| ECONOMY |
| |
| Overview |
Panama's
economy is based primarily on a well-developed services sector
that accounts for three-fourths of GDP. Services include operating
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 US military forces held back economic
growth in 2000-02. The government has been backing public
works programs, tax reforms, new regional trade agreements,
and development of tourism in order to stimulate growth. |
| GDP |
purchasing
power parity - $18.06 billion (2002 est.) |
| GDP
- real growth rate |
0.7% (2002
est.) |
| GDP
- per capita |
purchasing
power parity - $6,200 (2002 est.) |
| GDP
- composition by sector |
agriculture:
7%
industry: 17%
services: 76% (2001 est.) |
| Population
below poverty line |
37% (1999
est.) |
| Inflation
rate (consumer prices) |
1.1% (2001
est.) |
| Labor
force |
1.1 million
note: shortage of skilled labor, but an oversupply of unskilled
labor (2000 est.) |
| Labor
force - by occupation |
agriculture
20.8%, industry 18%, services 61.2% (1995 est.) |
| Unemployment
rate |
16% (2002
est.) |
| Industries |
construction,
petroleum refining, brewing, cement and other construction
materials, sugar milling |
| Industrial
production growth rate |
0.5% (2002
est.) |
