Nigeria vs Panama: Economic Indicators Comparison

Nigeria with a GDP of $397.3B ranked the 32nd largest economy in the world, while Panama ranked 75th with $65.1B. By GDP 5-years average growth and GDP per capita, Nigeria and Panama ranked 132nd vs 33rd and 149th vs 61st, respectively.

Gross Domestic Product & Income

Stat	Nigeria	Panama
GDP	$397.3B	$65.1B
GDP growth, 1 year	1.9%	3.9%
GDP growth, 5-years average	2%	5%
Population	190.9M	4.1M
GDP per capita	$2k	$16k
GDP per capita growth	-0.67%	1.94%
Purchasing Power Parity conversion factor	110.03	0.61
Price level ratio of PPP conversion factor GDP to market exchange rate	0.34	0.61
GDP per capita, PPP adjusted	$6k	$26k
GNI, Atlas method	$384.8B	$60B
GNI per capita	$2k	$14k
GNI, PPP adjusted	$1.1T	$98.4B
GNI per capita, PPP adjusted	$5.7k	$24k

Financial system and Human development

Stat	Nigeria	Panama
Income Tax Rate	24%	25%
Corporate Tax Rate	30%	25%
Inflation, consumer prices	12.1%	0.8%
Inflation, GDP deflator	10.2%	0.7%
Unemployment	6%	3.9%
Economic Freedom Index	57.2	67.2
Personal Freedom Index	6.01	7.73
Human Freedom Index	6.1	7.53
Property Rights Index	38.1	58.8
Judical Effectiveness Index	32.2	30
Business Freedom Index	54.7	70.8
Fiscal Health Index	64.1	91.2
Labor Freedom Index	84	43.3
Investment Freedom Index	45	75
Financial Freedom Index	40	70
Trade Freedom Index	62.4	79.2
Monetary Freedom Index	61.7	79.4
Government Spending Index	96.2	85.7
Tax Burden Index	85.1	85.3
Government Integrity Index	22.3	37.2
Corruption Perceptions Index	27	37
Life expectancy at birth, years	54	78.1
Suicide mortality rate, per 100,000 people	9.5	4.3
Mortality caused by road traffic injury, per 100,000 people	21.4	14.3
Intentional homicides, per 100,000 people	9.9	9.7
International tourism, number of arrivals	5.3M	1.8M

Government debt & reserves

Stat	Nigeria	Panama
Central government debt, % of GDP	28.4%	39.4%
External debt stocks, % of GNI	12.4%	N/A
External debt stocks	$47B	N/A
Short-term debt, % of total reserves	0%	N/A
Total debt service, % of exports and primary income	8.3%	N/A
Adjusted net savings including particulate emission damage, % of GNI	1.4%	25.3%
Gross savings, % of GDP	19.3%	29.1%
Gross capital formation, % of GDP	19.8%	41.7%
Total reserves including gold	$42.8B	$2.1B
Foreign direct investment net inflows	$2B	$5.9B

Exports, imports and economic structure

Stat	Nigeria	Panama
Exports of goods and services, % of GDP	15.5%	42.3%
Imports of goods and services, % of GDP	17.5%	45.3%
Current account balance (balance of payments)	$5.3B	-$6.8B
Revenue excluding grants, % of GDP	N/A	N/A
Grants excluding technical cooperation, BoP	$2B	$22.3M
Personal remittances received	$24.3B	$537.9M
Industry including construction value added, % of GDP	25.7%	29.2%
Agriculture, forestry and fishing value added, % of GDP	21.2%	2.2%
Charges for the use of intellectual property, payments BoP	$252.8M	$39.4M
Charges for the use of intellectual property, receipts BoP	$7.8M	$21.7M
Expense, % of GDP	N/A	N/A
Government Expenditure, % of GDP	11.2%	21.8%