Economy
Economy – Overview:
Panama’s economy is based primarily on a well-developed services sector that accounts for 75% 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 U.S. 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.
GDP: purchasing power parity – US$16.9 billion
GDP – real growth rate: 1.4%
GDP – per capita: purchasing power parity - $5,900
GDP – composition by sector:
Agriculture: 7%
Industry: 17%
Services: 76% (2000 est.)
Inflation rate (consumer prices): 1% (2000 est.)
Labor force: 1.1 million
Note: shortage of skilled labor, but an oversupply of unskilled labor
Labor force – by occupation: agriculture 21%, industry 18%, services 61%.
Unemployment rate: 13% (2000 est.)
Agriculture – products: Bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp.
Exports: $5.9 billion f.o.b. (2001 est.)
Exports – commodities: Bananas, shrimp, sugar, coffee, clothing
Exports – partners: U.S. 45.9%, Sweden 8.1%, Benelux 5.3%, Costa Rica 5.1% (2000 est.)
Imports: $6.7 billion f.o.b. (2001 est.)
Imports – commodities: Capital goods, crude oil, foodstuffs, consumer goods, chemicals.
Imports – partners: U.S. 33.1%, Ecuador 7.2%, Venezuela 6.6%, Japan 5.5% (2000 est.)
Currency: balboa (PAB); US dollar (USD)
