PanamaChapitres
Since 2021, Panama has strengthened its position as one of the world’s first carbon-negative countries, with its forests capturing more carbon than the nation emits. This achievement underscores Panama’s commitment to environmental sustainability.
Besides, Panama stands out as a key logistical and financial center in the region. Development has been driven by trade and services, with the Canal playing a fundamental role in these sectors.
In terms of regional and international finance and partnerships to catalyse international resources, Panama actively participates in collaborative efforts aimed at advancing the sustainable development goals and enhancing economic resilience. A United Nations initiative, “The Unpostponable Agenda for the Sustainable Development Goals in Panama”, was launched to guide national development plans to address persistent inequalities, particularly in critical sectors such as food systems, energy, digital connectivity, education, jobs, and social protection. Developed with the Electoral Court ahead of the May 2024 elections, this initiative underscores Panama's commitment to accelerating sustainable development through comprehensive policy frameworks aligned with Agenda 2030. Panama has also established partnerships with the European Union under the Global Gateway Investment Agenda. These collaborations prioritise green and digital transitions, health, education, and sustainable economic recovery. They aim to harness international funding and expertise to enhance Panama's climate resilience and achieve climate neutrality by 2050. Initiatives like the Sustainable Finance Taxonomy are instrumental in aligning financial flows with climate objectives, reinforcing Panama's commitment to sustainable development and global climate goals.
Source: The World Bank, OECD
Indicateurs clés
- Surface
- 75,420 km2
- Population
- 4,458,759 (2023)
- Type de gouvernement
- presidential republic
- Langues
- Spanish (official), indigenous languages (including Ngabere (or Guaymi), Buglere, Kuna, Embera, Wounaan, Naso (or Teribe), and Bri Bri), Panamanian English Creole English, Chinese (Yue and Hakka), Arabic, French Creole, (Yiddish, Hebrew, Korean, Japanese)
- PIB
- $83.32 billion (2023)
- Taux de croissance
- 7.4% (2023)
- HDI
- 57
- Capitale
- Panama City
Indicateurs macroéconomiques
Over the last thirty years, economic growth has generated employment and significantly reduced poverty, which has decreased from 48.2% in 1991 to 12.9% in 2023, with a per capita income of $6.85 per day, according to the 2017 Purchasing Power Parity (PPP) measurement.
GDP grew by 7.3 percent in 2023, driven by the construction, transport and storage, wholesale and retail trade, utilities, business services, and hospitality sectors, collectively employing 45 percent of the workforce. However, progress in poverty reduction has been affected by the elimination of the government’s emergency transfers (Nuevo Programa Panamá Solidario – NPPS).
Growth is expected to slow to 2.4 percent in 2024, following the halt of one of the country's most important mining activities. However, the dynamism in the services sector should help gradually improve growth. Starting in 2025, accelerated growth is expected if Panama maintains its attractiveness as a destination for foreign investment, which should initiate a modest reduction in poverty as the economy recovers and the labor market regains its momentum.
The fiscal deficit is projected to widen to 4.6 percent of GDP in 2024, due to lower revenues and higher expenditures. However, it is expected to gradually decrease to around 3 percent by 2026, as fiscal consolidation measures take effect, signaling a positive trajectory towards long-term stability.
IMF Statistics:
| Subject descriptor | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
|
Gross domestic product, constant prices Percent change (Units) |
15.836 |
10.809 |
7.317 |
2.500 |
3.000 |
|
Gross domestic product, current prices U.S. dollars (Billions) |
67.407 |
76.523 |
83.382 |
87.347 |
91.731 |
|
Gross domestic product per capita, current prices U.S. dollars (Units) |
15,540.795 |
17,409.626 |
18,725.739 |
19,369.476 |
20,092.051 |
|
Inflation, average consumer prices Percent change (Units) |
1.631 |
2.860 |
1.486 |
1.291 |
1.960 |
|
Volume of imports of goods and services Percent change (Units) |
29.702 |
11.947 |
11.681 |
-12.522 |
4.243 |
|
Volume of exports of goods and services Percent change (Units) |
27.620 |
25.948 |
-1.696 |
6.354 |
2.305 |
|
Unemployment rate Percent of total labor force (Units) |
11.293 |
8.800 |
7.431 |
8.400 |
8.000 |
|
Current account balance U.S. dollars (Billions) |
-0.779 |
-0.475 |
-3.739 |
-0.309 |
-0.418 |
|
Current account balance Percent of GDP (Units) |
-1.155 |
-0.621 |
-4.484 |
-0.353 |
-0.456 |
Estimates
Source : IMF Statistics
Le Luxembourg et le pays
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 07.10.2010 (Memorial 2011, A No.146, p.2056)
- Effective as of 01.01.2012 (Memorial 2011, A No.146, p.2056)
Air Services agreement
Informations supplémentaires
Foreign Trade
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points for Panama
Honorary Consul
Panama City
Honorary Consul with jurisdiction over the republic of Panama:
Mr August Evaristo SIMONS CHAMORRO
Honorary Consul with jurisdiction over the republic of Panama
EMPRESAS HOPSA S.A.
Via Transistmica & calle 64 Oeste
Urbanizacion Industrial
Los AngelesPanama
Panama City
P.O. Box 0834-02767
Tel.: (+507) 302 98 54; (+507) 270 48 32
E-Mail: asimons@hopsa.com
Source: Ministry of Foreign Affairs of Luxembourg
Country risk as defined by Office du Ducroire for Panama
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Link: Ducroire Office- Country risk for Panama
Other useful links:
- CIA World Factbook - Panama
- Le Panama sur le site de l'Awex
- Euracen - Belgium-Luxembourg Chamber of Commerce in Central America
- Economic Opportunities for Foreign Investment in Panama
- Panama City of Knowledge
- EU and Central America (website of the European Commission)
- Chambre de Commerce franco-panaméenne