Indicators of economy in Panama
The essential economic performance of a country is reflected by the gross domestic product. So the total of all goods and services sold. Worldwide gross domestic product in 2020 was at about 10.912 US Dollar per capita. In contrast, the GDP in Panama reached 12.510 US dollars per inhabitant, or 53.98 bn US Dollar in the whole country. Panama is therefore currently ranked 82 of the major economies. If this is calculated per inhabitant taking into account the purchasing power parity, then Panama is in the list of the world's richest countries in place 55.Inflation in Panama was in 2021 at around 1.63%. Within the EU, the average in the same year was 2.62%. In the United States, it was most recently 4.70%.
Compared with the USA, prices for daily consumer goods are around 53.8% lower.
The Corruption Perceptions Index for the public sector counts 67 and is compared to other countries moderate.
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Impact of the Covid-19 pandemic in 2020
The consequences of the Covid pandemic in 2020 were considerable in Panama. Overall, gross domestic product in 2020 fell from 66.98 billion US Dollar auf 53.98 billion US Dollar. With a large drop of 19.42 percent, the economy in Panama has struggled significantly more than other countries. The tourism sector alone slumped by around 74 percent. The unemployment rate rose from 4.7 to 12.9 percent. The inflation rate has fallen from -0.4 percent previously to -1.6 percent by the end of 2020.Unemployment rates in percent 1991 - 2021
Economic performance 2020
Panama Total | Panama per capita | EU Total | EU per capita | |
---|---|---|---|---|
GDP | 53.98 bn USD | 12,509.84 USD | 15,291.93 tn USD | 29,710.69 USD |
Gross national product | 53.58 bn USD | 12,417.65 USD | 15,330.84 tn USD | 29,786.28 USD |
Development of the Gross domestic product in billion US Dollar 1960 - 2020
Im- and Exports 2020
Panama Total | Panama per capita | EU Total | EU per capita | |
---|---|---|---|---|
Imports | 17.41 bn USD | 4,035.50 USD | 7,340.01 bn USD | 14,260.90 USD |
Exports | 20.18 bn USD | 4,677.92 USD | 7,939.04 bn USD | 15,424.75 USD |
Development of imports and exports in billion US dollars 1977 - 2020
Exports
Imports