Australia has a GDP of $1.75T compared to $86.3B for Panama, ranking 13/197 and 77/197 by economy size, respectively.
Australia has $873B in government debt (50.9% of GDP), compared to $48.8B (58.1% of GDP) in Panama.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Australia
|
Panama
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $18,607,682,977 | $204,556,496,021 | $537,147,100 | $3,163,056,542 |
| 1961 | $19,684,003,149 | $209,634,264,252 | $599,026,300 | $3,508,670,914 |
| 1962 | $19,923,683,188 | $212,347,394,916 | $652,120,900 | $3,797,951,597 |
| 1963 | $21,540,963,447 | $225,547,290,344 | $722,784,500 | $4,122,250,662 |
| 1964 | $23,801,123,808 | $241,290,865,664 | $776,137,500 | $4,304,954,186 |
| 1965 | $25,977,284,156 | $255,720,398,205 | $852,485,300 | $4,699,289,550 |
| 1966 | $27,308,964,369 | $261,804,000,642 | $928,833,000 | $5,055,561,577 |
| 1967 | $30,442,724,871 | $278,310,424,155 | $1,034,376,400 | $5,487,960,279 |
| 1968 | $32,714,085,234 | $292,486,739,692 | $1,112,791,100 | $5,870,876,596 |
| 1969 | $36,684,485,870 | $313,093,232,453 | $1,221,305,700 | $6,366,460,137 |
| 1970 | $41,334,726,614 | $335,559,847,086 | $1,351,006,400 | $6,809,516,493 |
| 1971 | $45,217,767,235 | $348,984,184,858 | $1,523,917,200 | $7,464,328,967 |
| 1972 | $52,042,056,075 | $362,631,046,662 | $1,673,411,700 | $7,806,405,169 |
| 1973 | $63,833,440,102 | $372,130,520,890 | $1,913,793,400 | $8,225,164,958 |
| 1974 | $88,965,364,775 | $387,414,341,096 | $2,188,307,600 | $8,426,543,281 |
| 1975 | $97,304,383,449 | $392,589,303,732 | $2,435,304,100 | $8,573,242,611 |
| 1976 | $105,060,616,985 | $402,751,234,563 | $2,588,106,000 | $8,715,940,922 |
| 1977 | $110,352,144,987 | $417,230,643,180 | $2,738,261,900 | $8,811,295,572 |
| 1978 | $118,492,761,338 | $420,958,560,166 | $3,244,558,600 | $9,674,154,373 |
| 1979 | $134,900,602,067 | $438,009,144,461 | $3,704,551,600 | $10,110,918,361 |
| 1980 | $149,987,743,733 | $451,305,594,857 | $4,614,086,400 | $11,433,879,627 |
| 1981 | $176,895,390,688 | $466,379,040,332 | $5,222,421,500 | $12,486,575,137 |
| 1982 | $194,041,708,044 | $481,887,942,318 | $5,769,767,900 | $13,154,414,169 |
| 1983 | $177,267,290,706 | $471,169,061,969 | $5,923,755,900 | $12,563,601,501 |
| 1984 | $193,525,337,526 | $492,813,360,779 | $6,183,387,100 | $12,904,008,989 |
| 1985 | $180,643,265,927 | $518,826,292,325 | $6,541,517,100 | $13,541,755,263 |
| 1986 | $182,481,113,598 | $539,404,649,864 | $6,797,834,200 | $14,024,896,413 |
| 1987 | $189,495,764,955 | $553,211,370,887 | $6,827,665,300 | $13,771,178,256 |
| 1988 | $236,161,314,544 | $585,064,279,421 | $5,902,783,400 | $11,928,616,118 |
| 1989 | $299,875,906,679 | $607,725,922,301 | $5,918,469,800 | $12,114,970,567 |
| 1990 | $311,426,665,220 | $629,466,776,080 | $6,433,967,000 | $13,096,161,186 |
| 1991 | $325,975,319,456 | $627,060,575,116 | $7,074,675,500 | $14,329,689,364 |
| 1992 | $325,525,379,567 | $629,746,209,994 | $8,042,337,700 | $15,504,964,654 |
| 1993 | $312,133,923,553 | $655,230,327,244 | $8,782,585,400 | $16,350,875,888 |
| 1994 | $322,806,641,301 | $681,311,039,100 | $9,365,289,800 | $16,816,899,903 |
| 1995 | $368,166,023,166 | $707,786,283,507 | $9,573,813,700 | $17,111,477,972 |
| 1996 | $401,341,880,621 | $735,134,359,250 | $9,197,503,300 | $16,124,998,545 |
| 1997 | $435,642,611,297 | $763,901,984,858 | $10,058,854,400 | $17,368,081,133 |
| 1998 | $399,674,421,759 | $799,524,373,775 | $11,019,557,700 | $18,824,824,096 |
| 1999 | $389,652,212,057 | $839,721,933,538 | $11,660,704,800 | $19,805,907,259 |
| 2000 | $416,167,815,093 | $872,651,653,770 | $11,966,497,000 | $20,639,538,981 |
| 2001 | $379,629,301,675 | $890,323,770,708 | $12,252,906,300 | $20,835,595,644 |
| 2002 | $395,788,696,012 | $925,754,967,999 | $12,800,851,300 | $21,358,328,178 |
| 2003 | $467,739,079,790 | $954,367,849,882 | $13,603,456,000 | $22,446,932,329 |
| 2004 | $614,659,980,083 | $994,683,066,031 | $15,100,203,400 | $24,282,115,702 |
| 2005 | $695,692,898,677 | $1,026,057,036,344 | $16,623,906,700 | $26,291,748,117 |
| 2006 | $748,417,562,770 | $1,054,328,458,936 | $18,659,721,500 | $28,883,388,489 |
| 2007 | $855,007,458,585 | $1,094,111,663,604 | $21,717,433,800 | $32,682,439,460 |
| 2008 | $1,056,112,427,190 | $1,133,349,428,617 | $25,721,328,000 | $36,015,209,193 |
| 2009 | $928,762,122,698 | $1,154,798,699,180 | $27,791,215,500 | $36,595,725,406 |
| 2010 | $1,148,838,233,481 | $1,180,435,002,407 | $30,231,009,500 | $38,818,327,826 |
| 2011 | $1,398,610,616,773 | $1,208,849,019,422 | $35,687,738,300 | $43,441,154,828 |
| 2012 | $1,547,532,281,116 | $1,256,196,122,894 | $41,595,439,700 | $47,623,362,287 |
| 2013 | $1,577,123,329,411 | $1,288,884,775,424 | $46,949,496,500 | $50,635,232,251 |
| 2014 | $1,468,265,356,428 | $1,322,334,997,273 | $51,427,104,900 | $52,977,523,790 |
| 2015 | $1,351,296,372,254 | $1,351,296,372,254 | $55,767,806,100 | $55,767,806,100 |
| 2016 | $1,206,836,962,282 | $1,388,583,854,796 | $59,760,858,700 | $58,317,491,836 |
| 2017 | $1,325,582,658,157 | $1,420,237,898,461 | $64,327,688,800 | $61,667,283,244 |
| 2018 | $1,427,809,041,019 | $1,461,119,016,244 | $67,316,471,200 | $64,083,529,549 |
| 2019 | $1,392,723,834,563 | $1,492,847,874,024 | $69,778,991,200 | $66,072,084,975 |
| 2020 | $1,328,414,058,378 | $1,491,062,566,267 | $57,059,846,500 | $54,297,226,766 |
| 2021 | $1,556,735,770,437 | $1,522,541,404,228 | $67,396,392,500 | $63,238,418,925 |
| 2022 | $1,690,858,246,994 | $1,587,133,480,805 | $76,276,116,700 | $70,048,985,345 |
| 2023 | $1,728,057,316,696 | $1,641,762,491,419 | $83,318,176,900 | $75,232,121,008 |
| 2024 | $1,752,193,307,380 | $1,665,257,959,985 | $86,260,400,000 | $77,385,013,513 |
Economic indicators
|
Australia
|
Panama
|
|
|---|---|---|
| Gross domestic product |
$1.75T
2024 |
$86.3B
2024 |
| GDP rank |
13/197
2024 |
77/197
2024 |
| GDP growth |
1.4%
2023-2024 |
3.53%
2023-2024 |
| GDP per capita |
$64,407
2024 |
$19,103
2024 |
| GDP per capita rank |
14/197
2024 |
61/197
2024 |
| GDP per capita, PPP |
$71,193
2024 |
$41,405
2024 |
| Government debt |
$873B
2024 |
$48.8B
2024 |
| Debt-to-GDP ratio |
50.9%
2025 |
58.1%
2025 |
| Government debt per person |
$32,093
2024 |
$10,816
2024 |
| Government debt per person rank |
22/185
2024 |
55/185
2024 |
| Average annual personal income after taxes |
$45,914
2025 |
$10,503
2025 |
| Market capitalization of domestic companies |
$1.74T
2024 |
$18.3B
2024 |
| Number of millionaires |
1,936,114
2024 |
n/a |
| Number of billionaires |
47
2025 |
n/a |
| Income share by richest 10% |
25.5%
2020 |
37.6%
2024 |
| Income share by poorest 10% |
2.7%
2020 |
1.2%
2024 |
| Government expenditure, % of GDP |
38.8%
2025 |
21.8%
2025 |
| Consumer prices inflation |
3.16%
2023-2024 |
0.69%
2023-2024 |
| Central bank interest rate |
3.6%
2025 |
n/a |
| Unemployment rate |
3.94%
2024 |
8.61%
2024 |
| Population |
27677455
|
4614993
|
GDP per capita in Australia vs Panama
Australia's GDP per capita is $64,407, ranking 14/197, compared to $19,103 in Panama, ranking 61/197. Adjusted for purchasing power (GDP per capita PPP), Australia ranks 23rd at $71,193, while Panama ranks 55th at $41,405.
| Year | Current $ | |||
|---|---|---|---|---|
|
Australia
|
Panama
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $1,811 | - | $477 | - |
| 1961 | $1,878 | - | $516 | - |
| 1962 | $1,855 | - | $546 | - |
| 1963 | $1,967 | - | $587 | - |
| 1964 | $2,131 | - | $611 | - |
| 1965 | $2,281 | - | $651 | - |
| 1966 | $2,344 | - | $689 | - |
| 1967 | $2,580 | - | $745 | - |
| 1968 | $2,724 | - | $778 | - |
| 1969 | $2,991 | - | $830 | - |
| 1970 | $3,305 | - | $893 | - |
| 1971 | $3,495 | - | $979 | - |
| 1972 | $3,949 | - | $1,046 | - |
| 1973 | $4,771 | - | $1,164 | - |
| 1974 | $6,483 | - | $1,296 | - |
| 1975 | $7,004 | - | $1,406 | - |
| 1976 | $7,487 | - | $1,457 | - |
| 1977 | $7,776 | - | $1,503 | - |
| 1978 | $8,253 | - | $1,738 | - |
| 1979 | $9,295 | - | $1,938 | - |
| 1980 | $10,209 | - | $2,357 | - |
| 1981 | $11,854 | - | $2,605 | - |
| 1982 | $12,779 | - | $2,811 | - |
| 1983 | $11,516 | - | $2,819 | - |
| 1984 | $12,422 | - | $2,875 | - |
| 1985 | $11,442 | - | $2,972 | - |
| 1986 | $11,392 | - | $3,019 | - |
| 1987 | $11,651 | - | $2,966 | - |
| 1988 | $14,285 | - | $2,509 | - |
| 1989 | $17,834 | - | $2,462 | - |
| 1990 | $18,249 | $17,381 | $2,620 | $5,137 |
| 1991 | $18,860 | $17,836 | $2,821 | $5,688 |
| 1992 | $18,624 | $18,254 | $3,140 | $6,165 |
| 1993 | $17,700 | $19,216 | $3,358 | $6,518 |
| 1994 | $18,130 | $20,171 | $3,508 | $6,708 |
| 1995 | $20,448 | $21,039 | $3,514 | $6,828 |
| 1996 | $22,022 | $22,132 | $3,308 | $6,421 |
| 1997 | $23,647 | $23,125 | $3,546 | $6,895 |
| 1998 | $21,479 | $24,378 | $3,808 | $7,408 |
| 1999 | $20,713 | $25,485 | $3,950 | $7,749 |
| 2000 | $21,870 | $26,542 | $3,975 | $8,097 |
| 2001 | $19,696 | $27,646 | $3,992 | $8,197 |
| 2002 | $20,302 | $29,032 | $4,091 | $8,370 |
| 2003 | $23,718 | $30,122 | $4,265 | $8,801 |
| 2004 | $30,837 | $31,764 | $4,645 | $9,592 |
| 2005 | $34,480 | $33,037 | $5,018 | $10,511 |
| 2006 | $36,596 | $34,847 | $5,529 | $11,685 |
| 2007 | $41,052 | $36,654 | $6,318 | $13,333 |
| 2008 | $49,701 | $37,533 | $7,348 | $14,705 |
| 2009 | $42,817 | $40,312 | $7,797 | $14,766 |
| 2010 | $52,145 | $39,373 | $8,331 | $15,573 |
| 2011 | $62,606 | $42,023 | $9,662 | $17,474 |
| 2012 | $68,073 | $42,863 | $11,065 | $19,473 |
| 2013 | $68,191 | $45,931 | $12,273 | $21,924 |
| 2014 | $62,544 | $46,904 | $13,213 | $24,376 |
| 2015 | $56,739 | $46,264 | $14,083 | $27,245 |
| 2016 | $49,888 | $47,260 | $14,832 | $30,277 |
| 2017 | $53,902 | $48,371 | $15,695 | $33,533 |
| 2018 | $57,196 | $50,184 | $16,151 | $32,464 |
| 2019 | $54,973 | $52,673 | $16,478 | $33,240 |
| 2020 | $51,792 | $53,984 | $13,291 | $27,017 |
| 2021 | $60,608 | $58,182 | $15,510 | $30,933 |
| 2022 | $64,997 | $65,872 | $17,332 | $36,245 |
| 2023 | $64,836 | $70,513 | $18,686 | $39,803 |
| 2024 | $64,407 | $71,193 | $19,103 | $41,405 |
Spending and national debt comparison
In 2024, Australia's government spending was $672B, accounting for 38.8% of its GDP, while Panama's spent $19.7B, or 21.8% of GDP.
Debt-to-GDP ratio is 50.9% in Australia and 58.1% in Panama, ranking 108/185 and 91/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Australia
|
Panama
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1960 | 21.8% | 48.2% | 16.6% | 21% |
| 1961 | 23.3% | 49.3% | 18.9% | 20.5% |
| 1962 | 22.7% | 50.2% | 16.4% | 19.8% |
| 1963 | 23% | 47.5% | 19.1% | 22.6% |
| 1964 | 23.5% | 44.9% | 14.1% | 20% |
| 1965 | 25.8% | 43.7% | 13.2% | 18.7% |
| 1966 | 25.6% | 42.4% | 14% | 17.9% |
| 1967 | 26.4% | 40.5% | 14.9% | 17.8% |
| 1968 | 25.3% | 39.4% | 14.2% | 18% |
| 1969 | 24.7% | 36.7% | 20.5% | 23.2% |
| 1970 | 25.3% | 34.9% | 22.4% | 25.7% |
| 1971 | 26.1% | 32.2% | 15% | 26.2% |
| 1972 | 27% | 30.7% | 15.6% | 29.5% |
| 1973 | 26.6% | 27.3% | 14.4% | 32.6% |
| 1974 | 30.9% | 22.3% | 15.3% | 37.6% |
| 1975 | 33% | 23.6% | 15.3% | 52.6% |
| 1976 | 33.3% | 22.9% | 15.9% | 69.7% |
| 1977 | 34.1% | 23.6% | 16.9% | 77.7% |
| 1978 | 33.2% | 24.7% | 27.6% | 83.1% |
| 1979 | 32.5% | 22.8% | 35% | 78.9% |
| 1980 | 33.2% | 21.2% | 30.5% | 69.4% |
| 1981 | 33.4% | 19.1% | 30.7% | 68.7% |
| 1982 | 36.7% | 16.8% | 48% | 80.9% |
| 1983 | 37% | 21% | 44.6% | 86.6% |
| 1984 | 38.4% | 22.3% | 44% | 82.5% |
| 1985 | 38.7% | 24% | 39.7% | 82.5% |
| 1986 | 38.4% | 25.5% | 38.6% | 84% |
| 1987 | 36% | 25.2% | 40.1% | 92.2% |
| 1988 | 34.6% | 20.5% | 41.8% | 105% |
| 1989 | 34.5% | 17% | 43% | 104.4% |
| 1990 | 30.5% | 16.4% | 41.5% | 112.7% |
| 1991 | 33.1% | 21.6% | 20.9% | 103.7% |
| 1992 | 34.1% | 27.6% | 27.8% | 91.2% |
| 1993 | 34.1% | 30.7% | 33.8% | 83.6% |
| 1994 | 33.7% | 31.7% | 25.2% | 78.4% |
| 1995 | 33.7% | 31.1% | 25.9% | 76.7% |
| 1996 | 33.5% | 29.3% | 21.5% | 65% |
| 1997 | 32.8% | 25.9% | 22.2% | 60.2% |
| 1998 | 34.6% | 23.7% | 23.4% | 58.1% |
| 1999 | 36.2% | 22.5% | 23% | 55.1% |
| 2000 | 35.2% | 19.5% | 22.8% | 53.6% |
| 2001 | 35.6% | 17.1% | 23.4% | 57.8% |
| 2002 | 34.9% | 15% | 23.5% | 57% |
| 2003 | 34.9% | 13.2% | 24.2% | 56.5% |
| 2004 | 34.8% | 11.9% | 23.3% | 58.8% |
| 2005 | 34.6% | 10.9% | 22.4% | 59.3% |
| 2006 | 34.5% | 9.94% | 21.9% | 54.7% |
| 2007 | 34.3% | 9.67% | 21.8% | 47.4% |
| 2008 | 35.1% | 11.7% | 22.7% | 40% |
| 2009 | 37.8% | 16.6% | 22.7% | 39.1% |
| 2010 | 37% | 20.3% | 24.2% | 38.1% |
| 2011 | 36.3% | 24% | 23.5% | 35.6% |
| 2012 | 36.5% | 27.5% | 22.8% | 34% |
| 2013 | 36.4% | 30.5% | 23.4% | 33.7% |
| 2014 | 36.7% | 34% | 23% | 34.7% |
| 2015 | 37.3% | 37.7% | 21.4% | 34.3% |
| 2016 | 37.3% | 40.6% | 21.3% | 33.6% |
| 2017 | 36.8% | 41.2% | 21.2% | 33.6% |
| 2018 | 36.9% | 41.8% | 21.8% | 35.6% |
| 2019 | 38.9% | 46.7% | 20.7% | 39.9% |
| 2020 | 44.4% | 57.1% | 27.5% | 61.5% |
| 2021 | 41.8% | 55.5% | 23.8% | 54.4% |
| 2022 | 37.5% | 50.2% | 21.3% | 52.7% |
| 2023 | 37.2% | 49% | 21.5% | 51.5% |
| 2024 | 38.3% | 49.8% | 22.8% | 56.6% |
| 2025 | 38.8% | 50.9% | 21.8% | 58.1% |
Government deficit by year
In 2024, Australia's government deficit, the difference between spending and revenue, was -$37.8B, equivalent to -2.16% of GDP. This compares to Panama's deficit of -$6.31B, or -7.32% of GDP.
Over the past 65 years, Australia recorded a fiscal deficit in 53 of those years, while Panama ran a deficit in 57 years. On average, Australia posted an annual deficit equal to -2.02% of GDP, compared to deficit of -3.21% of GDP for Panama.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Australia
|
Panama
|
|
| 1901 | 1.46% | - |
| 1902 | 0.16% | - |
| 1903 | -0.02% | - |
| 1904 | -0.13% | - |
| 1905 | 0.11% | - |
| 1906 | 0.23% | - |
| 1907 | 0.41% | - |
| 1908 | -0.15% | - |
| 1909 | 0.37% | - |
| 1910 | 0.39% | - |
| 1911 | 0.39% | - |
| 1912 | 0.12% | - |
| 1913 | 0% | - |
| 1914 | -0.29% | - |
| 1915 | -1.11% | - |
| 1916 | -3.47% | - |
| 1917 | -4.99% | - |
| 1918 | -4.36% | - |
| 1919 | -4.8% | - |
| 1920 | -2.43% | - |
| 1921 | -2% | - |
| 1922 | -0.94% | - |
| 1923 | -0.33% | - |
| 1924 | -0.5% | - |
| 1925 | -0.26% | - |
| 1926 | -0.31% | - |
| 1927 | -0.5% | - |
| 1928 | -0.69% | - |
| 1929 | -0.53% | - |
| 1930 | -1% | - |
| 1931 | -0.8% | - |
| 1932 | 0.02% | - |
| 1933 | 0.28% | - |
| 1934 | 0.28% | - |
| 1935 | 0.24% | - |
| 1936 | 0.17% | - |
| 1937 | 0.28% | - |
| 1938 | 0.24% | - |
| 1939 | 0.77% | - |
| 1940 | 0.51% | - |
| 1941 | -2.14% | - |
| 1942 | -5.17% | - |
| 1943 | -12.4% | - |
| 1944 | -11.8% | - |
| 1945 | -8.87% | - |
| 1946 | -4.09% | -3.19% |
| 1947 | -0.45% | -1.94% |
| 1948 | 2% | -1.21% |
| 1949 | 0.72% | -1% |
| 1950 | 4.29% | -3.89% |
| 1951 | 1.85% | -2.54% |
| 1952 | -0.44% | -3.84% |
| 1953 | -0.86% | -0.55% |
| 1954 | -0.27% | -0.2% |
| 1955 | 0.08% | -1.33% |
| 1956 | 1% | -3.69% |
| 1957 | -0.33% | -0.89% |
| 1958 | -0.25% | -1.62% |
| 1959 | 0.06% | -3.79% |
| 1960 | 0.47% | -3.05% |
| 1961 | -0.78% | -5.45% |
| 1962 | -0.38% | -3.01% |
| 1963 | -0.26% | -6.71% |
| 1964 | 0.19% | -2.51% |
| 1965 | -1.46% | -1.17% |
| 1966 | -1.77% | -1.18% |
| 1967 | -1.65% | -1.97% |
| 1968 | -0.7% | -1.5% |
| 1969 | 0.53% | -7.56% |
| 1970 | -0.23% | -8.02% |
| 1971 | -0.23% | -0.51% |
| 1972 | -0.97% | -1.17% |
| 1973 | 0.16% | -0.01% |
| 1974 | -2.46% | -0.6% |
| 1975 | -3.47% | -0.74% |
| 1976 | -3.44% | -2.65% |
| 1977 | -4.39% | -1.61% |
| 1978 | -4.19% | -5.21% |
| 1979 | -2.32% | -12.1% |
| 1980 | -2.87% | -5.17% |
| 1981 | -3.25% | -6.77% |
| 1982 | -5.19% | -13.3% |
| 1983 | -5.66% | -7.62% |
| 1984 | -5.48% | -7.56% |
| 1985 | -5.24% | -2.57% |
| 1986 | -3.5% | -1% |
| 1987 | -1.66% | -1.7% |
| 1988 | -0.77% | -13.5% |
| 1989 | -1.29% | -13.6% |
| 1990 | -0.23% | -3.65% |
| 1991 | -2.79% | -0.6% |
| 1992 | -4.74% | -2.62% |
| 1993 | -4.73% | -9.4% |
| 1994 | -3.79% | 2.12% |
| 1995 | -2.6% | 2.31% |
| 1996 | -1.46% | 2.48% |
| 1997 | -0.49% | 1.25% |
| 1998 | -0.25% | -1.11% |
| 1999 | 0.67% | -0.65% |
| 2000 | 1.25% | 2.05% |
| 2001 | -0.03% | -0.42% |
| 2002 | 0.19% | -0.96% |
| 2003 | 1.05% | -2.27% |
| 2004 | 1.32% | -4.33% |
| 2005 | 1.71% | -2.21% |
| 2006 | 1.77% | 0.51% |
| 2007 | 1.47% | 3.12% |
| 2008 | -1.1% | 0.38% |
| 2009 | -4.56% | -0.9% |
| 2010 | -5.12% | -1.68% |
| 2011 | -4.53% | -1.96% |
| 2012 | -3.51% | -1.31% |
| 2013 | -2.81% | -2.38% |
| 2014 | -2.92% | -3.21% |
| 2015 | -2.79% | -2.3% |
| 2016 | -2.42% | -1.89% |
| 2017 | -1.72% | -1.92% |
| 2018 | -1.26% | -2.88% |
| 2019 | -4.41% | -2.89% |
| 2020 | -8.73% | -10.2% |
| 2021 | -6.36% | -6.48% |
| 2022 | -2.18% | -3.98% |
| 2023 | -0.92% | -3.92% |
| 2024 | -2.16% | -7.32% |
| 2025 | -2.58% | -3.95% |
Inflation comparison by year
Over the past 29 years, Australia has recorded an average annual inflation rate of 2.66%, compared with 1.99% in Panama. In 2024, inflation was 3.16% in Australia and 0.69% in Panama.
| Year | Inflation | ||
|---|---|---|---|
|
Australia
|
Panama
|
Australia
|
Panama
|
| 1996 | 2.62% | 1.26% | |
| 1997 | 0.22% | 1.32% | |
| 1998 | 0.86% | 0.56% | |
| 1999 | 1.48% | 1.25% | |
| 2000 | 4.46% | 1.5% | |
| 2001 | 4.41% | 0.31% | |
| 2002 | 2.98% | 1.01% | |
| 2003 | 2.73% | 0.39% | |
| 2004 | 2.34% | 0.47% | |
| 2005 | 2.69% | 2.86% | |
| 2006 | 3.56% | 2.46% | |
| 2007 | 2.33% | 4.17% | |
| 2008 | 4.35% | 8.76% | |
| 2009 | 1.77% | 2.41% | |
| 2010 | 2.92% | 3.49% | |
| 2011 | 3.3% | 5.88% | |
| 2012 | 1.76% | 5.7% | |
| 2013 | 2.45% | 4.03% | |
| 2014 | 2.49% | 2.63% | |
| 2015 | 1.51% | 0.14% | |
| 2016 | 1.28% | 0.74% | |
| 2017 | 1.95% | 0.88% | |
| 2018 | 1.91% | 0.76% | |
| 2019 | 1.61% | -0.36% | |
| 2020 | 0.85% | -1.55% | |
| 2021 | 2.86% | 1.63% | |
| 2022 | 6.59% | 2.86% | |
| 2023 | 5.6% | 1.49% | |
| 2024 | 3.16% | 0.69% | |
Top exports between countries
|
Australia
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $36.5M |
| Chemicals & pharma | $2.9M |
| Textiles & consumer goods | $1.13M |
| Metals | $839K |
| Animal & marine products | $818K |
| Wood & paper products | $694K |
| Raw materials & minerals | $419K |
| Miscellaneous | $104K |
| Processed food, beverages & tobacco | $76K |
| Raw agricultural goods | $29K |
|
Panama
|
|
|---|---|
| Export category | Export value |
| Textiles & consumer goods | $6.38M |
| Raw materials & minerals | $3.55M |
| Processed food, beverages & tobacco | $975K |
| Raw agricultural goods | $452K |
| Precious metals & jewellery | $288K |
| Chemicals & pharma | $263K |
| Machinery & equipment | $135K |
| Metals | $26K |
| Wood & paper products | $1K |
Balance of trade
|
Australia
|
Panama
|
|
|---|---|---|
Current account balance
|
-$36.3B
2024 |
$1.67B
2024 |
| Current account balance ranking |
186/189
2024 |
49/189
2024 |
| Current account balance, % of GDP |
-2.07%
2024 |
+1.94%
2024 |
| Goods imports |
$297B
2024 |
$25.1B
2024 |
| Goods exports |
$341B
2024 |
$19.1B
2024 |
| Service imports |
$110B
2024 |
$5.75B
2024 |
| Service exports |
$83.9B
2024 |
$18.3B
2024 |
| Imports of goods and services, % of GDP |
22.6%
2024 |
43.1%
2023 |
| Exports of goods and services, % of GDP |
24.7%
2024 |
46.5%
2023 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Australia
|
Panama
|
|
|---|---|---|
| Economic freedom | 79.3 | 65.5 |
| Economic freedom ranking | 7/197 | 62/197 |
| Property rights | 90.4 | 56 |
| Government integrity | 86.2 | 37 |
| Judicial effectiveness | 95.3 | 49.4 |
| Tax burden | 62.1 | 86.9 |
| Government spending | 54.8 | 85.2 |
| Fiscal health | 79.5 | 62.4 |
| Business freedom | 92.5 | 73.4 |
| Labor freedom | 65.3 | 60.7 |
| Monetary freedom | 75 | 76.4 |
| Trade freedom | 90 | 78.6 |
| Investment freedom | 80 | 60 |
| Financial freedom | 80 | 60 |
Economic freedom by year comparison
The Economic Freedom Index for Australia is 79.3, ranking 7/197, compared to 65.5 for Panama, ranking 62/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Australia
|
Panama
|
|
| 1995 | 74.1 | 71.6 |
| 1996 | 74 | 71.8 |
| 1997 | 75.5 | 72.4 |
| 1998 | 75.6 | 72.6 |
| 1999 | 76.4 | 72.6 |
| 2000 | 77.1 | 71.6 |
| 2001 | 77.4 | 70.6 |
| 2002 | 77.3 | 68.5 |
| 2003 | 77.4 | 68.4 |
| 2004 | 77.9 | 65.3 |
| 2005 | 79 | 64.3 |
| 2006 | 79.9 | 65.6 |
| 2007 | 81.1 | 64.6 |
| 2008 | 82.2 | 64.7 |
| 2009 | 82.6 | 64.7 |
| 2010 | 82.6 | 64.8 |
| 2011 | 82.5 | 64.9 |
| 2012 | 83.1 | 65.2 |
| 2013 | 82.6 | 62.5 |
| 2014 | 82 | 63.4 |
| 2015 | 81.4 | 64.1 |
| 2016 | 80.3 | 64.8 |
| 2017 | 81 | 66.3 |
| 2018 | 80.9 | 67 |
| 2019 | 80.9 | 67.2 |
| 2020 | 82.6 | 67.2 |
| 2021 | 82.4 | 66.2 |
| 2022 | 77.7 | 65.4 |
| 2023 | 74.8 | 63.8 |
| 2024 | 76.2 | 64.1 |
| 2025 | 79.3 | 65.5 |
More economic indicators
|
Australia
|
Panama
|
|
|---|---|---|
| Services, % of GDP |
65.5%
2024 |
68.8%
2024 |
| Industry, % of GDP |
26%
2024 |
26.3%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
2.22%
2024 |
2.58%
2024 |
|
GNI, Atlas method
|
$1.7T
2024 |
$81.1B
2024 |
| GNI per capita, PPP |
$68,800
2024 |
$39,290
2024 |
| Total reserves including gold |
$60.4B
2024 |
$6.86B
2024 |
| Total reserves ranking |
39/177
2024 |
88/177
2024 |
|
Net foreign direct investment
|
-$39.4B
2024 |
-$2.38B
2024 |
|
Net inflows of foreign direct investment
|
$54.2B
2024 |
$3.24B
2024 |
|
Net outflows of foreign direct investment
|
$14.8B
2024 |
$865M
2024 |
| Poverty at national poverty lines | n/a |
21.7%
2023 |
|
Gross capital formation, % of GDP
|
24.4%
2024 |
37.7%
2023 |
GDP per capita map
GDP per capita
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Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.