Panama Economy

Operating the Panama Canal and related services accounts for 75% of this country’s GDP. The US government took over the building of the canal in 1902. It was finished in 1914. Panama became independent in 1921. Between 1983 and 1989, a drug cartel ran Panama. In 1989 the US intervened and a new government was established.

Panama has a population of 4,162,618 with a land area of 29,157 square miles.

Nominal GDP is $59.05 billion. Per capita GDP is $24,300. GDP growth is 5.3%. Labor force is 1.633 million. Poverty is 23%, Unemployment is 5.5%. Inflation is 1.6%.

Labor force by occupation is agriculture 17%, industry 18.6%, services 64.4%.

Exports are $15.48 billion and include fruit and nuts, fish, iron and steel waste, wood sold to US 21.4%, Netherlands 15.2%, Costa Rica 6%, China 5.6%.

Imports are $21.22 billion and include fuels, machinery, vehicles, iron and steel rods, pharmaceuticals purchased from US 25.7%, China 9.2%, Mexico 5.3%.

Government revenue is $12.6 billion. Spending is $13.56 billion. Government debt is 38.8% of GDP. External debt is $86.55 billion

Norb Leahy, Dunwoody GA Tea Party Leader