Spanish, Indigenous languages, Buglere, Kuna, Embera, Wounaan, Naso, and Bri Bri), Panamanian English Creole, also known as Guari Guari and Colon Creole)
Economic Overview
Key economic indicators for Panama
GDP:
$159.908 billion
GDP per Capita:
$35,900
GDP Growth:
7.4%
Inflation:
1.49%
Unemployment:
6.7%
Public Debt:
37.8% of GDP
Credit Rating:
BBB (2020)
Political System
Governance structure of Panama
Government Type:
presidential republic
Head of State:
President José Raúl MULINO Quintero (since 1 July 2024)
Head of Government:
President José Raúl MULINO Quintero (since 1 July 2024)
Judiciary:
Supreme Court of Justice or Corte Suprema de Justicia (consists of 9 magistrates and 9 alternates and divided into civil, criminal, administrative, and general business chambers)
Administrative Divisions:
10 provinces (provincias, singular - provincia) and 4 indigenous regions* (comarcas); Bocas del Toro, Chiriqui, Cocle, Colon, Darien, Embera-Wounaan*, Guna Yala*, Herrera, Los Santos, Naso Tjer Di*, Ngabe-Bugle*, Panama, Panama Oeste, Veraguas
Major Political Parties
Not specified
International Relations
Global position and alliances
UN Member:
Yes
EU Member:
No
Diplomatic Presence:
2862 McGill Terrace NW, Washington, DC 20008
Major Alliances and Organizations
OAS
Economic Sectors & Trade
Detailed economic breakdown
Major Economic Sectors
Agriculture
2.5% (2023 est.)
Industry
27.8% (2023 est.)
Services
67.3% (2023 est.)note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Trade Volume
Exports:
$36.569 billion
Imports:
$36.135 billion
Major Trading Partners
China 25
Japan 10
USA 6
Thailand 5
Costa Rica 5
Economic Outlook
Panama has a 7.4% GDP growth rate with 1.49% inflation. The economy is characterized by a strong agriculture sector.