992; banking and financial services led the way in 1993. The economy thus continues to recover from the crisis that preceded the ouster of Manuel NORIEGA, even though the government's structural adjustment program has been hampered by a lack of popular support and a passive administration. Public investment has been limited as the administration has kept the fiscal deficit below 2% of GDP. Unemployment and economic reform are the t |
| 1995 | Because of its key geographic location, Panama's economy is service-based, heavily weighted toward banking, commerce, and tourism. Trade and financial ties with the US are especially close. GDP grew at 3.6% in 1994, a respectable rate, yet below the 7.1% average of the early 1990s. Banking and financial services and trade through the Colon Free Zone continued to expand rapidly, with the industrial and agricultural sectors experiencing little growth. The new administration, inaugurated 1 Septembe |
| 1996 | Because of its key geographic location, Panama's economy is service-based, heavily weighted toward banking, commerce, and tourism. The manufacturing and agriculture sectors have become inefficient under protectionist policies. After fast growth during the early 1990s, the economy has slowed down in the last two years, with GDP growth at 2.8% in 1994 and in 1995. The slowdown has been due mostly to a reduction in construction activities and stagnation in the Colon Free Zone and financial services |
| 1997 | Because of its key geographic location, Panama's economy is service-based, heavily weighted toward banking, commerce, and tourism. Panama's former protectionist policies have taken their toll, and the economy has been sluggish the last two years, with GDP growth at 1.9% in 1995 and 1.5% in 1996. Although tourism and the Panama Canal posted growth in 1996, most sectors remained stagnant, and some, like the Colon Free Zone, banana and shrimp exports, and construction, were down from 1995. Although |
| 1998 | Because of its key geographic location, Panama's economy is service-based, heavily weighted toward banking, commerce, and tourism. Since taking office in 1994, President PEREZ BALLADARES has advanced an economic reform program designed to liberalize the trade regime, attract foreign investment, privatize state-owned enterprises, institute fiscal reform, and encourage job creation through labor code reform. The government privatized its two remaining ports along the Panama Canal in 1997 and appro |
| 1999 | Because of its key geographic location, Panama's economy is service-based, heavily weighted toward banking, commerce, and tourism. Since taking office in 1994, President PEREZ BALLADARES has advanced an economic reform program designed to liberalize the trade regime, attract foreign investment, privatize state-owned enterprises, institute fiscal reform, and encourage job creation through labor code reform. The government privatized its two remaining ports along the Panama Canal in 1997 and appro |
| 2000 | 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. The MOSCOSO administration inherited an economy that is much more structurally sound and liberalized than the one inherited by its predecessor. Even though export demand is likely to remain slack in some key markets - especially the Andean countries - GDP grow |
| 2001 | 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, high oil prices, and the withdrawal of US military forces held back economic growth in 2000. The government plans public works programs, tax reforms, and new regional trade agreements in order to stimulate grow |
| 2002 | 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 stimula |
| 2003 | Panama's economy is based primarily on a well-developed services sector that accounts for three-fourths of GDP. Services include operating 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 2000-02. The government has been backing public works programs, tax reforms, new regional trade agreements, a |
| 2004 | Panama's dollarised economy rests primarily on a well-developed services sector that accounts for three-fourths of GDP. Services include operating 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 2000-03. The government has been backing public works programs, tax reforms, new regional trade agree |
| 2005 | Panama's dollarised economy rests primarily on a well-developed services sector that accounts for four-fifths of GDP. Services include operating 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 2000-03; growth picked up in 2004 led by export-oriented services and a construction boom stimulated by |
| 2006 | Panama's dollarised economy rests primarily on a well-developed services sector that accounts for three-fourths of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. A slump in the Colon Free Zone and agricultural exports, the global slowdown, and the withdrawal of US military forces held back economic growth in 2000-03; growth picked up in 2004 and 2005 led by export-oriented services and a construction boo |
| 2007 | Panama's dollarized economy rests primarily on a well-developed services sector that accounts for three-fourths of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. A slump in the Colon Free Zone and agricultural exports, the global slowdown, and the withdrawal of US military forces held back economic growth in 2000-03; growth picked up in 2004-06 led by export-oriented services and a construction boom stim |
| 2008 | Panama's dollarized economy rests primarily on a well-developed services sector that accounts for two-thirds of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and should be completed by 2014 at a cost of $5.3 billion (about 30% of current GDP). The expansion project will more than double the Canal's capacity, enabl |
| 2009 | Panama's dollarized economy rests primarily on a well-developed services sector that accounts for 80% of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and is scheduled to be completed by 2014 at a cost of $5.3 billion - about 25% of current GDP. The expansion project will more than double the Canal's capacity, ena |
| 2010 | Panama's dollarized economy rests primarily on a well-developed services sector that accounts for three-quarters of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and is scheduled to be completed by 2014 at a cost of $5.3 billion - about 25% of current GDP. The expansion project will more than double the Canal's ca |
| 2011 | Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and is scheduled to be completed by 2014 at a cost of $5.3 billion - about 25% of current GDP. The expansion project will more than double t |
| 2012 | Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and is scheduled to be completed by 2014 at a cost of $5.3 billion - about 10% of current GDP. The expansion project will more tha |
| 2013 | Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and is estimated to be completed by 2015 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project will more |
| 2014 | Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and is estimated to be completed by 2015 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project will more |
| 2015 | Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, and tourism. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and is estimated to be completed by 2016 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project will |
| 2016 | Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, and tourism. Panama's transportation and logistics services sectors, along with infrastructure development projects, have boosted economic growth; however, public debt surpassed $32 billion in 2015 because of excessive governmen |
| 2017 | Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, and tourism and Panama is a center for offshore banking. Panama's transportation and logistics services sectors, along with infrastructure development projects, have boosted economic growth; however, public debt surpassed $37 bi |
| 2018 | Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, and tourism and Panama is a center for offshore banking. Panama's transportation and logistics services sectors, along with infrastructure development projects, have boosted economic growth; however, public debt surpassed $37 bi |
| 2019 | Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, and tourism and Panama is a center for offshore banking. Panama's transportation and logistics services sectors, along with infrastructure development projects, have boosted economic growth; however, public debt surpassed $37 bi |
| 2020 | Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, and tourism and Panama is a center for offshore banking. Panama's transportation and logistics services sectors, along with infrastructure development projects, have boosted economic growth; however, public debt surpassed $37 bi |
| 2021 | Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, and tourism and Panama is a center for offshore banking. Panama's transportation and logistics services sectors, along with infrastructure development projects, have boosted economic growth; however, public debt surpassed $37 bi |
| 2022 | Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, and tourism and Panama is a center for offshore banking. Panama's transportation and logistics services sectors, along with infrastructure development projects, have boosted economic growth; however, public debt surpassed $37 bi |
| 2023 | 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 |
| 2024 | 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 |
| 2025 | 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 |