ECONOMIC INFORMATION
Population: 3.0m
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Population growth: 1.49%
Population density (people per sq. km): 40
UN Human Development Index ranking: 61/177
Gross national income (current US$): $12.7bn (2003)
Gross national income per capita: $4,250
PPP Gross national income: $18.8bn
PPP Gross national income per capita: $6,310
GDP growth: 2.3% (2003)
GDP breakdown Agriculture: 5.6%, Industry: 13.56%, Services: 80.85%
Inflation (12-month average): 1.1 (2003)
Gross capital formation as % of GDP: 26.07%
Final consumption expenditure as % of GDP (growth): 77.0% (4.9%)
Exports of goods & services as % of GDP: 27.6%
Top 3 export markets: US, Sweden, Benelux
Local industries: Construction, petroleum refining, brewing, cement & other construction materials, sugar milling
WEF Growth Competitiveness ranking * : 58/104
WEF Business Competitiveness ranking **: 60/103
WEF Quality of the Business Environment ranking: 58/103
Transparency International Corruption Perceptions ranking: 62/145
Languages: Spanish (official), English
FDI INFORMATION
Region: Central America
No. of projects (Jan-Sep 2004): 15
Market-share of projects in the region: 3.3%
Value of projects relative to GDP : 11.5%
Top 3 destination sectors: Financial services, business services, energy
Top 3 business functions: Business services, sales, marketing & support, customer support centre
Top 3 source countries: US, Spain, Mexico
Top 3 investors: Hutchison Whampoa, National Assets Recovery Services, Dell Computer
IPA
Name: Business Panama
Web address: www.businesspanama.com
* World Economic Forum Growth Competitiveness Ranking assesses an economy’s ability to grow consistently
** World Economic Forum Business Competitiveness Ranking assesses the microeconomic factors that contribute to economic growth
*** The difficulty of hiring workers and the difficulty and expense of firing workers is reflected as an index where the higher the value the more rigid the regulations