Panama: Statistical Annex

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Abstract

Panama: Basic Data

Sources: Panamanian authorities; and Fund staff estimates.

^{^1/}Excluding grants.

^{^2/}External debt service as percent of exports of goods and nonfactor services.

I. Social and Demographic Indicators
Area (thousand sq. km)		77,082	Nutrition (1994)
					Calorie intake
Population (1996)					(per capita a day)		2,534
Total (million)		2.7		Health (1994)
Rate of growth 1990-1996 (percent a year)		1.7			Population per physician		808
Density (per sq. km.)		35.4			Population per hospital bed		335
GDP per capita (US$)		3,083
Population characteristics (1995)			Access to safe water
	Life expectancy at birth (years)	73			Percent of population (1995)		82
	Crude birth rate (per thousand)	22.8				Urban	84
	Crude death rate (per thousand)	4.9				Rural	68
	Infant mortality (per thousand live births)	22.6
			Education (1994)
Income distribution (1995)					Enrollment rates, in percent
By highest 20 percent of households		60				Secondary education	59
By lowest 20 percent of households		2
II. Economic Indicators, 1992-96

			1992	1993	1994	1995	1996
(In annual percent changes)
National accounts and prices
GDP at constant 1982 market prices			8.2	5.5	2.9	1.8	2.5
	Agriculture and mining		4.9	0.3	2.8	3.1	1.1
	Manufacturing and construction		14.7	14.5	3.7	1.3	−1.6
	Services		8.6	3.7	4.5	1.6	3.8
Consumer price index (end of period)			1.6	1	1.3	0.8	2.3
(In percent of GDP)
Gross investment			19.7	24.1	24.5	26.2	23.6
Private consumption			60.2	53.9	53.7	54.6	56.2
Public consumption			19.9	21.3	19.7	20.2	20.0
Gross national saving			15.4	22.0	24.1	22.8	22.0
(In millions of balboas)
Public Sector finances
Revenue ^1/			2,007	2,056	2,202	2,301	2,271
Noninterest expenditure			1,558	1,858	1,820	1,891	1,983
Primary balance (deficit -)			449	198	382	410	288
Overall balance (deficit -)			109	−101	25	14	34
Memorandum items:
Primary balance (percent of GDP)			6.8	2.7	4.9	5.2	3.5
Overall balance (percent of GDP)			1.6	−1.4	0.3	0.2	0.4
	Money		633	704	800	816	833
	Quasi-money		3,191	3,732	4,298	4,700	5,016
	Net domestic assets		3,409	3,802	4,259	4,797	5,142
		Credit to the public sector	−263	−523	−801	−1,031	−851
		Credit to the private sector	4,086	4,981	5,756	6,521	7,002
(In millions of U.S. dollars)
Balance of payments
	Trade balance		−377.9	−333.4	−248.6	−569.2	−510.6
		Exports, f.o.b.	614.7	636.7	672.4	742.9	761.4
		Imports, f.o.b.	−1,552.1	−1,686.3	−1,852.7	−1,979.9	−2,076.2
		Colon Free zone	559.5	716.3	931.7	667.7	804.2
	Services and transfers (net)		94.9	177.0	218.3	299.9	378.3
		Of which: Interest on public debt	−338.6	−291.1	−354.0	−393.2	−243.3
	Current account		−282.9	−156.4	−30.3	−269.3	−132.3
	Capital account		458.5	−85.9	−67.9	16.1	532.1
		Public	196.1	−195.5	−230.8	−68.7	−168.4
		Private	262.4	109.6	162.9	84.7	700.5
	Overall balance		175.6	−242.4	−98.2	−253.2	399.8
Stock of net foreign assets of BNP			377.6	485.5	631.6	708.7	952.1
Stock of external payments arrears			3,236.0	3,716.8	3,526.2	3,938.1	97.3
Memorandum items:
Debt service ratio ^2/			26.3	21.0	20.3	21.9	15.4
Current account (as percent of GDP)			−4.3	−2.2	−0.4	−3.4	−1.6
External debt outstanding (as percent of GDP)			78.0	74.9	71.2	75.2	61.8
IMF data (as of October 31, 1997)
Article VIII status			As of 11/26/46
Intervention currency and rate			B1.00 per U.S. dollar
Quota			SDR 149.6 million
Fund holdings of local currency			SDR 235.61 million
	From Fund resources		97.86
Fund holdings as percent of quota			157.5
	Arrears with the Fund		None
Special Drawing Rights Department
	Cumulative SDR allocation		SDR 26.32 million
	Net acquisition or utilization (-) of SDRs		24.60 million
	Holdings of SDRs		1.72 million
Share of profits from gold sates			US$5.7 million

Sources: Panamanian authorities; and Fund staff estimates.

^{^1/}Excluding grants.

^{^2/}External debt service as percent of exports of goods and nonfactor services.

I. Social and Demographic Indicators
Area (thousand sq. km)		77,082	Nutrition (1994)
					Calorie intake
Population (1996)					(per capita a day)		2,534
Total (million)		2.7		Health (1994)
Rate of growth 1990-1996 (percent a year)		1.7			Population per physician		808
Density (per sq. km.)		35.4			Population per hospital bed		335
GDP per capita (US$)		3,083
Population characteristics (1995)			Access to safe water
	Life expectancy at birth (years)	73			Percent of population (1995)		82
	Crude birth rate (per thousand)	22.8				Urban	84
	Crude death rate (per thousand)	4.9				Rural	68
	Infant mortality (per thousand live births)	22.6
			Education (1994)
Income distribution (1995)					Enrollment rates, in percent
By highest 20 percent of households		60				Secondary education	59
By lowest 20 percent of households		2
II. Economic Indicators, 1992-96

			1992	1993	1994	1995	1996
(In annual percent changes)
National accounts and prices
GDP at constant 1982 market prices			8.2	5.5	2.9	1.8	2.5
	Agriculture and mining		4.9	0.3	2.8	3.1	1.1
	Manufacturing and construction		14.7	14.5	3.7	1.3	−1.6
	Services		8.6	3.7	4.5	1.6	3.8
Consumer price index (end of period)			1.6	1	1.3	0.8	2.3
(In percent of GDP)
Gross investment			19.7	24.1	24.5	26.2	23.6
Private consumption			60.2	53.9	53.7	54.6	56.2
Public consumption			19.9	21.3	19.7	20.2	20.0
Gross national saving			15.4	22.0	24.1	22.8	22.0
(In millions of balboas)
Public Sector finances
Revenue ^1/			2,007	2,056	2,202	2,301	2,271
Noninterest expenditure			1,558	1,858	1,820	1,891	1,983
Primary balance (deficit -)			449	198	382	410	288
Overall balance (deficit -)			109	−101	25	14	34
Memorandum items:
Primary balance (percent of GDP)			6.8	2.7	4.9	5.2	3.5
Overall balance (percent of GDP)			1.6	−1.4	0.3	0.2	0.4
	Money		633	704	800	816	833
	Quasi-money		3,191	3,732	4,298	4,700	5,016
	Net domestic assets		3,409	3,802	4,259	4,797	5,142
		Credit to the public sector	−263	−523	−801	−1,031	−851
		Credit to the private sector	4,086	4,981	5,756	6,521	7,002
(In millions of U.S. dollars)
Balance of payments
	Trade balance		−377.9	−333.4	−248.6	−569.2	−510.6
		Exports, f.o.b.	614.7	636.7	672.4	742.9	761.4
		Imports, f.o.b.	−1,552.1	−1,686.3	−1,852.7	−1,979.9	−2,076.2
		Colon Free zone	559.5	716.3	931.7	667.7	804.2
	Services and transfers (net)		94.9	177.0	218.3	299.9	378.3
		Of which: Interest on public debt	−338.6	−291.1	−354.0	−393.2	−243.3
	Current account		−282.9	−156.4	−30.3	−269.3	−132.3
	Capital account		458.5	−85.9	−67.9	16.1	532.1
		Public	196.1	−195.5	−230.8	−68.7	−168.4
		Private	262.4	109.6	162.9	84.7	700.5
	Overall balance		175.6	−242.4	−98.2	−253.2	399.8
Stock of net foreign assets of BNP			377.6	485.5	631.6	708.7	952.1
Stock of external payments arrears			3,236.0	3,716.8	3,526.2	3,938.1	97.3
Memorandum items:
Debt service ratio ^2/			26.3	21.0	20.3	21.9	15.4
Current account (as percent of GDP)			−4.3	−2.2	−0.4	−3.4	−1.6
External debt outstanding (as percent of GDP)			78.0	74.9	71.2	75.2	61.8
IMF data (as of October 31, 1997)
Article VIII status			As of 11/26/46
Intervention currency and rate			B1.00 per U.S. dollar
Quota			SDR 149.6 million
Fund holdings of local currency			SDR 235.61 million
	From Fund resources		97.86
Fund holdings as percent of quota			157.5
	Arrears with the Fund		None
Special Drawing Rights Department
	Cumulative SDR allocation		SDR 26.32 million
	Net acquisition or utilization (-) of SDRs		24.60 million
	Holdings of SDRs		1.72 million
Share of profits from gold sates			US$5.7 million

Sources: Panamanian authorities; and Fund staff estimates.

^{^1/}Excluding grants.

^{^2/}External debt service as percent of exports of goods and nonfactor services.

Table 1.

Panama: National Accounts by Productive Activity ^1/

Sources: Office of the Comptroller General; and Fund staff estimates.

^{^1/}The national accounts for 1980-94 were revised and published in December 1995. The base year for the constant price data was updated to 1982 from 1970 and methodological improvements were implemented.

^{^2/}Includes the sales tax: “impuesto a la transferencia de bienes muebles”.

Table 1.

Panama: National Accounts by Productive Activity ^1/

			1992	1993	1994	1995	1996
(In millions of balboas at 1982 prices)
Gross domestic product at market prices			5616.1	5922.5	6091.3	6198.0	6354.4
Primary activity			487.3	488.7	502.4	517.8	523.7
	Agriculture		480.2	480.4	493.3	509.2	515.6
	Mining		7.1	8.3	9.1	8.6	8.1
Secondary activity			727.5	832.7	863.2	874.6	861.0
	Manufacturing		554.4	589.5	614.6	615.8	620.3
	Construction		173.1	243.2	248.6	258.8	240.7
Services			4345.3	4506.7	4710.1	4784.2	4965.5
	Public utilities		203.3	240.0	255.0	259.9	310.5
	Commerce, restaurants,
		and hotels	1170.2	1229.5	1289.8	1280.4	1276.1
		Colon Free Zone, wholesale	467.0	488.2	533.6	516.6	494.3
		Restaurants and hotels	83.5	85.4	90.3	95.0	101.5
		Other	619.7	655.9	665.9	668.8	680.3
	Transport and communications		688.5	666.3	695.8	761.3	782.2
		Panama Canal Commission	371.4	352.0	362.4	419.4	429.9
		Other transport and communications	317.1	314.3	333.4	341.9	352.3
	Financial intermediation		583.9	647.0	675.0	641.8	706.1
	Housing		769.1	786.5	821.1	841.4	867.7
	Public administration		608.0	612.1	632.0	653.5	665.3
	Other services		322.3	325.3	341.4	345.9	357.6
Plus import taxes ^2/			168.0	235.9	245.2	249.8	256.0
Less imputed banking services			−112.0	−141.5	−229.6	−228.4	−251.8
(Pecent change)
Gross domestic product at market prices			8.2	5.5	2.9	1.8	2.5
Primary activity			4.9	0.3	2.8	3.1	1.1
	Agriculture		4.4	0.0	2.7	3.2	1.3
	Mining		54.3	16.9	9.6	−5.5	−5.8
Secondary activity			14.7	14.5	3.7	1.3	−1.6
	Manufacturing		9.2	6.3	4.3	0.2	0.7
	Construction		36.7	40.5	2.2	4.1	−7.0
Services			8.6	3.7	4.5	1.6	3.8
	Public utilities		−6.4	18.1	6.3	1.9	19.5
	Commerce, restaurants,
		and hotels	12.5	5.1	4.9	−0.7	−0.3
		Colon Free Zone, wholesale	18.9	4.5	9.3	−3.2	−4.3
		Restaurants and hotels	8.0	2.3	5.7	5.2	6.8
		Other	8.6	5.8	1.5	0.4	1.7
	Transport and communications		3.8	−3.2	4.4	9.4	2.7
		Panama Canal Commission	4.2	−5.2	3.0	15.7	2.5
		Other transport and communications	3.3	−0.9	6.1	2.5	3.0
	Financial intermediation		45.1	10.8	4.3	−4.9	10.0
	Housing		4.5	2.3	4.4	2.5	3.1
	Public administration		−5.5	0.7	3.3	3.4	1.8
	Other services		8.5	0.9	4.9	1.3	3.4
Plus import taxes ^2/			13.1	40.4	3.9	1.9	2.5
Less imputed banking services			95.5	26.3	62.3	−0.5	10.2
(Percent distribution)
Gross domestic product at market prices			100.0	100.0	100.0	100.0	100.0
Primary activity			8.7	8.3	8.2	8.4	8.2
	Agriculture		8.6	8.1	8.1	8.2	8.1
	Mining		0.1	0.1	0.1	0.1	0.1
Secondary activity			13.0	14.1	14.2	14.1	13.5
	Manufacturing		9.9	10.0	10.1	9.9	9.8
	Construction		3.1	4.1	4.1	4.2	3.8
Services			77.4	76.1	77.3	77.2	78.1
	Public utilities		3.6	4.1	4.2	4.2	4.9
	Commerce, restaurants,
		and hotels	20.8	20.8	21.2	20.7	20.1
		Colon Free Zone, wholesale	8.3	8.2	8.8	8.3	7.8
		Restaurants and hotels	1.5	1.4	1.5	1.5	1.6
		Other	11.0	11.1	10.9	10.8	10.7
	Transport and communications		12.3	11.3	11.4	12.3	12.3
		Panama Canal Commission	6.6	5.9	5.9	6.8	6.8
		Other transport and communications	5.6	5.3	5.5	5.5	5.5
	Financial intermediation		10.4	10.9	11.1	10.4	11.1
	Housing		13.7	13.3	13.5	13.6	13.7
	Public administration		10.8	10.3	10.4	10.5	10.5
	Other services		5.7	5.5	5.6	5.6	5.6
Plus import taxes ^2/			3.0	4.0	4.0	4.0	4.0
Less, imputed banking services			−2.0	−2.4	−3.8	−3.7	−4.0

Sources: Office of the Comptroller General; and Fund staff estimates.

^{^2/}Includes the sales tax: “impuesto a la transferencia de bienes muebles”.

Table 1.

Panama: National Accounts by Productive Activity ^1/

			1992	1993	1994	1995	1996
(In millions of balboas at 1982 prices)
Gross domestic product at market prices			5616.1	5922.5	6091.3	6198.0	6354.4
Primary activity			487.3	488.7	502.4	517.8	523.7
	Agriculture		480.2	480.4	493.3	509.2	515.6
	Mining		7.1	8.3	9.1	8.6	8.1
Secondary activity			727.5	832.7	863.2	874.6	861.0
	Manufacturing		554.4	589.5	614.6	615.8	620.3
	Construction		173.1	243.2	248.6	258.8	240.7
Services			4345.3	4506.7	4710.1	4784.2	4965.5
	Public utilities		203.3	240.0	255.0	259.9	310.5
	Commerce, restaurants,
		and hotels	1170.2	1229.5	1289.8	1280.4	1276.1
		Colon Free Zone, wholesale	467.0	488.2	533.6	516.6	494.3
		Restaurants and hotels	83.5	85.4	90.3	95.0	101.5
		Other	619.7	655.9	665.9	668.8	680.3
	Transport and communications		688.5	666.3	695.8	761.3	782.2
		Panama Canal Commission	371.4	352.0	362.4	419.4	429.9
		Other transport and communications	317.1	314.3	333.4	341.9	352.3
	Financial intermediation		583.9	647.0	675.0	641.8	706.1
	Housing		769.1	786.5	821.1	841.4	867.7
	Public administration		608.0	612.1	632.0	653.5	665.3
	Other services		322.3	325.3	341.4	345.9	357.6
Plus import taxes ^2/			168.0	235.9	245.2	249.8	256.0
Less imputed banking services			−112.0	−141.5	−229.6	−228.4	−251.8
(Pecent change)
Gross domestic product at market prices			8.2	5.5	2.9	1.8	2.5
Primary activity			4.9	0.3	2.8	3.1	1.1
	Agriculture		4.4	0.0	2.7	3.2	1.3
	Mining		54.3	16.9	9.6	−5.5	−5.8
Secondary activity			14.7	14.5	3.7	1.3	−1.6
	Manufacturing		9.2	6.3	4.3	0.2	0.7
	Construction		36.7	40.5	2.2	4.1	−7.0
Services			8.6	3.7	4.5	1.6	3.8
	Public utilities		−6.4	18.1	6.3	1.9	19.5
	Commerce, restaurants,
		and hotels	12.5	5.1	4.9	−0.7	−0.3
		Colon Free Zone, wholesale	18.9	4.5	9.3	−3.2	−4.3
		Restaurants and hotels	8.0	2.3	5.7	5.2	6.8
		Other	8.6	5.8	1.5	0.4	1.7
	Transport and communications		3.8	−3.2	4.4	9.4	2.7
		Panama Canal Commission	4.2	−5.2	3.0	15.7	2.5
		Other transport and communications	3.3	−0.9	6.1	2.5	3.0
	Financial intermediation		45.1	10.8	4.3	−4.9	10.0
	Housing		4.5	2.3	4.4	2.5	3.1
	Public administration		−5.5	0.7	3.3	3.4	1.8
	Other services		8.5	0.9	4.9	1.3	3.4
Plus import taxes ^2/			13.1	40.4	3.9	1.9	2.5
Less imputed banking services			95.5	26.3	62.3	−0.5	10.2
(Percent distribution)
Gross domestic product at market prices			100.0	100.0	100.0	100.0	100.0
Primary activity			8.7	8.3	8.2	8.4	8.2
	Agriculture		8.6	8.1	8.1	8.2	8.1
	Mining		0.1	0.1	0.1	0.1	0.1
Secondary activity			13.0	14.1	14.2	14.1	13.5
	Manufacturing		9.9	10.0	10.1	9.9	9.8
	Construction		3.1	4.1	4.1	4.2	3.8
Services			77.4	76.1	77.3	77.2	78.1
	Public utilities		3.6	4.1	4.2	4.2	4.9
	Commerce, restaurants,
		and hotels	20.8	20.8	21.2	20.7	20.1
		Colon Free Zone, wholesale	8.3	8.2	8.8	8.3	7.8
		Restaurants and hotels	1.5	1.4	1.5	1.5	1.6
		Other	11.0	11.1	10.9	10.8	10.7
	Transport and communications		12.3	11.3	11.4	12.3	12.3
		Panama Canal Commission	6.6	5.9	5.9	6.8	6.8
		Other transport and communications	5.6	5.3	5.5	5.5	5.5
	Financial intermediation		10.4	10.9	11.1	10.4	11.1
	Housing		13.7	13.3	13.5	13.6	13.7
	Public administration		10.8	10.3	10.4	10.5	10.5
	Other services		5.7	5.5	5.6	5.6	5.6
Plus import taxes ^2/			3.0	4.0	4.0	4.0	4.0
Less, imputed banking services			−2.0	−2.4	−3.8	−3.7	−4.0

Sources: Office of the Comptroller General; and Fund staff estimates.

^{^2/}Includes the sales tax: “impuesto a la transferencia de bienes muebles”.

Table 2.

Panama: National Accounts by Use

Source: Office of the Comptroller General; and Fund staff estimates.

^{^1/}Includes changes in inventories.

Table 2.

Panama: National Accounts by Use

					1992	1993	1994	1995	1996
(In millions of balboas at current prices)
Total domestic demand					6,631.6	7,198.9	7,577.8	7,986.8	8,229.8
Consumption					5,324.5	5,449.9	5,681.1	5,913.0	6,284.2
	Public				1,324.7	1,543.2	1,525.6	1,595.1	1,650.5
	Private				3,999.8	3,906.7	4,155.5	4,317.9	4,633.7
Gross domestic investment					1,307.1	1,749.0	1,896.7	2,073.8	1,945.6
			Public		208.6	288.8	266.7	272.0	313.4
			Private ^1/		1,098.5	1,460.2	1,630.0	1,801.8	1,632.2
Balance of trade (goods and nonfactor services)					9.8	53.8	156.2	−80.7	13.8
	Excluding the Colon Free Zone				−126.4	−212.7	−255.3	−231.3	−344.4
			Exports of goods and nonfactor services		2,480.7	2,715.2	3,074.7	2,990.3	3,117.0
				Excluding the Colon Free Zone	1,890.8	1,999.0	2,143.0	2,322.5	2,312.8
			Imports of goods and nonfactor services		2,470.9	2,661.4	2,918.5	3,071.0	3,103.2
				Excluding the Colon Free Zone	2,017.2	2,211.6	2,398.3	2,553.8	2,657.2
Gross domestic product at current market prices					6,641.4	7,252.7	7,733.9	7,906.1	8,243.6
(In percent of GDP)
Total domestic demand					99.9	99.3	98.0	101.0	99.8
Consumption					80.2	75.1	73.5	74.8	76.2
	Public				19.9	21.3	19.7	20.2	20.0
	Private				60.2	53.9	53.7	54.6	56.2
Gross domestic investment					19.7	24.1	24.5	26.2	23.6
		Public			3.1	4.0	3.4	3.4	3.8
		Private ^1/			16.5	20.1	22.8	22.8	19.8
Balance of trade (goods and nonfactor services)					0.1	0.7	2.0	−1.0	0.2
		Excluding the Colon Free Zone			−1.9	−2.9	−3.3	−2.9	−4.2
			Exports of goods and nonfactor services		37.4	37.4	39.8	37.8	37.8
				Excluding the Colon Free Zone	28.5	27.6	27.7	29.4	28.1
			Imports of goods and nonfactor services		37.2	36.7	37.7	38.8	37.6
				Excluding the Colon Free Zone	30.4	30.5	31.0	32.3	32.2
Gross domestic product at current market prices					100.0	100.0	100.0	100.0	100.0
(Annual percent change)
Total domestic demand					14.4	8.6	5.3	5.4	3.0
Consumption					8.1	2.4	4.2	4.1	6.3
	Public				23.2	16.5	−1.1	4.6	3.5
	Private				3.8	−2.3	6.4	3.9	7.3
Gross domestic investment					49.9	33.8	8.4	9.3	−6.2
	Public				87.9	38.4	−7.7	2.0	15.2
	Private ^1/				44.4	32.9	11.6	10.5	−9.4
Balance of trade (goods and nonfactor services)					−77.4	450.9	190.2	−151.7	−117.1
		Excluding the Colon Free Zone			−298.1	68.3	20.0	−9.4	48.9
			Exports of goods and nonfactor services		13.4	9.5	13.2	−2.7	4.2
				Excluding the Colon Free Zone	5.6	5.7	7.2	8.4	−0.4
			Imports of goods and nonfactor services		15.3	7.7	9.7	5.2	1.0
				Excluding the Colon Free Zone	16.8	9.6	8.4	6.5	4.0
Gross domestic product at current market prices					13.7	9.2	6.6	2.2	4.3

Source: Office of the Comptroller General; and Fund staff estimates.

^{^1/}Includes changes in inventories.

Table 2.

Panama: National Accounts by Use

					1992	1993	1994	1995	1996
(In millions of balboas at current prices)
Total domestic demand					6,631.6	7,198.9	7,577.8	7,986.8	8,229.8
Consumption					5,324.5	5,449.9	5,681.1	5,913.0	6,284.2
	Public				1,324.7	1,543.2	1,525.6	1,595.1	1,650.5
	Private				3,999.8	3,906.7	4,155.5	4,317.9	4,633.7
Gross domestic investment					1,307.1	1,749.0	1,896.7	2,073.8	1,945.6
			Public		208.6	288.8	266.7	272.0	313.4
			Private ^1/		1,098.5	1,460.2	1,630.0	1,801.8	1,632.2
Balance of trade (goods and nonfactor services)					9.8	53.8	156.2	−80.7	13.8
	Excluding the Colon Free Zone				−126.4	−212.7	−255.3	−231.3	−344.4
			Exports of goods and nonfactor services		2,480.7	2,715.2	3,074.7	2,990.3	3,117.0
				Excluding the Colon Free Zone	1,890.8	1,999.0	2,143.0	2,322.5	2,312.8
			Imports of goods and nonfactor services		2,470.9	2,661.4	2,918.5	3,071.0	3,103.2
				Excluding the Colon Free Zone	2,017.2	2,211.6	2,398.3	2,553.8	2,657.2
Gross domestic product at current market prices					6,641.4	7,252.7	7,733.9	7,906.1	8,243.6
(In percent of GDP)
Total domestic demand					99.9	99.3	98.0	101.0	99.8
Consumption					80.2	75.1	73.5	74.8	76.2
	Public				19.9	21.3	19.7	20.2	20.0
	Private				60.2	53.9	53.7	54.6	56.2
Gross domestic investment					19.7	24.1	24.5	26.2	23.6
		Public			3.1	4.0	3.4	3.4	3.8
		Private ^1/			16.5	20.1	22.8	22.8	19.8
Balance of trade (goods and nonfactor services)					0.1	0.7	2.0	−1.0	0.2
		Excluding the Colon Free Zone			−1.9	−2.9	−3.3	−2.9	−4.2
			Exports of goods and nonfactor services		37.4	37.4	39.8	37.8	37.8
				Excluding the Colon Free Zone	28.5	27.6	27.7	29.4	28.1
			Imports of goods and nonfactor services		37.2	36.7	37.7	38.8	37.6
				Excluding the Colon Free Zone	30.4	30.5	31.0	32.3	32.2
Gross domestic product at current market prices					100.0	100.0	100.0	100.0	100.0
(Annual percent change)
Total domestic demand					14.4	8.6	5.3	5.4	3.0
Consumption					8.1	2.4	4.2	4.1	6.3
	Public				23.2	16.5	−1.1	4.6	3.5
	Private				3.8	−2.3	6.4	3.9	7.3
Gross domestic investment					49.9	33.8	8.4	9.3	−6.2
	Public				87.9	38.4	−7.7	2.0	15.2
	Private ^1/				44.4	32.9	11.6	10.5	−9.4
Balance of trade (goods and nonfactor services)					−77.4	450.9	190.2	−151.7	−117.1
		Excluding the Colon Free Zone			−298.1	68.3	20.0	−9.4	48.9
			Exports of goods and nonfactor services		13.4	9.5	13.2	−2.7	4.2
				Excluding the Colon Free Zone	5.6	5.7	7.2	8.4	−0.4
			Imports of goods and nonfactor services		15.3	7.7	9.7	5.2	1.0
				Excluding the Colon Free Zone	16.8	9.6	8.4	6.5	4.0
Gross domestic product at current market prices					13.7	9.2	6.6	2.2	4.3

Source: Office of the Comptroller General; and Fund staff estimates.

^{^1/}Includes changes in inventories.

Table 3.

Panama: Saving and Investment

Sources: Office of the Comptroller General; and Fund staff estimates.

Table 3.

Panama: Saving and Investment

		1992	1993	1994	1995	1996
(In millions of balboas)
Gross domestic investment		1,307.1	1,749.0	1,896.7	2,073.8	1,945.6
Fixed capital formation		1,212.1	1,723.8	1,873.2	1,972.7	2,069.3
	Public sector	208.6	288.8	266.7	272.0	313.4
	Private sector	1,003.5	1,435.0	1,606.5	1,700.7	1,755.9
Changes in inventories		95.0	25.2	23.5	101.1	−123.7
Gross national saving		1,024.3	1,592.6	1,866.4	1,804.5	1,813.3
Public sector saving		309.0	187.8	290.2	278.6	342.5
Private sector saving		715.3	1,404.8	1,576.2	1,525.9	1,470.8
Foreign saving		282.9	156.4	30.3	269.3	132.3
(In percent of GDP)
Gross domestic investment		19.7	24.1	24.5	26.2	23.6
Fixed capital formation		18.3	23.8	24.2	25.0	25.1
	Public sector	3.1	4.0	3.4	3.4	3.8
	Private sector	15.1	19.8	20.8	21.5	21.3
Changes in inventories		1.4	0.3	0.3	1.3	−1.5
Gross national saving		15.4	22.0	24.1	22.8	22.0
Public sector saving		4.7	2.6	3.8	3.5	4.2
Private sector saving		10.8	19.4	20.4	19.3	17.8
Foreign saving		4.3	2.2	0.4	3.4	1.6

Sources: Office of the Comptroller General; and Fund staff estimates.

Table 3.

Panama: Saving and Investment

		1992	1993	1994	1995	1996
(In millions of balboas)
Gross domestic investment		1,307.1	1,749.0	1,896.7	2,073.8	1,945.6
Fixed capital formation		1,212.1	1,723.8	1,873.2	1,972.7	2,069.3
	Public sector	208.6	288.8	266.7	272.0	313.4
	Private sector	1,003.5	1,435.0	1,606.5	1,700.7	1,755.9
Changes in inventories		95.0	25.2	23.5	101.1	−123.7
Gross national saving		1,024.3	1,592.6	1,866.4	1,804.5	1,813.3
Public sector saving		309.0	187.8	290.2	278.6	342.5
Private sector saving		715.3	1,404.8	1,576.2	1,525.9	1,470.8
Foreign saving		282.9	156.4	30.3	269.3	132.3
(In percent of GDP)
Gross domestic investment		19.7	24.1	24.5	26.2	23.6
Fixed capital formation		18.3	23.8	24.2	25.0	25.1
	Public sector	3.1	4.0	3.4	3.4	3.8
	Private sector	15.1	19.8	20.8	21.5	21.3
Changes in inventories		1.4	0.3	0.3	1.3	−1.5
Gross national saving		15.4	22.0	24.1	22.8	22.0
Public sector saving		4.7	2.6	3.8	3.5	4.2
Private sector saving		10.8	19.4	20.4	19.3	17.8
Foreign saving		4.3	2.2	0.4	3.4	1.6

Sources: Office of the Comptroller General; and Fund staff estimates.

Table 4.

Panama: Agricultural Production

Source: Office of the Comptroller General.

Table 4.

Panama: Agricultural Production

		1992	1993	1994	1995	1996
(In millions of balboas at 1982 prices)
Total		480.2	480.4	493.3	509.2	515.6
Crops		267.3	259.4	269.0	262.9	258.4
	Rice	31.6	31.8	32.3	33.2	33.9
	Corn	16.3	17.1	17.3	17.6	18.6
	Bananas	138.7	130.5	136.1	126.6	115.7
	Sugarcane	18.8	19.0	19.3	18.2	19.6
	Coffee	13.0	11.8	13.2	15.0	15.0
	Other	48.9	49.2	50.8	52.3	55.6
Livestock		155.2	155.0	157.3	159.3	168.0
Forestry		14.6	14.7	14.6	12.8	12.0
Fish		43.1	51.3	52.4	74.2	77.2
(Annual percent change)
Total		4.4	0.0	2.7	3.2	1.3
Crops		4.6	−3.0	3.7	−2.3	−1.7
Livestock		2.6	−0.2	1.5	1.3	5.5
Forestry		2.8	0.7	−0.7	−12.3	−6.3
Fish		10.5	19.0	2.1	41.6	4.0

Source: Office of the Comptroller General.

Table 4.

Panama: Agricultural Production

		1992	1993	1994	1995	1996
(In millions of balboas at 1982 prices)
Total		480.2	480.4	493.3	509.2	515.6
Crops		267.3	259.4	269.0	262.9	258.4
	Rice	31.6	31.8	32.3	33.2	33.9
	Corn	16.3	17.1	17.3	17.6	18.6
	Bananas	138.7	130.5	136.1	126.6	115.7
	Sugarcane	18.8	19.0	19.3	18.2	19.6
	Coffee	13.0	11.8	13.2	15.0	15.0
	Other	48.9	49.2	50.8	52.3	55.6
Livestock		155.2	155.0	157.3	159.3	168.0
Forestry		14.6	14.7	14.6	12.8	12.0
Fish		43.1	51.3	52.4	74.2	77.2
(Annual percent change)
Total		4.4	0.0	2.7	3.2	1.3
Crops		4.6	−3.0	3.7	−2.3	−1.7
Livestock		2.6	−0.2	1.5	1.3	5.5
Forestry		2.8	0.7	−0.7	−12.3	−6.3
Fish		10.5	19.0	2.1	41.6	4.0

Source: Office of the Comptroller General.

Table 5.

Panama: Value Added in Manufacturing

Source: Office of the Comptroller General.

Table 5.

Panama: Value Added in Manufacturing

	1992	1993	1994	1995	1996
(In millions of balboas at 1982 prices)
Total	554.4	589.5	614.6	615.8	620.3
Food	223.6	227.2	237.1	245.5	249.1
Beverages	49.9	53.1	53.7	52.7	55.6
Tobacco	16.8	21.1	27.8	27.2	28.7
Petroleum products	26.3	21.1	15.1	10.5	19.0
Textiles and garments	41.8	42.8	38.1	34.4	32.0
Leather products and footwear	7.9	10.9	11.6	13.0	11.4
Wood and furniture	24.7	25.3	31.4	31.0	30.7
Paper products	25.2	26.1	29.9	30.6	28.8
Printing and publishing	14.0	14.2	15.2	16.2	13.5
Chemicals, rubber, and plastic products	53.3	58.1	57.6	59.3	56.8
Glass and other mineral products	32.6	45.5	49.9	45.2	41.1
Basic metal industries	8.2	10.8	9.8	10.9	13.7
Metal products, machinery, and equipment	18.6	19.3	21.5	22.7	21.2
Other	11.5	14.0	15.9	16.6	18.7
(Annual percent change)
Total	9.2	6.3	4.3	0.2	0.7
Petroleum products	64.4	−19.8	−28.4	−30.5	81.0
Total (excluding petroleum products)	7.4	7.6	5.5	1.0	−0.7
Food, beverages, and tobacco	4.3	3.8	5.7	2.1	2.5
Other products	15.0	9.1	2.7	−1.9	−1.2

Source: Office of the Comptroller General.

Table 5.

Panama: Value Added in Manufacturing

	1992	1993	1994	1995	1996
(In millions of balboas at 1982 prices)
Total	554.4	589.5	614.6	615.8	620.3
Food	223.6	227.2	237.1	245.5	249.1
Beverages	49.9	53.1	53.7	52.7	55.6
Tobacco	16.8	21.1	27.8	27.2	28.7
Petroleum products	26.3	21.1	15.1	10.5	19.0
Textiles and garments	41.8	42.8	38.1	34.4	32.0
Leather products and footwear	7.9	10.9	11.6	13.0	11.4
Wood and furniture	24.7	25.3	31.4	31.0	30.7
Paper products	25.2	26.1	29.9	30.6	28.8
Printing and publishing	14.0	14.2	15.2	16.2	13.5
Chemicals, rubber, and plastic products	53.3	58.1	57.6	59.3	56.8
Glass and other mineral products	32.6	45.5	49.9	45.2	41.1
Basic metal industries	8.2	10.8	9.8	10.9	13.7
Metal products, machinery, and equipment	18.6	19.3	21.5	22.7	21.2
Other	11.5	14.0	15.9	16.6	18.7
(Annual percent change)
Total	9.2	6.3	4.3	0.2	0.7
Petroleum products	64.4	−19.8	−28.4	−30.5	81.0
Total (excluding petroleum products)	7.4	7.6	5.5	1.0	−0.7
Food, beverages, and tobacco	4.3	3.8	5.7	2.1	2.5
Other products	15.0	9.1	2.7	−1.9	−1.2

Source: Office of the Comptroller General.

Table 6.

Panama: Electricity Generation and Consumption

(In thousands of gigawatt hours) ^1/

Source: Hydraulic Resources and Electricity Institute (IRHE).

^{^1/}A gigawatt hour is equal to one billion watts being generated or consumed for one hour.

Table 6.

Panama: Electricity Generation and Consumption

(In thousands of gigawatt hours) ^1/

	1992	1993	1994	1995	1996
Net generation	2.90	3.14	3.36	3.52	3.82
Hydro	1.89	2.29	2.39	2.42	3.00
Thermal	1.01	0.85	0.97	1.10	0.82
Total consumption	2.31	2.49	2.67	2.87	2.98
Residential	0.72	0.75	0.79	0.85	0.86
Commercial	0.75	0.84	0.91	1.00	.1.04
Industrial	0.37	0.41	0.43	0.46	0.47
Government	0.42	0.45	0.47	0.53	0.55
Petroterminal	0.02	0.01	0.01	0.01	0.00
Other	0.03	0.03	0.06	0.02	0.06

Source: Hydraulic Resources and Electricity Institute (IRHE).

^{^1/}A gigawatt hour is equal to one billion watts being generated or consumed for one hour.

Table 6.

Panama: Electricity Generation and Consumption

(In thousands of gigawatt hours) ^1/

	1992	1993	1994	1995	1996
Net generation	2.90	3.14	3.36	3.52	3.82
Hydro	1.89	2.29	2.39	2.42	3.00
Thermal	1.01	0.85	0.97	1.10	0.82
Total consumption	2.31	2.49	2.67	2.87	2.98
Residential	0.72	0.75	0.79	0.85	0.86
Commercial	0.75	0.84	0.91	1.00	.1.04
Industrial	0.37	0.41	0.43	0.46	0.47
Government	0.42	0.45	0.47	0.53	0.55
Petroterminal	0.02	0.01	0.01	0.01	0.00
Other	0.03	0.03	0.06	0.02	0.06

Source: Hydraulic Resources and Electricity Institute (IRHE).

^{^1/}A gigawatt hour is equal to one billion watts being generated or consumed for one hour.

Table 7.

Panama: Private Sector Construction Permits, District of Panama

(In thousands of square meters)

Source: Office of the Comptroller General.

Table 7.

Panama: Private Sector Construction Permits, District of Panama

(In thousands of square meters)

	1992	1993	1994	1995	1996
Total	703.2	968.9	912.4	827.9	911.9
Residential	449.9	706.7	550.4	505.8	425.5
Commercial	195.9	228.9	299.7	277.0	430.7
Industrial	44.1	29.0	14.8	14.4	27.0
Other	13.3	4.3	47.5	30.7	28.7

Source: Office of the Comptroller General.

Table 7.

Panama: Private Sector Construction Permits, District of Panama

(In thousands of square meters)

	1992	1993	1994	1995	1996
Total	703.2	968.9	912.4	827.9	911.9
Residential	449.9	706.7	550.4	505.8	425.5
Commercial	195.9	228.9	299.7	277.0	430.7
Industrial	44.1	29.0	14.8	14.4	27.0
Other	13.3	4.3	47.5	30.7	28.7

Source: Office of the Comptroller General.

Table 8.

Panama: Domestic Sales of Petroleum

Sources: Office of the Comptroller General; and Ministry of Commerce and Industry.

^{^1/}Includes marine diesel.

Table 8.

Panama: Domestic Sales of Petroleum

	1992	1993	1994	1995	1996
(In millions of U.S. dollars)
Domestic sales	262.3	190.6	200.0	222.5	255.8
Gasoline	90.7	58.6	59.9	69.0	80.5
Diesel	109.7	79.9	88.5	93.7	103.8
Fuel oil	23.1	22.8	27.3	34.3	39.8
Kerosene	2.9	2.3	2.2	2.1	2.0
LP gas	16.0	16.3	17.3	19.4	22.1
Other products ^1/	19.9	10.7	4.8	4.0	7.6
(In millions of barrels)
Domestic sales	8.0	8.3	9.0	9.7	9.8
Gasoline	2.0	2.3	2.4	2.6	2.7
Diesel	2.9	3.1	3.7	4.1	3.6
Fuel oil	1.4	1.5	1.7	1.8	1.9
Kerosene	0.1	0.1	0.1	0.1	0.1
LP gas	0.8	0.8	0.9	0.9	1.0
Other products ^1/	0.8	0.5	0.2	0.2	0.5

Sources: Office of the Comptroller General; and Ministry of Commerce and Industry.

^{^1/}Includes marine diesel.

Table 8.

Panama: Domestic Sales of Petroleum

	1992	1993	1994	1995	1996
(In millions of U.S. dollars)
Domestic sales	262.3	190.6	200.0	222.5	255.8
Gasoline	90.7	58.6	59.9	69.0	80.5
Diesel	109.7	79.9	88.5	93.7	103.8
Fuel oil	23.1	22.8	27.3	34.3	39.8
Kerosene	2.9	2.3	2.2	2.1	2.0
LP gas	16.0	16.3	17.3	19.4	22.1
Other products ^1/	19.9	10.7	4.8	4.0	7.6
(In millions of barrels)
Domestic sales	8.0	8.3	9.0	9.7	9.8
Gasoline	2.0	2.3	2.4	2.6	2.7
Diesel	2.9	3.1	3.7	4.1	3.6
Fuel oil	1.4	1.5	1.7	1.8	1.9
Kerosene	0.1	0.1	0.1	0.1	0.1
LP gas	0.8	0.8	0.9	0.9	1.0
Other products ^1/	0.8	0.5	0.2	0.2	0.5

Sources: Office of the Comptroller General; and Ministry of Commerce and Industry.

^{^1/}Includes marine diesel.

Table 9.

Panama: Labor Force Statistics

Sources: Ministry of Labor, and Office of the Comptroller General.

^{^1/}Excludes indigenous population and collective housing, but includes employees in the formal and informal sectors, employers, and the self-employed.

^{^2/}Total labor force as percent of the working-age population.

^{^3/}Employed labor force as percent of the working-age population.

^{^4/}Includes the cities of Panama and Colon.

Table 9.

Panama: Labor Force Statistics

			1992	1993	1994	1995	1996
(Thousands of persons)
Total population			2,4883	2,535.0	2,582.6	2,631.0	2,674.5
Working-age population			1,520.7	1,557.9	1,594.7	1,632.4	1,670.2
Total labor force ^1/			915.9	9403	9673	1,007.9	1,012.1
Employment			781.6	815.6	831.8	866.7	867.2
Agriculture and mining			197.1	189.3	167.9	181.9	176.0
Manufacturing			78.9	84.4	89.5	92.6	94.0
Public utilities			9.6	8.6	9.3	8.8	9.1
Construction			42.3	49.5	52.5	53.6	54.9
Commerce			128.7	135.0	146.1	152.1	153.0
Banking			16.0	17.9	19.4	19.7	22.1
Transport and communication			49.9	59.3	60.7	63.4	59.0
Other services			259.1	271.5	286.4	294.6	299.1
Unemployment			134.4	124.7	135.5	1413	144.9
Memorandum items
Number of employed by:
	Public sector		152.9	156.6	163.3	161.4	160.2
	Private business		292.1	323.4	340.4	354.3	359.4
	Self-employed		237.8	236.1	232.8	247.0	250.3
	Other		98.8	99.4	95.4	103.9	97.3
(Annual percent change)
Total population			1.9	1.9	1.9	1.9	1.7
Working age population			2.7	2.4	2.4	2.4	2.3
Labor force			7.6	2.9	2.9	4.2	0.4
	Employed		9.3	4.7	2.0	4.2	0.1
	Unemployed		−1.1	−7.2	8.7	4.3	2.5
(In percent)
Labor force participation rate ^2/			60.2	60.4	60.7	61.7	60.6
Employment ratio ^3/			51.4	52.4	52.2	53.1	51.9
Unemployment rate			14.7	13.3	14.0	14.0	14.3
	Of which:
		Metropolitan areas ^4/	17.5	15.6	16.0	16.6	16.9

Sources: Ministry of Labor, and Office of the Comptroller General.

^{^1/}Excludes indigenous population and collective housing, but includes employees in the formal and informal sectors, employers, and the self-employed.

^{^2/}Total labor force as percent of the working-age population.

^{^3/}Employed labor force as percent of the working-age population.

^{^4/}Includes the cities of Panama and Colon.

Table 9.

Panama: Labor Force Statistics

			1992	1993	1994	1995	1996
(Thousands of persons)
Total population			2,4883	2,535.0	2,582.6	2,631.0	2,674.5
Working-age population			1,520.7	1,557.9	1,594.7	1,632.4	1,670.2
Total labor force ^1/			915.9	9403	9673	1,007.9	1,012.1
Employment			781.6	815.6	831.8	866.7	867.2
Agriculture and mining			197.1	189.3	167.9	181.9	176.0
Manufacturing			78.9	84.4	89.5	92.6	94.0
Public utilities			9.6	8.6	9.3	8.8	9.1
Construction			42.3	49.5	52.5	53.6	54.9
Commerce			128.7	135.0	146.1	152.1	153.0
Banking			16.0	17.9	19.4	19.7	22.1
Transport and communication			49.9	59.3	60.7	63.4	59.0
Other services			259.1	271.5	286.4	294.6	299.1
Unemployment			134.4	124.7	135.5	1413	144.9
Memorandum items
Number of employed by:
	Public sector		152.9	156.6	163.3	161.4	160.2
	Private business		292.1	323.4	340.4	354.3	359.4
	Self-employed		237.8	236.1	232.8	247.0	250.3
	Other		98.8	99.4	95.4	103.9	97.3
(Annual percent change)
Total population			1.9	1.9	1.9	1.9	1.7
Working age population			2.7	2.4	2.4	2.4	2.3
Labor force			7.6	2.9	2.9	4.2	0.4
	Employed		9.3	4.7	2.0	4.2	0.1
	Unemployed		−1.1	−7.2	8.7	4.3	2.5
(In percent)
Labor force participation rate ^2/			60.2	60.4	60.7	61.7	60.6
Employment ratio ^3/			51.4	52.4	52.2	53.1	51.9
Unemployment rate			14.7	13.3	14.0	14.0	14.3
	Of which:
		Metropolitan areas ^4/	17.5	15.6	16.0	16.6	16.9

Sources: Ministry of Labor, and Office of the Comptroller General.

^{^1/}Excludes indigenous population and collective housing, but includes employees in the formal and informal sectors, employers, and the self-employed.

^{^2/}Total labor force as percent of the working-age population.

^{^3/}Employed labor force as percent of the working-age population.

^{^4/}Includes the cities of Panama and Colon.

Table 10.

Panama: Average Prices Received by Farmers

Source: Office of the Comptroller General.

^{^1/}First grade.

^{^2/}Colorado or Chiricano.

^{^3/}Deflated by the agricultural wholesale price index.

Table 10.

Panama: Average Prices Received by Farmers

	1992	1993	1994	1995	1996
(In balboas per unit)
Rice (100 lb.) ^1/	11.69	12.12	12.56	12.87	11.91
Corn (100 lb.)	12.30	11.71	11.67	11.86	12.34
Beans (100 lb.) ^2/	32.97	33.50	33.12	35.13	32.77
Potatoes (100 lb.)	15.17	18.88	26.29	23.40	24.70
Bananas (stalk)	2.57	2.46	2.66	2.17	2.61
Chicken (live, lb.)	1.23	1.20	1.23	1.24	1.21
Milk, fresh (bottle)	0.39	0.30	0.30	0.29	0.27
(In 1987 prices) ^3/
Rice (100 lb.) ^1/	10.62	10.95	11.07	11.37	10.73
Corn (100 lb.)	11.18	10.58	10.29	10.48	11.11
Beans (100 lb.) ^2/	29.97	30.27	29.19	31.04	29.52
Potatoes (100 lb.)	13.79	17.06	23.17	20.68	22.25
Bananas stalk	2.34	2.22	2.34	1.92	2.35
Chicken (live, lb.)	1.12	1.08	1.08	1.10	1.09
Milk, fresh (bottle)	0.35	0.27	0.26	0.26	0.24

Source: Office of the Comptroller General.

^{^1/}First grade.

^{^2/}Colorado or Chiricano.

^{^3/}Deflated by the agricultural wholesale price index.

Table 10.

Panama: Average Prices Received by Farmers

	1992	1993	1994	1995	1996
(In balboas per unit)
Rice (100 lb.) ^1/	11.69	12.12	12.56	12.87	11.91
Corn (100 lb.)	12.30	11.71	11.67	11.86	12.34
Beans (100 lb.) ^2/	32.97	33.50	33.12	35.13	32.77
Potatoes (100 lb.)	15.17	18.88	26.29	23.40	24.70
Bananas (stalk)	2.57	2.46	2.66	2.17	2.61
Chicken (live, lb.)	1.23	1.20	1.23	1.24	1.21
Milk, fresh (bottle)	0.39	0.30	0.30	0.29	0.27
(In 1987 prices) ^3/
Rice (100 lb.) ^1/	10.62	10.95	11.07	11.37	10.73
Corn (100 lb.)	11.18	10.58	10.29	10.48	11.11
Beans (100 lb.) ^2/	29.97	30.27	29.19	31.04	29.52
Potatoes (100 lb.)	13.79	17.06	23.17	20.68	22.25
Bananas stalk	2.34	2.22	2.34	1.92	2.35
Chicken (live, lb.)	1.12	1.08	1.08	1.10	1.09
Milk, fresh (bottle)	0.35	0.27	0.26	0.26	0.24

Source: Office of the Comptroller General.

^{^1/}First grade.

^{^2/}Colorado or Chiricano.

^{^3/}Deflated by the agricultural wholesale price index.

Table 11.

Panama: Selected Price Indices ^1/

(Annual percent change)

Sources: Office of the Comptroller General; and staff estimates.

^{^1/}The consumer and wholesale price indices use 1987 as the reference period.

Table 11.

Panama: Selected Price Indices ^1/

(Annual percent change)

	1992	1993	1994	1995	1996
(Period average)
Consumer price index	1.8	0.5	1.3	0.9	1.3
Wholesale price index	1.9	−0.3	2.0	3.0	2.1
Imports	2.6	1.8	1.9	3.9	3.8
Industrial products	1.4	−2.5	2.2	2.7	1.3
Agricultural products	0.9	0.6	2.5	−0.2	−1.9
GDP deflator	5.1	3.6	3.7	0.5	1.7
(End of period)
Consumer price index	1.6	1.0	1.3	0.8	2.3
Wholesale price index	0.2	0.2	4.4	1.8	3.5
Imports	0.5	1.0	5.1	2.8	6.0
Industrial products	0.3	−1.4	4.4	1.5	2.2
Agricultural products	−2.6	3.4	2.1	−1.0	−0.9

Sources: Office of the Comptroller General; and staff estimates.

^{^1/}The consumer and wholesale price indices use 1987 as the reference period.

Table 11.

Panama: Selected Price Indices ^1/

(Annual percent change)

	1992	1993	1994	1995	1996
(Period average)
Consumer price index	1.8	0.5	1.3	0.9	1.3
Wholesale price index	1.9	−0.3	2.0	3.0	2.1
Imports	2.6	1.8	1.9	3.9	3.8
Industrial products	1.4	−2.5	2.2	2.7	1.3
Agricultural products	0.9	0.6	2.5	−0.2	−1.9
GDP deflator	5.1	3.6	3.7	0.5	1.7
(End of period)
Consumer price index	1.6	1.0	1.3	0.8	2.3
Wholesale price index	0.2	0.2	4.4	1.8	3.5
Imports	0.5	1.0	5.1	2.8	6.0
Industrial products	0.3	−1.4	4.4	1.5	2.2
Agricultural products	−2.6	3.4	2.1	−1.0	−0.9

Sources: Office of the Comptroller General; and staff estimates.

^{^1/}The consumer and wholesale price indices use 1987 as the reference period.

Table 12.

Panama. Consumer Price Index

(1987= 100)

Sources: Office of the Comptroller General; and Fund staff estimates.

Table 12.

Panama. Consumer Price Index

(1987= 100)

		Total	Food	Clothing	Housing	Miscellaneous
(In percent)
Weights:		100.0	34.9	5.1	21.0	39.0
(Period average)
1992		104.6	108.1	110.5	102.8	101.8
1993		105.1	108.4	110.8	103.7	102.2
1994		106.5	110.0	111.5	103.6	104.1
1995		107.5	110.6	110.0	105.4	105.5
1996		108.9	111.4	109.0	108.2	106.9
(End of period)
1992		104.8	108.8	109.5	103.1	101.4
1993		105.8	109.0	111.4	103.4	103.3
1994		107.2	111.7	108.9	104.2	104.5
1995		108.1	111.7	109.4	106.5	105.6
1996		110.6	113.6	108.8	110.2	108.4
1992
	March	104.4	106.8	110.3	103.1	102.1
	June	105.3	109.2	111.0	103.2	102.3
	September	104.6	108.8	110.8	101.5	101.6
	December	104.8	108.8	109.5	103.1	101.4
1993
	March	104.8	107.7	109.9	104.0	101.9
	June	105.1	108.4	111.2	103.9	101.9
	September	104.8	108.1	111.5	103.8	101.6
	December	105.8	109.0	111.4	103.4	103.3
1994
	March	105.8	108.3	112.8	103.5	103.9
	June	106.4	110.1	112.5	103.3	104.0
	September	106.7	110.7	110.4	103.7	104.3
	December	107.2	111.7	108.9	104.2	104.5
1995
	March	107.0	109.5	110.5	104.9	105.4
	June	107.7	110.3	110.6	105.5	106.2
	September	108.0	111.3	109.1	105.4	106.2
	December	108.1	111.7	109.4	106.5	105.6
1996
	March	108.4	111.3	110.2	107.0	106.4
	June	108.3	110.2	107.6	107.9	106.9
	September	109.1	111.9	109.3	108.7	106.9
	December	110.6	113.6	108.8	110.2	108.4
1997
	March	109.9	111.9	108.2	109.7	108.7
	June	110.3	112.0	106.5	110.5	109.1
	September	110.6	112.7	104.4	110.8	109.4

Sources: Office of the Comptroller General; and Fund staff estimates.

Table 12.

Panama. Consumer Price Index

(1987= 100)

		Total	Food	Clothing	Housing	Miscellaneous
(In percent)
Weights:		100.0	34.9	5.1	21.0	39.0
(Period average)
1992		104.6	108.1	110.5	102.8	101.8
1993		105.1	108.4	110.8	103.7	102.2
1994		106.5	110.0	111.5	103.6	104.1
1995		107.5	110.6	110.0	105.4	105.5
1996		108.9	111.4	109.0	108.2	106.9
(End of period)
1992		104.8	108.8	109.5	103.1	101.4
1993		105.8	109.0	111.4	103.4	103.3
1994		107.2	111.7	108.9	104.2	104.5
1995		108.1	111.7	109.4	106.5	105.6
1996		110.6	113.6	108.8	110.2	108.4
1992
	March	104.4	106.8	110.3	103.1	102.1
	June	105.3	109.2	111.0	103.2	102.3
	September	104.6	108.8	110.8	101.5	101.6
	December	104.8	108.8	109.5	103.1	101.4
1993
	March	104.8	107.7	109.9	104.0	101.9
	June	105.1	108.4	111.2	103.9	101.9
	September	104.8	108.1	111.5	103.8	101.6
	December	105.8	109.0	111.4	103.4	103.3
1994
	March	105.8	108.3	112.8	103.5	103.9
	June	106.4	110.1	112.5	103.3	104.0
	September	106.7	110.7	110.4	103.7	104.3
	December	107.2	111.7	108.9	104.2	104.5
1995
	March	107.0	109.5	110.5	104.9	105.4
	June	107.7	110.3	110.6	105.5	106.2
	September	108.0	111.3	109.1	105.4	106.2
	December	108.1	111.7	109.4	106.5	105.6
1996
	March	108.4	111.3	110.2	107.0	106.4
	June	108.3	110.2	107.6	107.9	106.9
	September	109.1	111.9	109.3	108.7	106.9
	December	110.6	113.6	108.8	110.2	108.4
1997
	March	109.9	111.9	108.2	109.7	108.7
	June	110.3	112.0	106.5	110.5	109.1
	September	110.6	112.7	104.4	110.8	109.4

Sources: Office of the Comptroller General; and Fund staff estimates.

Table 13.

Panama: Wholesale Price Index

(1987-100)

Sources: Office of the Comptroller General; and Fund staff estimates.

Table 13.

Panama: Wholesale Price Index

(1987-100)

		Total	Imports	Industrial	Agricultural
(In percent)
Weights		100.0	43.7	45.1	11.2
(Period average)
1992		110.4	112.8	108.3	110.0
1993		110.1	114.8	105.6	110.7
1994		112.4	116.9	107.9	113.5
1995		115.7	121.5	110.8	113.2
1996		118.2	126.2	112.3	111.0
(End of period)
1992		109.1	111.7	106.7	108.3
1993		109.3	112.8	105.2	112.0
1994		114.1	118.6	109.8	114.4
1995		116.2	121.9	111.4	113.2
1996		120.3	129.2	113.8	112.2
1992
	March	108.9	108.9	108.6	110.3
	June	112.4	116.8	108.4	111.2
	September	111.3	113.7	109.3	110.3
	December	109.1	111.7	106.7	108.3
1993
	March	110.0	114.3	106.2	109.1
	June	110.9	116.4	105.8	110.0
	September	110.3	115.6	105.0	111.6
	December	109.3	112.8	105.2	112.0
1994
	March	110.1	114.2	105.9	111.7
	June	112.1	117.1	106.9	114.7
	September	113.2	117.8	108.9	113.0
	December	114.1	118.6	109.8	114.4
1995
	March	114.7	120.0	110.2	112.2
	June	116.0	121.8	111.1	113.7
	September	116.0	122.4	110.6	113.6
	December	116.2	121.9	111.4	113.2
1996
	March	117.8	126.3	111.6	109.9
	June	117.0	124.3	111.4	111.0
	September	117.6	125.0	112.2	111.0
	December	120.3	129.2	113.8	112.2
1997
	March	115.8	121.3	111.7	111.0

Sources: Office of the Comptroller General; and Fund staff estimates.

Table 13.

Panama: Wholesale Price Index

(1987-100)

		Total	Imports	Industrial	Agricultural
(In percent)
Weights		100.0	43.7	45.1	11.2
(Period average)
1992		110.4	112.8	108.3	110.0
1993		110.1	114.8	105.6	110.7
1994		112.4	116.9	107.9	113.5
1995		115.7	121.5	110.8	113.2
1996		118.2	126.2	112.3	111.0
(End of period)
1992		109.1	111.7	106.7	108.3
1993		109.3	112.8	105.2	112.0
1994		114.1	118.6	109.8	114.4
1995		116.2	121.9	111.4	113.2
1996		120.3	129.2	113.8	112.2
1992
	March	108.9	108.9	108.6	110.3
	June	112.4	116.8	108.4	111.2
	September	111.3	113.7	109.3	110.3
	December	109.1	111.7	106.7	108.3
1993
	March	110.0	114.3	106.2	109.1
	June	110.9	116.4	105.8	110.0
	September	110.3	115.6	105.0	111.6
	December	109.3	112.8	105.2	112.0
1994
	March	110.1	114.2	105.9	111.7
	June	112.1	117.1	106.9	114.7
	September	113.2	117.8	108.9	113.0
	December	114.1	118.6	109.8	114.4
1995
	March	114.7	120.0	110.2	112.2
	June	116.0	121.8	111.1	113.7
	September	116.0	122.4	110.6	113.6
	December	116.2	121.9	111.4	113.2
1996
	March	117.8	126.3	111.6	109.9
	June	117.0	124.3	111.4	111.0
	September	117.6	125.0	112.2	111.0
	December	120.3	129.2	113.8	112.2
1997
	March	115.8	121.3	111.7	111.0

Sources: Office of the Comptroller General; and Fund staff estimates.

Table 14.

Panama: Selected Energy Prices

Sources: Hydraulic Resources and Electricity Institute (IRHE); and Ministry of Commerce and Industry.

Table 14.

Panama: Selected Energy Prices

		1992	1993	1994	1995	1996
(Balboas per megawatt hour)
Electricity rates
Weighted average		116.4	115.4	115.5	115.5	112.8
	Residential	123.3	121.0	120.5	120.5	120.5
	Commercial	119.6	119.4	119.2	119.2	119.5
	Industrial	102.6	100.9	100.7	99.4	99.4
	Government	113.8	113.1	103.4	112.7	111.6
(Balboas per gallon)
Petroleum prices
Gasoline premium		1.89	1.59	1.62	1.66	1.78
Gasoline regular		1.81	1.51	1.52	1.62	1.67
Diesel		1.18	1.07	1.13	1.20	1.30
Kerosene		1.10	1.05	1.10	1.18	1.23

Sources: Hydraulic Resources and Electricity Institute (IRHE); and Ministry of Commerce and Industry.

Table 14.

Panama: Selected Energy Prices

		1992	1993	1994	1995	1996
(Balboas per megawatt hour)
Electricity rates
Weighted average		116.4	115.4	115.5	115.5	112.8
	Residential	123.3	121.0	120.5	120.5	120.5
	Commercial	119.6	119.4	119.2	119.2	119.5
	Industrial	102.6	100.9	100.7	99.4	99.4
	Government	113.8	113.1	103.4	112.7	111.6
(Balboas per gallon)
Petroleum prices
Gasoline premium		1.89	1.59	1.62	1.66	1.78
Gasoline regular		1.81	1.51	1.52	1.62	1.67
Diesel		1.18	1.07	1.13	1.20	1.30
Kerosene		1.10	1.05	1.10	1.18	1.23

Sources: Hydraulic Resources and Electricity Institute (IRHE); and Ministry of Commerce and Industry.

Table 15.

Panama: Operations of the Nonfinancial Public Sector

Sources: Office of the Comptroller General; Ministry of Planning and Economic Policy: and Fund staff estimates.

^{^1/}Revenue less current expenditure.

^{^2/}Revenue and grants, less expenditure.

^{^3/}Part year percentages are annualized.

^{^4/}The Trust Fund for Development invests divestment proceeds abroad and transfers its investment income to the central government to finance development projects, including social projects.

Table 15.

Panama: Operations of the Nonfinancial Public Sector

							Jan. - Jun.
		1992	1993	1994	1995	1996	1996	Prel. 1997
(In millions of balboas)
Revenue		2,007.3	2,055.8	2,202.0	2,301.0	2,271.2	1,138.0	1,198.3
General government revenue		1.638.9	1,684.3	1,782.3	1,962.7	1,997.8	978.0	1,036.3
	Central government	1,102.9	1,150.8	1,204.3	1,287.2	1,325.9	657.0	680.4
	Social security agency	484.1	474.6	522.3	586.5	613.5	295.5	324.4
	Rest of general government	51.9	58.9	55.7	89.0	58.4	25.4	31.5
Public enterprises operating
	balance (deficit-)	307.8	335.5	369.3

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Panama: Basic Data