GDP (Current, 2025): 90,4 billion Dollars
GDP per capita (Current, 2025): 19,8 Dollars
GDP Growth Rate (2025): %4
Inflation (2025): %0,7
Unemployment (2025): %8
Export (2024): 1,29 billion Dollars
Import (2024): 12,6 billion Dollars
Bilateral Trade Volume (2025): 418,9 million Dollars
Our Export (2025): 386,3 million Dollars
Our Import (2025): 32,5 million Dollars
Major Exports: Banana; ananas; coffee; frozen shrimp; unprocessed teak; iron and steel; timber; oils and oil derivatives
Major Imports: Petroleum, crude oil and derivatives; medicines and medical supplies; automobiles and engines; electronic supplies; corn
General Economic Information on Panama
Panama is one of the fastest growing economies in Latin America. The service sector is the backbone of the economy.
US Dollar is used in Panama, and the local currency, Balboa, is only in circulation as a coin.
Panama is a country in the upper- middle income class in terms of national income per capita. However, it also ranks high in the world in terms of income inequality.
The transfer of control of the Panama Canal to Panama in 2000, which is the transit route of 5% of world trade, and the demand for housing by foreigners, especially between 2007 and 2016, have allowed for a rapid increase in the country's national income.
Banking, port management and free zones in the country constitute the basic foundations of the country's economy. Panama also has the largest ship registry system in the world due to the flag of convenience procedures.
Panama also stands out with its free zones. There are 19 free zones in Panama, 13 of which are active and six of which are under development. The largest is the Colon Free Trade Zone, where nearly 3,000 companies operate and has a trade volume of 20 billion US dollars. Companies located in the Colon Free Trade Zone sell their products to the region through “re-export”. In this respect, Panama is the distribution (re-export) center of South and Central America. However, since domestic production is limited, it imports many products.
The Panama Copper Mine is the largest mine in Central America and provides 1.5% of the world’s copper production. The production, which corresponds to 5% of the country’s GDP, was closed in 2023 due to its environmental impact.