The CIA World Factbook Every edition, 1990 to 2025 Central America and the Caribbean
Economic overview Panama, in 36 editions.
The entry for Panama published Economic overview in 36 editions of 36, from 1990 to 2025. The text changed in 30 editions. Each is shown as published. Economic overview in every entry.
- editions changed the text
- 30
- the first edition with it
- 1990
- the latest edition with it
- 2025
Published as “Overview” (1990 to 1995), “Economic overview” (1996 to 2025), “Economy - overview” (1997 to 2019), “Economy-overview” (1998) and “Economy--overview” (1999).
field in that editiontext changed from the edition beforenot in that editionthe edition shownChoose an edition on the strip beside the text, or step through them with the arrows. Mark changes compares it with the edition before: the marks are ours, words added and words removed.
2025 edition
Same as 2024Published as “Overview”
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 continued their slide. Exports were widely promoted by Noriega trade delegations, but sales abroad remained stagnant.
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 continued their slide. Exports were widely promoted by Noriega trade delegations, but sales abroad remained stagnant.
Published as “Overview”
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 gains during the year, and government revenues were up sharply over 1989's levels.
Rewritten: too little of the 1990 text remains to mark the changes.
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 gains during the year, and government revenues were up sharply over 1989's levels.
Published as “Overview”
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 in 1992-93.
Rewritten: too little of the 1991 text remains to mark the changes.
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 in
1992-93.
Published as “Overview”
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.
GDP expanded by roughly 9.3% 8% in 1991, 1992, following growth of 4.6% 9.3% in 1990 and a 1991. The0.4% contraction in 1989. Delay in coming economy thus continues to terms with recover from the international crisis that preceded the ousterfinancial institutions on policies to implement of Manuel NORIEGA, even though the government's structural reform in Panama adjustmentgenerated uncertainty in the private sector and tempered the pace program has been hampered by a lack of popular support and a passivebusiness expansion in 1991. administration. Public investment was has been limited as the
kept the fiscal deficit below 3% of GDP. Unemployment and
are the two major issues the government must face in
1992-93.
Published as “Overview”
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 two major issues the new government must face in 1994-95.
GDP expanded by roughly 8% 5.9% in 1992, 1993, following growth of 9.3% 8% in 1991. The 1992;
banking and financial services led the way in 1993. The economy thus
continues to recover from the crisis that preceded the ouster
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 has3% 2% of GDP.
Unemployment and economic reform
government must face in 1993-94. 1994-95.
Published as “Overview”
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 September 1994, has launched an economic plan designed to reverse rising unemployment, attract foreign investment, cut back the size of government, and modernize the economy. The success of the plan in meeting its goals for 1995 and beyond depends largely on the success of the administration in reforming the labor code and instituting the reforms necessary to join the GATT.
Rewritten: too little of the 1994 text remains to mark the changes.
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 September 1994, has launched an economic
plan designed to reverse rising unemployment, attract foreign
investment, cut back the size of government, and modernize the
economy. The success of the plan in meeting its goals for 1995 and
beyond depends largely on the success of the administration in
reforming the labor code and instituting the reforms necessary to join
the GATT.
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, the three fastest growing sectors early in the decade.
To counter the slowdown, the PEREZ BALLADARES administration has launched an economic reform program designed to reverse unemployment, attract foreign investment, cut back the size of government, and modernize the economy. In 1995, Panama reached an agreement in principle to reschedule its commercial debt - one of the highest in the world in per capita terms - which will allow the country to reenter international financial markets. Panama should complete all requirements to join the World Trade Organization (WTrO) in 1996.
Rewritten: too little of the 1995 text remains to mark the changes.
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, the three fastest growing sectors early in the decade. To
counter the slowdown, the PEREZ BALLADARES administration has
launched an economic reform program designed to reverse
unemployment, attract foreign investment, cut back the size of
government, and modernize the economy. In 1995, Panama reached an
agreement in principle to reschedule its commercial debt - one of
the highest in the world in per capita terms - which will allow the
country to reenter international financial markets. Panama should
complete all requirements to join the World Trade Organization
(WTrO) in 1996.
Published as “Economy - overview”
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 the PEREZ BALLADARES administration 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 positive effects of this program have not yet been felt at the macroeconomic level. In 1996, the government concluded a Brady-type plan to restructure the country's commercial debt - one of the highest in the world in per capita terms - allowing it to reenter international financial markets. Panama also completed all requirements to join the World Trade Organization (WTrO) and is awaiting legislative ratification to become a full member.
Because of its key geographic location,
economy is service-based, heavily weighted toward banking,
and tourism. The manufacturing and agriculture sectors Panama's former protectionist
have become inefficient underpolicies. After fast policies have taken theirgrowth during the early 1990s, toll, and the economy has slowed down in been sluggish the
growth at 2.8% 1.9% in 1994 1995 and 1.5% in 1995. The 1996. Although tourism and theslowdown has been due mostly to a reduction Panama Canal posted growth in construction 1996, most sectors remained stagnant,activities and stagnation in some, like the Colon Free Zone Zone, banana and financial shrimp exports, and
services, the three fastest growing sectors early in the decade. Tocounter the slowdown, construction, were down from 1995. Although the PEREZ BALLADARES
administration has
launchedreverseunemployment, liberalize the trade regime, attract foreign investment, cut back privatize
state-owned enterprises, institute fiscal reform, and encourage
job-creation through labor code reform, the size positive effects of thisgovernment, and modernize program have not yet been felt at the economy. macroeconomic level. In 1995, Panama reached an 1996,agreement in principle the government concluded a Brady-type plan to reschedule its restructure the
country's commercial debt - one of
capita terms - which will allow the allowing it to reenter international financial markets.
countryPanama shouldcomplete Panama also completed all requirements to join the World Trade Organization
Organization (WTrO) in 1996. and is awaiting legislative ratification to become
a full member.
Published as “Economy-overview”
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 approved the sale of the railroad in early 1998.
It also plans to sell other assets, including the electric company. Panama joined the World Trade Organization (WTrO) and approved a tariff reduction that will give the country the lowest average tariff rates in Latin America. A banking reform law was approved by the legislature in early 1998 and will take effect in June. After two years of near stagnation, the reforms are beginning to take root; GDP grew by 3.6% in 1997 and is expected to grow by more than 5% in 1998. The most important sectors driving growth have been the Panama Canal and the shipping and port activities. The Colon Free Zone also rebounded from a slow year in 1996.
Rewritten: too little of the 1997 text remains to mark the changes.
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 approved the sale of the
railroad in early 1998. It also plans to sell other assets, including
the electric company. Panama joined the World Trade Organization
(WTrO) and approved a tariff reduction that will give the country the
lowest average tariff rates in Latin America. A banking reform law was
approved by the legislature in early 1998 and will take effect in
June. After two years of near stagnation, the reforms are beginning to
take root; GDP grew by 3.6% in 1997 and is expected to grow by more
than 5% in 1998. The most important sectors driving growth have been
the Panama Canal and the shipping and port activities. The Colon Free
Zone also rebounded from a slow year in 1996.
Published as “Economy--overview”
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 approved the sale of the railroad in early 1998.
It also plans to sell other assets, including the electric company. Panama joined the World Trade Organization (WTrO) and approved a tariff reduction that will give the country the lowest average tariff rates in Latin America. A banking reform law was approved by the legislature in early 1998. The most important sectors driving growth have been the Panama Canal and other shipping and port activities.
Because of its key geographic location, Panama's
Panama's economy is service-based, heavily weighted toward banking, commerce,
commerce, and tourism. Since taking office in 1994, President PEREZ BALLADARES
BALLADARES has advanced an economic reform program designed to
liberalize thestate-owned
state-owned enterprises, institute fiscal reform, and encourage job creation
creation through labor code reform. The government privatized its
two remaining
sale of the
assets, including
Trade Organization
give the country the
banking reform law was1998 and will take effect in 1998.
June. After two years of near stagnation, the reforms are beginning to
take root; GDP grew by 3.6% in 1997 and is expected to grow by more
than 5% in
The most important sectors driving growth have been
and the other shipping and port activities. The Colon Free
Zone also rebounded from a slow year in 1996.
Published as “Economy - overview”
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 growth in 2000 probably will be 3% to 4%. Key reform initiatives from the previous administration - including the privatization of public utilities - remain uncompleted.
Although President MOSCOSO is unlikely to overturn any previous reforms, her populist leanings make it unlikely any new initiatives will be undertaken in the near future. Indeed, the government has failed to formulate a comprehensive economic policy framework, and the only concrete step it has taken by yearend 1999 has been a hike in agricultural tariffs.
Rewritten: too little of the 1999 text remains to mark the changes.
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 growth in 2000 probably will be 3% to 4%. Key reform initiatives from the previous administration - including the privatization of public utilities - remain uncompleted. Although President MOSCOSO is unlikely to overturn any previous reforms, her populist leanings make it unlikely any new initiatives will be undertaken in the near future. Indeed, the government has failed to formulate a comprehensive economic policy framework, and the only concrete step it has taken by yearend 1999 has been a hike in agricultural tariffs.
Published as “Economy - overview”
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 growth in 2001.
Rewritten: too little of the 2000 text remains to mark the changes.
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 growth in 2001.
Published as “Economy - overview”
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.
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, the global slowdown, and the withdrawal of US military forces held back economic growth in 2000. 2000-01. The government plans public works programs, tax reforms, and new regional trade agreements in order to stimulate growth in 2001. growth.
Published as “Economy - overview”
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, and development of tourism in order to stimulate growth.
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 2000-01. 2000-02. The government plans has been backing public works programs, tax reforms, and new regional trade agreements agreements, and development of tourism in order to stimulate growth.
Published as “Economy - overview”
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 agreements, and development of tourism in order to stimulate growth. Unemployment remains at an unacceptably high level.
Panama's dollarised economy is based 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 2000-02. 2000-03. The government has been backing public works programs, tax reforms, new regional trade agreements, and development of tourism in order to stimulate growth. Unemployment remains at an unacceptably high level.
Published as “Economy - overview”
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 tax incentives. The government has been backing tax reforms, reform of the social security program, new regional trade agreements, and development of tourism. Unemployment remains high.
Panama's dollarised economy rests primarily on a well-developed services sector that accounts for three-fourths 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. 2000-03; growth picked up in 2004 led by export-oriented services and a construction boom stimulated by tax incentives. The government has been backing public works programs, tax reforms, reform of the social security program, new regional trade agreements, and development of tourism in order to stimulate growth. tourism. Unemployment remains at an unacceptably high level. high.
Published as “Economy - overview”
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 boom stimulated by tax incentives. The government has implemented tax reforms, as well as social security reforms, and backs regional trade agreements and development of tourism. Unemployment remains high.
Panama's dollarised economy rests primarily on a well-developed services sector that accounts for four-fifths 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 boom stimulated by tax incentives. The government has been backing implemented tax reforms, reform of the as well as social security program, new reforms, and backs regional trade agreements, agreements and development of tourism. Unemployment remains high.
Published as “Economy - overview”
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 stimulated by tax incentives.
The government has implemented tax reforms, as well as social security reforms, and backs regional trade agreements and development of tourism. Unemployment remains high. In October 2006, voters passed a referendum to expand the Panama Canal to accommodate ships that are now too large to transverse the transoceanic crossway. Not a CAFTA signatory, Panama in December 2006 independently negotiated a free trade agreement with the US, which, when implemented, will help promote the country's economic growth.
Panama's dollarised 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 and 2005 2004-06 led by export-oriented services and a construction boom stimulated by tax incentives. The government has implemented tax reforms, as well as social security reforms, and backs regional trade agreements and development of tourism. Unemployment remains high. In October 2006, voters passed a referendum to expand the Panama Canal to accommodate ships that are now too large to transverse the transoceanic crossway. Not a CAFTA signatory, Panama in December 2006 independently negotiated a free trade agreement with the US, which, when implemented, will help promote the country's economic growth.
Published as “Economy - overview”
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, enabling it to accommodate ships that are now too large to transverse the transoceanic crossway and should help to reduce the high unemployment rate.
The government has implemented tax reforms, as well as social security reforms, and backs regional trade agreements and development of tourism. Not a CAFTA signatory, Panama in December 2006 independently negotiated a free trade agreement with the US, which, when implemented, will help promote the country's economic growth.
Panama's dollarized economy rests primarily on a well-developed services sector that accounts for three-fourths two-thirds of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. A slump in Economic growth will be bolstered by the Colon Free Zone Panama Canal expansion project that began in 2007 and agricultural exports, 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 global slowdown, and Canal's capacity, enabling it to accommodate ships that are now too large to transverse the withdrawal of US military forces held back economic growth in 2000-03; growth picked up in 2004-06 led by export-oriented services transoceanic crossway and a construction boom stimulated by tax incentives. should help to reduce the high unemployment rate. The government has implemented tax reforms, as well as social security reforms, and backs regional trade agreements and development of tourism. Unemployment remains high. In October 2006, voters passed a referendum to expand the Panama Canal to accommodate ships that are now too large to transverse the transoceanic crossway. Not a CAFTA signatory, Panama in December 2006 independently negotiated a free trade agreement with the US, which, when implemented, will help promote the country's economic growth.
Published as “Economy - overview”
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, enabling it to accommodate ships that are now too large to transverse the transoceanic crossway, and should help to reduce the high unemployment rate.
Strong economic performance has reduced the national poverty level to 29% in 2008; however, Panama has the second most unequal income distribution in Latin America. The government has implemented tax reforms, as well as social security reforms, and backs regional trade agreements and development of tourism. Not a CAFTA signatory, Panama in December 2006 independently negotiated a free trade agreement with the US, which, when implemented, will help promote the country's economic growth.
Panama's dollarized economy rests primarily on a well-developed services sector that accounts for two-thirds 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 should is scheduled to be completed by 2014 at a cost of $5.3 billion (about 30% - about 25% of current GDP). GDP. The expansion project will more than double the Canal's capacity, enabling it to accommodate ships that are now too large to transverse the transoceanic crossway crossway, and should help to reduce the high unemployment rate. Strong economic performance has reduced the national poverty level to 29% in 2008; however, Panama has the second most unequal income distribution in Latin America. The government has implemented tax reforms, as well as social security reforms, and backs regional trade agreements and development of tourism. Not a CAFTA signatory, Panama in December 2006 independently negotiated a free trade agreement with the US, which, when implemented, will help promote the country's economic growth.
Published as “Economy - overview”
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 capacity, enabling it to accommodate ships that are now too large to transverse the transoceanic crossway, and should help to reduce the unemployment rate.
The United States and China are the top users of the Canal. Panama also plans to construct a metro system in Panama City, valued at $1.2 billion and scheduled to be completed by 2014. Panama's aggressive infrastructure development projects will likely lead the economy to continued growth in 2011. Strong economic performance has not translated into broadly shared prosperity as Panama has the second worst income distribution in Latin America.
About 30% of the population lives in poverty, however, during TORRIJOS's term poverty was reduced from 40% to 30% and unemployment dropped from 12% to 6%. Not a CAFTA signatory, Panama in December 2006 independently negotiated a free trade agreement with the US, which, when implemented, will help promote the country's economic growth. Seeking removal from the Organization of Economic Development's gray-list of tax havens, Panama has also recently signed various double taxation treaties with other nations.
Panama's dollarized economy rests primarily on a well-developed services sector that accounts for 80% 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 capacity, enabling it to accommodate ships that are now too large to transverse the transoceanic crossway, and should help to reduce the high unemployment rate. The United States and China are the top users of the Canal. Panama also plans to construct a metro system in Panama City, valued at $1.2 billion and scheduled to be completed by 2014. Panama's aggressive infrastructure development projects will likely lead the economy to continued growth in 2011. Strong economic performance has reduced the national poverty level to 29% in 2008; however, not translated into broadly shared prosperity as Panama has the second most unequal worst income distribution in Latin America. The government has implemented tax reforms, as well as social security reforms, and backs regional trade agreements and development About 30% of tourism. the population lives in poverty, however, during TORRIJOS's term poverty was reduced from 40% to 30% and unemployment dropped from 12% to 6%. Not a CAFTA signatory, Panama in December 2006 independently negotiated a free trade agreement with the US, which, when implemented, will help promote the country's economic growth. Seeking removal from the Organization of Economic Development's gray-list of tax havens, Panama has also recently signed various double taxation treaties with other nations.
Published as “Economy - overview”
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 the Canal's capacity, enabling it to accommodate ships that are too large to traverse the existing canal.
The United States and China are the top users of the Canal. Panama also plans to construct a metro system in Panama City, valued at $1.2 billion and scheduled to be completed by 2014. Panama's booming transportation and logistics services sectors, along with aggressive infrastructure development projects, will likely lead the economy to continued growth in 2011. Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America.
About 30% of the population lives in poverty; however, from 2006 to 2010 poverty was reduced by 10 percentage points, while unemployment dropped from 12% to 6% of the labor force. Panama and the United States signed a Trade Promotion Agreement in June 2007, which, when implemented, will help promote the country's economic growth. Seeking removal from the Organization of Economic Development's gray-list of tax havens, Panama has also recently signed various double taxation treaties with other nations.
Panama's dollarized 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 the Canal's capacity, enabling it to accommodate ships that are now too large to transverse the transoceanic crossway, and should help to reduce traverse the unemployment rate. existing canal. The United States and China are the top users of the Canal. Panama also plans to construct a metro system in Panama City, valued at $1.2 billion and scheduled to be completed by 2014. Panama's booming transportation and logistics services sectors, along with aggressive infrastructure development projects projects, will likely lead the economy to continued growth in 2011. Strong economic performance has not translated into broadly shared prosperity prosperity, as Panama has the second worst income distribution in Latin America. About 30% of the population lives in poverty, poverty; however, during TORRIJOS's term from 2006 to 2010 poverty was reduced from 40% to 30% and by 10 percentage points, while unemployment dropped from 12% to 6%. Not a CAFTA signatory, 6% of the labor force. Panama in December 2006 independently negotiated a free trade agreement with and the US, United States signed a Trade Promotion Agreement in June 2007, which, when implemented, will help promote the country's economic growth. Seeking removal from the Organization of Economic Development's gray-list of tax havens, Panama has also recently signed various double taxation treaties with other nations.
Published as “Economy - overview”
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 than double the Canal's capacity, enabling it to accommodate ships that are too large to traverse the existing canal.
The United States and China are the top users of the Canal. Panama also plans to construct a metro system in Panama City, valued at $1.2 billion and scheduled to be completed by 2014. Panama's booming transportation and logistics services sectors, along with aggressive infrastructure development projects, have lead the economy to continued high growth in 2012. Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America.
About 30% of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points, while unemployment dropped from 12% to 4.4% of the labor force in 2012. A US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011. Seeking removal from the Organization of Economic Development's gray-list of tax havens, Panama has also recently signed various double taxation treaties with other nations.
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 25% 10% of current GDP. The expansion project will more than double the Canal's capacity, enabling it to accommodate ships that are too large to traverse the existing canal. The United States and China are the top users of the Canal. Panama also plans to construct a metro system in Panama City, valued at $1.2 billion and scheduled to be completed by 2014. Panama's booming transportation and logistics services sectors, along with aggressive infrastructure development projects, will likely have lead the economy to continued high growth in 2011. 2012. Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About 30% of the population lives in poverty; however, from 2006 to 2010 2012 poverty was reduced by 10 percentage points, while unemployment dropped from 12% to 6% 4.4% of the labor force. Panama and the United States signed a force in 2012. A US-Panama Trade Promotion Agreement was approved by Congress and signed into law in June 2007, which, when implemented, will help promote the country's economic growth. October 2011. Seeking removal from the Organization of Economic Development's gray-list of tax havens, Panama has also recently signed various double taxation treaties with other nations.
Published as “Economy - overview”
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 than double the Canal's capacity, enabling it to accommodate ships that are too large to traverse the existing canal.
The United States and China are the top users of the Canal. Panama is also constructing a metro system in Panama City, valued at $1.2 billion and scheduled to be completed by 2014. Panama''s booming transportation and logistics services sectors, along with aggressive infrastructure development projects, have lead the economy to continued high growth in 2012. Foreign investment, at around 10% of GDP in both 2011 and 2012, has continued to be a source of growth.
Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About 30% of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points, while unemployment dropped from 12% to 4.4% of the labor force in 2012. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012. Panama also achieved removal from the Organization of Economic Development''s gray-list of tax havens by signing various double taxation treaties with other nations.
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 estimated to be completed by 2014 2015 at a cost of $5.3 billion - about 10% 10-15% of current GDP. The expansion project will more than double the Canal's capacity, enabling it to accommodate ships that are too large to traverse the existing canal. The United States and China are the top users of the Canal. Panama is also plans to construct constructing a metro system in Panama City, valued at $1.2 billion and scheduled to be completed by 2014. Panama's Panama''s booming transportation and logistics services sectors, along with aggressive infrastructure development projects, have lead the economy to continued high growth in 2012. Foreign investment, at around 10% of GDP in both 2011 and 2012, has continued to be a source of growth. Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About 30% of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points, while unemployment dropped from 12% to 4.4% of the labor force in 2012. A The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011. Seeking 2011, and entered into force in October 2012. Panama also achieved removal from the Organization of Economic Development's Development''s gray-list of tax havens, Panama has also recently signed havens by signing various double taxation treaties with other nations.
Published as “Economy - overview”
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 than double the Canal's capacity, enabling it to accommodate ships that are too large to traverse the existing canal.
The United States and China are the top users of the Canal. Panama is also constructing a metro system in Panama City, valued at $1.2 billion and scheduled to be completed by 2014. Panama's booming transportation and logistics services sectors, along with aggressive infrastructure development projects, have lead the economy to continued high growth in 2012. Foreign investment, at around 10% of GDP in both 2011 and 2012, has continued to be a source of growth.
Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points, while unemployment dropped from 12% to 4.5% of the labor force in 2013. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012. Panama also achieved removal from the Organization of Economic Development's gray-list of tax havens by signing various double taxation treaties with other nations.
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 than double the Canal's capacity, enabling it to accommodate ships that are too large to traverse the existing canal. The United States and China are the top users of the Canal. Panama is also constructing a metro system in Panama City, valued at $1.2 billion and scheduled to be completed by 2014. Panama''s Panama's booming transportation and logistics services sectors, along with aggressive infrastructure development projects, have lead the economy to continued high growth in 2012. Foreign investment, at around 10% of GDP in both 2011 and 2012, has continued to be a source of growth. Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About 30% one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points, while unemployment dropped from 12% to 4.4% 4.5% of the labor force in 2012. 2013. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012. Panama also achieved removal from the Organization of Economic Development''s Development's gray-list of tax havens by signing various double taxation treaties with other nations.
Published as “Economy - overview”
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 more than double the Canal's capacity, enabling it to accommodate ships that are too large to traverse the existing canal.
The United States and China are the top users of the Canal. Panama completed a metro system in Panama City, valued at $1.2 billion in 2014. Panama's transportation and logistics services sectors, along with infrastructure development projects, have boosted economic growth; however, public debt surpassed $17 billion in 2014 because of excessive government spending and public works projects. Foreign direct investment has continued to be a source of growth.
Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 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 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 2015 2016 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project will more than double the Canal's capacity, enabling it to accommodate ships that are too large to traverse the existing canal. The United States and China are the top users of the Canal. Panama is also constructing completed a metro system in Panama City, valued at $1.2 billion and scheduled to be completed by in 2014. Panama's booming transportation and logistics services sectors, along with aggressive infrastructure development projects, have lead the economy to continued high growth boosted economic growth; however, public debt surpassed $17 billion in 2012. Foreign investment, at around 10% 2014 because of GDP in both 2011 excessive government spending and 2012, public works projects. Foreign direct investment has continued to be a source of growth. Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points, while unemployment dropped from 12% to 4.5% of the labor force in 2013. points. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012. Panama also achieved removal from the Organization of Economic Development's gray-list of tax havens by signing various double taxation treaties with other nations.
Published as “Economy - overview”
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 government spending and public works projects. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012.
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 more than double the Canal's capacity, enabling it to accommodate ships that are too large to traverse the existing canal. The US and China are the top users of the Canal. In 2014, Panama completed a metro system in Panama City, valued at $1.2 billion.
Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points.
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 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 government spending and public works projects. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012.
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 more than double the Canal's capacity, enabling it to accommodate ships that are too large to traverse the existing canal. The United States US and China are the top users of the Canal. In 2014, Panama completed a metro system in Panama City, valued at $1.2 billion in 2014. Panama's transportation and logistics services sectors, along with infrastructure development projects, have boosted economic growth; however, public debt surpassed $17 billion in 2014 because of excessive government spending and public works projects. Foreign direct investment has continued to be a source of growth. billion.
Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012.
Published as “Economy - overview”
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 billion in 2016 because of excessive government spending and public works projects. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012.
Future growth will be bolstered by the Panama Canal expansion project that began in 2007 and was completed in 2016 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project will more than double the Canal's capacity, enabling it to accommodate high-capacity vessels such as tankers and neopanamax vessels that are too large to traverse the existing canal. The US and China are the top users of the Canal.
Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points.
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. 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 $32 $37 billion in 2015 2016 because of excessive government spending and public works projects. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012.Growth Future growth will be bolstered by the Panama Canal expansion project that began in 2007 and is estimated to be was completed by in 2016 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project will more than double the Canal's capacity, enabling it to accommodate ships high-capacity vessels such as tankers and neopanamax vessels that are too large to traverse the existing canal. The US and China are the top users of the Canal. In 2014, Panama completed a metro system in Panama City, valued at $1.2 billion.
Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points.
The same text in 2018 and 2019.
Published as “Economy - overview”
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 billion in 2016 because of excessive government spending and public works projects.
The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012. Future growth will be bolstered by the Panama Canal expansion project that began in 2007 and was completed in 2016 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project more than doubled the Canal's capacity, enabling it to accommodate high-capacity vessels such as tankers and neopanamax vessels that are too large to traverse the existing canal.
The US and China are the top users of the Canal. Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points.
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 billion in 2016 because of excessive government spending and public works projects. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012.will more than double doubled the Canal's capacity, enabling it to accommodate high-capacity vessels such as tankers and neopanamax vessels that are too large to traverse the existing canal. The US and China are the top users of the Canal.
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 billion in 2016 because of excessive government spending and public works projects.
The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012. Future growth will be bolstered by the Panama Canal expansion project that began in 2007 and was completed in 2016 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project more than doubled the Canal's capacity, enabling it to accommodate high-capacity vessels such as tankers and neopanamax vessels that are too large to traverse the existing canal.
The US and China are the top users of the Canal. Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points.
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 billion in 2016 because of excessive government spending and public works projects. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012. Future growth will be bolstered by the Panama Canal expansion project that began in 2007 and was completed in 2016 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project more than doubled the Canal's capacity, enabling it to accommodate high-capacity vessels such as tankers and neopanamax vessels that are too large to traverse the existing canal. The US and China are the top users of the Canal. Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points.
The same text in 2021 and 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 billion in 2016 because of excessive government spending and public works projects. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012.
Future growth will be bolstered by the Panama Canal expansion project that began in 2007 and was completed in 2016 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project more than doubled the Canal's capacity, enabling it to accommodate high-capacity vessels such as tankers and neopanamax vessels that are too large to traverse the existing canal. The US and China are the top users of the Canal.
Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points.
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 billion in 2016 because of excessive government spending and public works projects. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012.
Future growth will be bolstered by the Panama Canal expansion project that began in 2007 and was completed in 2016 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project more than doubled the Canal's capacity, enabling it to accommodate high-capacity vessels such as tankers and neopanamax vessels that are too large to traverse the existing canal. The US and China are the top users of the Canal.
Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points.
The same text in 3 editions, 2023 to 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
Rewritten: too little of the 2022 text remains to mark the changes.
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
No edition has those words. Try a shorter word.
Cite this page
Central Intelligence Agency. “Panama: Economic overview.” The World Factbook, 1990–2025 editions. Archived by The Factbook, thefactbook.org/panama/economic-overview.