Meet the economy of Panama in 5 minutes
Panama has been one of the fastest growing economies in the world. And you don’t need to read a bible that explains why. With these indicators you can have a clear picture of the economic situation of the country. Keep reading!
It has a population of more than 4 million people.
This positions the country at number 131 of 196 countries that make up the global table, indicating a moderate population density and a not-so-competitive market.
It is the 76th economy by volume of GDP.
In 2017, it produced 104.1 billion dollars and in the last 5 years it has grown by an annual average of 5.6%. In addition, GDP per capita is an excellent indicator of people’s quality of life, being in 2017 of $25,400 USD.
Poverty has decreased 14% and extreme poverty 6.6%.
Panama has made significant progress in reducing poverty in recent years due to economic growth and public transfers.
Its workforce is of 1,633 million.
This indicates a strong supply of qualified talent for new companies in different work areas. In addition, its unemployment rate is very low, of 4.7% in 2017.
It has the highest per capita income in Central America.
In 2017 it was more than $13,000 USD, which makes its population a strong market, interested in improving their quality of life.
Its economy has been based mainly on the logistics industry.
Although it relies heavily on financial services, tourism and telecommunications, logistics is the main activity. It is developed around the main route of maritime communication that exists in America, the Panama Canal.
Foreign Investment increased 21% during 2018.
New investment projects in mining, commerce and communications activities encouraged it, reaching a net balance of $5,548.5 million, with an absolute increase of $979.7 million compared to the previous year.
Investing in Panama is a good decision for any type of organization; and Panama Pacifico is the best mixed development to relate to the rest of the world and operate under excellent tax incentives offered by the Special Economic Area. Meet our project and discover the benefits it has for your company. Contact us!