Panama has a GDP of $86.3B compared to $547B for Singapore, ranking 77/197 and 27/197 by economy size, respectively.
Panama has $48.8B in government debt (58.1% of GDP), compared to $954B (174.9% of GDP) in Singapore.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Panama
|
Singapore
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $537,147,100 | $3,163,056,542 | $704,751,700 | $5,946,720,492 |
| 1961 | $599,026,300 | $3,508,670,914 | $764,629,788 | $6,430,636,626 |
| 1962 | $652,120,900 | $3,797,951,597 | $826,239,212 | $6,916,371,175 |
| 1963 | $722,784,500 | $4,122,250,662 | $917,608,012 | $7,610,786,827 |
| 1964 | $776,137,500 | $4,304,954,186 | $894,153,311 | $7,374,611,314 |
| 1965 | $852,485,300 | $4,699,289,550 | $974,644,096 | $7,952,357,573 |
| 1966 | $928,833,000 | $5,055,561,577 | $1,096,425,608 | $8,761,915,153 |
| 1967 | $1,034,376,400 | $5,487,960,279 | $1,238,035,816 | $9,857,909,188 |
| 1968 | $1,112,791,100 | $5,870,876,596 | $1,425,706,091 | $11,191,387,995 |
| 1969 | $1,221,305,700 | $6,366,460,137 | $1,659,893,768 | $12,739,585,038 |
| 1970 | $1,351,006,400 | $6,809,516,493 | $1,920,574,150 | $14,515,738,367 |
| 1971 | $1,523,917,200 | $7,464,328,967 | $2,263,785,444 | $16,317,640,427 |
| 1972 | $1,673,411,700 | $7,806,405,169 | $2,721,440,981 | $18,490,426,054 |
| 1973 | $1,913,793,400 | $8,225,164,958 | $3,696,213,333 | $20,450,966,487 |
| 1974 | $2,188,307,600 | $8,426,543,281 | $5,221,534,956 | $21,702,034,804 |
| 1975 | $2,435,304,100 | $8,573,242,611 | $5,633,673,930 | $22,567,672,249 |
| 1976 | $2,588,106,000 | $8,715,940,922 | $6,327,077,974 | $24,246,067,681 |
| 1977 | $2,738,261,900 | $8,811,295,572 | $6,618,585,074 | $25,907,515,502 |
| 1978 | $3,244,558,600 | $9,674,154,373 | $7,517,176,355 | $27,922,390,122 |
| 1979 | $3,704,551,600 | $10,110,918,361 | $9,296,921,724 | $30,590,220,574 |
| 1980 | $4,614,086,400 | $11,433,879,627 | $11,896,256,783 | $33,683,923,408 |
| 1981 | $5,222,421,500 | $12,486,575,137 | $14,175,228,844 | $37,327,150,728 |
| 1982 | $5,769,767,900 | $13,154,414,169 | $16,084,252,378 | $39,978,179,041 |
| 1983 | $5,923,755,900 | $12,563,601,501 | $17,784,112,150 | $43,398,105,213 |
| 1984 | $6,183,387,100 | $12,904,008,989 | $19,749,361,098 | $47,213,790,846 |
| 1985 | $6,541,517,100 | $13,541,755,263 | $19,156,532,746 | $46,919,789,791 |
| 1986 | $6,797,834,200 | $14,024,896,413 | $18,586,746,057 | $47,549,833,615 |
| 1987 | $6,827,665,300 | $13,771,178,256 | $20,919,215,578 | $52,684,232,539 |
| 1988 | $5,902,783,400 | $11,928,616,118 | $25,371,462,488 | $58,618,369,611 |
| 1989 | $5,918,469,800 | $12,114,970,567 | $30,465,364,739 | $64,573,309,330 |
| 1990 | $6,433,967,000 | $13,096,161,186 | $36,144,336,769 | $70,914,989,180 |
| 1991 | $7,074,675,500 | $14,329,689,364 | $45,466,164,978 | $75,658,065,572 |
| 1992 | $8,042,337,700 | $15,504,964,654 | $52,131,320,033 | $80,681,614,024 |
| 1993 | $8,782,585,400 | $16,350,875,888 | $60,603,815,716 | $89,927,445,311 |
| 1994 | $9,365,289,800 | $16,816,899,903 | $73,688,724,431 | $99,905,515,247 |
| 1995 | $9,573,813,700 | $17,111,477,972 | $87,812,540,788 | $107,074,136,708 |
| 1996 | $9,197,503,300 | $16,124,998,545 | $96,293,086,513 | $115,074,063,972 |
| 1997 | $10,058,854,400 | $17,368,081,133 | $100,123,787,215 | $124,643,863,764 |
| 1998 | $11,019,557,700 | $18,824,824,096 | $85,728,207,782 | $121,912,898,005 |
| 1999 | $11,660,704,800 | $19,805,907,259 | $86,286,849,755 | $128,884,330,733 |
| 2000 | $11,966,497,000 | $20,639,538,981 | $96,076,539,926 | $140,533,304,239 |
| 2001 | $12,252,906,300 | $20,835,595,644 | $89,793,790,670 | $139,028,385,431 |
| 2002 | $12,800,851,300 | $21,358,328,178 | $92,538,372,870 | $144,482,970,560 |
| 2003 | $13,603,456,000 | $22,446,932,329 | $97,646,401,096 | $151,054,425,109 |
| 2004 | $15,100,203,400 | $24,282,115,702 | $115,033,593,101 | $166,069,208,808 |
| 2005 | $16,623,906,700 | $26,291,748,117 | $127,807,848,728 | $178,302,402,124 |
| 2006 | $18,659,721,500 | $28,883,388,489 | $148,627,286,361 | $194,361,682,396 |
| 2007 | $21,717,433,800 | $32,682,439,460 | $180,941,701,358 | $211,896,059,498 |
| 2008 | $25,721,328,000 | $36,015,209,193 | $193,617,323,539 | $215,844,707,508 |
| 2009 | $27,791,215,500 | $36,595,725,406 | $194,150,283,772 | $216,120,888,113 |
| 2010 | $30,231,009,500 | $38,818,327,826 | $239,807,980,591 | $247,501,100,140 |
| 2011 | $35,687,738,300 | $43,441,154,828 | $279,356,499,090 | $262,883,130,580 |
| 2012 | $41,595,439,700 | $47,623,362,287 | $295,092,888,077 | $274,543,305,512 |
| 2013 | $46,949,496,500 | $50,635,232,251 | $307,576,360,585 | $287,769,788,882 |
| 2014 | $51,427,104,900 | $52,977,523,790 | $314,863,580,758 | $299,095,084,829 |
| 2015 | $55,767,806,100 | $55,767,806,100 | $307,998,545,269 | $307,998,545,269 |
| 2016 | $59,760,858,700 | $58,317,491,836 | $319,646,468,521 | $319,541,032,495 |
| 2017 | $64,327,688,800 | $61,667,283,244 | $343,673,334,902 | $333,846,562,290 |
| 2018 | $67,316,471,200 | $64,083,529,549 | $377,123,710,561 | $345,370,865,383 |
| 2019 | $69,778,991,200 | $66,072,084,975 | $376,161,998,830 | $349,888,458,531 |
| 2020 | $57,059,846,500 | $54,297,226,766 | $349,165,858,545 | $336,541,232,521 |
| 2021 | $67,396,392,500 | $63,238,418,925 | $436,591,382,250 | $369,376,902,515 |
| 2022 | $76,276,116,700 | $70,048,985,345 | $509,017,841,147 | $384,550,906,479 |
| 2023 | $83,318,176,900 | $75,232,121,008 | $505,439,514,078 | $391,555,143,382 |
| 2024 | $86,260,400,000 | $77,385,013,513 | $547,386,645,892 | $408,736,675,577 |
Economic indicators
|
Panama
|
Singapore
|
|
|---|---|---|
| Gross domestic product |
$86.3B
2024 |
$547B
2024 |
| GDP rank |
77/197
2024 |
27/197
2024 |
| GDP growth |
3.53%
2023-2024 |
8.3%
2023-2024 |
| GDP per capita |
$19,103
2024 |
$90,674
2024 |
| GDP per capita rank |
61/197
2024 |
7/197
2024 |
| GDP per capita, PPP |
$41,405
2024 |
$150,689
2024 |
| Government debt |
$48.8B
2024 |
$954B
2024 |
| Debt-to-GDP ratio |
58.1%
2025 |
174.9%
2025 |
| Government debt per person |
$10,816
2024 |
$158,044
2024 |
| Government debt per person rank |
55/185
2024 |
1/185
2024 |
| Average annual personal income after taxes |
$10,503
2025 |
$55,248
2025 |
| Market capitalization of domestic companies |
$18.3B
2024 |
$638B
2024 |
| Number of millionaires | n/a |
333,204
2024 |
| Number of billionaires | n/a |
49
2025 |
| Income share by richest 10% |
37.6%
2024 |
n/a |
| Income share by poorest 10% |
1.2%
2024 |
n/a |
| Government expenditure, % of GDP |
21.8%
2025 |
16.7%
2025 |
| Consumer prices inflation |
0.69%
2023-2024 |
2.39%
2023-2024 |
| Unemployment rate |
8.61%
2024 |
2.74%
2024 |
| Population |
4614993
|
6105665
|
GDP per capita in Panama vs Singapore
Panama's GDP per capita is $19,103, ranking 61/197, compared to $90,674 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), Panama ranks 55th at $41,405, while Singapore ranks 2nd at $150,689.
| Year | Current $ | |||
|---|---|---|---|---|
|
Panama
|
Singapore
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $477 | - | $428 | - |
| 1961 | $516 | - | $449 | - |
| 1962 | $546 | - | $472 | - |
| 1963 | $587 | - | $511 | - |
| 1964 | $611 | - | $486 | - |
| 1965 | $651 | - | $517 | - |
| 1966 | $689 | - | $567 | - |
| 1967 | $745 | - | $626 | - |
| 1968 | $778 | - | $709 | - |
| 1969 | $830 | - | $813 | - |
| 1970 | $893 | - | $926 | - |
| 1971 | $979 | - | $1,071 | - |
| 1972 | $1,046 | - | $1,264 | - |
| 1973 | $1,164 | - | $1,685 | - |
| 1974 | $1,296 | - | $2,342 | - |
| 1975 | $1,406 | - | $2,490 | - |
| 1976 | $1,457 | - | $2,759 | - |
| 1977 | $1,503 | - | $2,846 | - |
| 1978 | $1,738 | - | $3,194 | - |
| 1979 | $1,938 | - | $3,901 | - |
| 1980 | $2,357 | - | $4,928 | - |
| 1981 | $2,605 | - | $5,597 | - |
| 1982 | $2,811 | - | $6,078 | - |
| 1983 | $2,819 | - | $6,633 | - |
| 1984 | $2,875 | - | $7,228 | - |
| 1985 | $2,972 | - | $7,002 | - |
| 1986 | $3,019 | - | $6,800 | - |
| 1987 | $2,966 | - | $7,539 | - |
| 1988 | $2,509 | - | $8,914 | - |
| 1989 | $2,462 | - | $10,395 | - |
| 1990 | $2,620 | $5,137 | $11,862 | $23,815 |
| 1991 | $2,821 | $5,688 | $14,502 | $25,530 |
| 1992 | $3,140 | $6,165 | $16,136 | $27,022 |
| 1993 | $3,358 | $6,518 | $18,290 | $30,062 |
| 1994 | $3,508 | $6,708 | $21,552 | $33,058 |
| 1995 | $3,514 | $6,828 | $24,915 | $35,090 |
| 1996 | $3,308 | $6,421 | $26,233 | $36,873 |
| 1997 | $3,546 | $6,895 | $26,376 | $39,286 |
| 1998 | $3,808 | $7,408 | $21,829 | $37,560 |
| 1999 | $3,950 | $7,749 | $21,797 | $39,949 |
| 2000 | $3,975 | $8,097 | $23,853 | $43,781 |
| 2001 | $3,992 | $8,197 | $21,700 | $43,109 |
| 2002 | $4,091 | $8,370 | $22,160 | $45,083 |
| 2003 | $4,265 | $8,801 | $23,730 | $48,778 |
| 2004 | $4,645 | $9,592 | $27,608 | $54,384 |
| 2005 | $5,018 | $10,511 | $29,961 | $58,822 |
| 2006 | $5,529 | $11,685 | $33,768 | $64,061 |
| 2007 | $6,318 | $13,333 | $39,433 | $68,805 |
| 2008 | $7,348 | $14,705 | $40,009 | $67,735 |
| 2009 | $7,797 | $14,766 | $38,927 | $66,213 |
| 2010 | $8,331 | $15,573 | $47,237 | $75,401 |
| 2011 | $9,662 | $17,474 | $53,891 | $80,052 |
| 2012 | $11,065 | $19,473 | $55,548 | $82,108 |
| 2013 | $12,273 | $21,924 | $56,967 | $83,088 |
| 2014 | $13,213 | $24,376 | $57,565 | $84,555 |
| 2015 | $14,083 | $27,245 | $55,646 | $87,156 |
| 2016 | $14,832 | $30,277 | $57,006 | $89,902 |
| 2017 | $15,695 | $33,533 | $61,236 | $95,744 |
| 2018 | $16,151 | $32,464 | $66,882 | $103,963 |
| 2019 | $16,478 | $33,240 | $65,952 | $105,335 |
| 2020 | $13,291 | $27,017 | $61,410 | $101,518 |
| 2021 | $15,510 | $30,933 | $80,056 | $132,617 |
| 2022 | $17,332 | $36,245 | $90,299 | $143,095 |
| 2023 | $18,686 | $39,803 | $85,412 | $143,786 |
| 2024 | $19,103 | $41,405 | $90,674 | $150,689 |
Spending and national debt comparison
In 2024, Panama's government spending was $19.7B, accounting for 21.8% of its GDP, while Singapore's spent $79.4B, or 16.7% of GDP.
Debt-to-GDP ratio is 58.1% in Panama and 174.9% in Singapore, ranking 91/185 and 5/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Panama
|
Singapore
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1960 | 16.6% | 21% | - | - |
| 1961 | 18.9% | 20.5% | - | - |
| 1962 | 16.4% | 19.8% | - | - |
| 1963 | 19.1% | 22.6% | - | - |
| 1964 | 14.1% | 20% | - | - |
| 1965 | 13.2% | 18.7% | - | - |
| 1966 | 14% | 17.9% | - | - |
| 1967 | 14.9% | 17.8% | - | - |
| 1968 | 14.2% | 18% | - | - |
| 1969 | 20.5% | 23.2% | - | - |
| 1970 | 22.4% | 25.7% | - | - |
| 1971 | 15% | 26.2% | - | - |
| 1972 | 15.6% | 29.5% | - | - |
| 1973 | 14.4% | 32.6% | - | - |
| 1974 | 15.3% | 37.6% | - | - |
| 1975 | 15.3% | 52.6% | - | - |
| 1976 | 15.9% | 69.7% | - | - |
| 1977 | 16.9% | 77.7% | - | - |
| 1978 | 27.6% | 83.1% | - | - |
| 1979 | 35% | 78.9% | - | - |
| 1980 | 30.5% | 69.4% | - | - |
| 1981 | 30.7% | 68.7% | - | - |
| 1982 | 48% | 80.9% | - | - |
| 1983 | 44.6% | 86.6% | - | - |
| 1984 | 44% | 82.5% | - | - |
| 1985 | 39.7% | 82.5% | - | - |
| 1986 | 38.6% | 84% | - | - |
| 1987 | 40.1% | 92.2% | - | - |
| 1988 | 41.8% | 105% | - | - |
| 1989 | 43% | 104.4% | - | - |
| 1990 | 41.5% | 112.7% | 15.1% | 73.5% |
| 1991 | 20.9% | 103.7% | 15.9% | 76.4% |
| 1992 | 27.8% | 91.2% | 14.5% | 79% |
| 1993 | 33.8% | 83.6% | 14.5% | 71.2% |
| 1994 | 25.2% | 78.4% | 11.7% | 70.7% |
| 1995 | 25.9% | 76.7% | 13.8% | 69.8% |
| 1996 | 21.5% | 65% | 18.1% | 71.3% |
| 1997 | 22.2% | 60.2% | 14.5% | 70.8% |
| 1998 | 23.4% | 58.1% | 18.1% | 84.6% |
| 1999 | 23% | 55.1% | 15.9% | 85.3% |
| 2000 | 22.8% | 53.6% | 16.1% | 82.3% |
| 2001 | 23.4% | 57.8% | 18.2% | 94.5% |
| 2002 | 23.5% | 57% | 15.9% | 96.3% |
| 2003 | 24.2% | 56.5% | 15.6% | 99.1% |
| 2004 | 23.3% | 58.8% | 14.1% | 95.7% |
| 2005 | 22.4% | 59.3% | 12.4% | 92.7% |
| 2006 | 21.9% | 54.7% | 12.3% | 86.5% |
| 2007 | 21.8% | 47.4% | 9.01% | 87.8% |
| 2008 | 22.7% | 40% | 14% | 97.9% |
| 2009 | 22.7% | 39.1% | 15.9% | 101.7% |
| 2010 | 24.2% | 38.1% | 10.2% | 98.7% |
| 2011 | 23.5% | 35.6% | 9.66% | 103.1% |
| 2012 | 22.8% | 34% | 9.83% | 106.7% |
| 2013 | 23.4% | 33.7% | 10.9% | 98.2% |
| 2014 | 23% | 34.7% | 12.6% | 97.7% |
| 2015 | 21.4% | 34.3% | 14.4% | 102.2% |
| 2016 | 21.3% | 33.6% | 15.3% | 106.3% |
| 2017 | 21.2% | 33.6% | 13.6% | 107.6% |
| 2018 | 21.8% | 35.6% | 13.9% | 109.4% |
| 2019 | 20.7% | 39.9% | 14% | 127.9% |
| 2020 | 27.5% | 61.5% | 24.1% | 148.2% |
| 2021 | 23.8% | 54.4% | 15.6% | 141.7% |
| 2022 | 21.3% | 52.7% | 15% | 154.3% |
| 2023 | 21.5% | 51.5% | 14.8% | 172.8% |
| 2024 | 22.8% | 56.6% | 14.5% | 174.3% |
| 2025 | 21.8% | 58.1% | 16.7% | 174.9% |
Government deficit by year
In 2024, Panama's government deficit, the difference between spending and revenue, was -$6.31B, equivalent to -7.32% of GDP. This compares to Singapore's surplus of $24.2B, or 4.43% of GDP.
Over the past 35 years, Panama recorded a fiscal deficit in 27 of those years, while Singapore ran a deficit in 2 years. On average, Panama posted an annual deficit equal to -1.98% of GDP, compared to surplus of +3.36% of GDP for Singapore.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Panama
|
Singapore
|
|
| 1946 | -3.19% | - |
| 1947 | -1.94% | - |
| 1948 | -1.21% | - |
| 1949 | -1% | - |
| 1950 | -3.89% | - |
| 1951 | -2.54% | - |
| 1952 | -3.84% | - |
| 1953 | -0.55% | - |
| 1954 | -0.2% | - |
| 1955 | -1.33% | - |
| 1956 | -3.69% | - |
| 1957 | -0.89% | - |
| 1958 | -1.62% | - |
| 1959 | -3.79% | - |
| 1960 | -3.05% | - |
| 1961 | -5.45% | - |
| 1962 | -3.01% | - |
| 1963 | -6.71% | - |
| 1964 | -2.51% | - |
| 1965 | -1.17% | - |
| 1966 | -1.18% | - |
| 1967 | -1.97% | - |
| 1968 | -1.5% | - |
| 1969 | -7.56% | - |
| 1970 | -8.02% | - |
| 1971 | -0.51% | - |
| 1972 | -1.17% | - |
| 1973 | -0.01% | - |
| 1974 | -0.6% | - |
| 1975 | -0.74% | - |
| 1976 | -2.65% | - |
| 1977 | -1.61% | - |
| 1978 | -5.21% | - |
| 1979 | -12.1% | - |
| 1980 | -5.17% | - |
| 1981 | -6.77% | - |
| 1982 | -13.3% | - |
| 1983 | -7.62% | - |
| 1984 | -7.56% | - |
| 1985 | -2.57% | - |
| 1986 | -1% | - |
| 1987 | -1.7% | - |
| 1988 | -13.5% | - |
| 1989 | -13.6% | - |
| 1990 | -3.65% | 1.97% |
| 1991 | -0.6% | 0.68% |
| 1992 | -2.62% | 2.7% |
| 1993 | -9.4% | 4.36% |
| 1994 | 2.12% | 7.9% |
| 1995 | 2.31% | 4.8% |
| 1996 | 2.48% | 1.98% |
| 1997 | 1.25% | 5.66% |
| 1998 | -1.11% | 2.41% |
| 1999 | -0.65% | 5.2% |
| 2000 | 2.05% | 4.59% |
| 2001 | -0.42% | 1.2% |
| 2002 | -0.96% | 2.23% |
| 2003 | -2.27% | 0.68% |
| 2004 | -4.33% | 2.06% |
| 2005 | -2.21% | 2.56% |
| 2006 | 0.51% | 2.16% |
| 2007 | 3.12% | 7.12% |
| 2008 | 0.38% | 3.59% |
| 2009 | -0.9% | -0.09% |
| 2010 | -1.68% | 5.68% |
| 2011 | -1.96% | 7.96% |
| 2012 | -1.31% | 7.34% |
| 2013 | -2.38% | 5.96% |
| 2014 | -3.21% | 4.6% |
| 2015 | -2.3% | 2.86% |
| 2016 | -1.89% | 3.25% |
| 2017 | -1.92% | 5.24% |
| 2018 | -2.88% | 3.68% |
| 2019 | -2.89% | 3.77% |
| 2020 | -10.2% | -6.73% |
| 2021 | -6.48% | 1.13% |
| 2022 | -3.98% | 1.21% |
| 2023 | -3.92% | 3.47% |
| 2024 | -7.32% | 4.43% |
| 2025 | -3.95% | 3.05% |
Inflation comparison by year
Over the past 29 years, Panama has recorded an average annual inflation rate of 1.99%, compared with 1.73% in Singapore. In 2024, inflation was 0.69% in Panama and 2.39% in Singapore.
| Year | Inflation | ||
|---|---|---|---|
|
Panama
|
Singapore
|
Panama
|
Singapore
|
| 1996 | 1.26% | 1.38% | |
| 1997 | 1.32% | 2% | |
| 1998 | 0.56% | -0.27% | |
| 1999 | 1.25% | 0.02% | |
| 2000 | 1.5% | 1.36% | |
| 2001 | 0.31% | 1% | |
| 2002 | 1.01% | -0.39% | |
| 2003 | 0.39% | 0.51% | |
| 2004 | 0.47% | 1.66% | |
| 2005 | 2.86% | 0.43% | |
| 2006 | 2.46% | 0.97% | |
| 2007 | 4.17% | 2.11% | |
| 2008 | 8.76% | 6.64% | |
| 2009 | 2.41% | 0.59% | |
| 2010 | 3.49% | 2.83% | |
| 2011 | 5.88% | 5.25% | |
| 2012 | 5.7% | 4.58% | |
| 2013 | 4.03% | 2.36% | |
| 2014 | 2.63% | 1.03% | |
| 2015 | 0.14% | -0.52% | |
| 2016 | 0.74% | -0.53% | |
| 2017 | 0.88% | 0.58% | |
| 2018 | 0.76% | 0.44% | |
| 2019 | -0.36% | 0.57% | |
| 2020 | -1.55% | -0.17% | |
| 2021 | 1.63% | 2.32% | |
| 2022 | 2.86% | 6.13% | |
| 2023 | 1.49% | 4.83% | |
| 2024 | 0.69% | 2.39% | |
Top exports between countries
|
Panama
|
|
|---|---|
| Export category | Export value |
| Processed food, beverages & tobacco | $20M |
| Chemicals & pharma | $6.86M |
| Textiles & consumer goods | $2.4M |
| Precious metals & jewellery | $1.61M |
| Machinery & equipment | $529K |
| Animal & marine products | $512K |
| Raw agricultural goods | $330K |
| Miscellaneous | $132K |
| Wood & paper products | $53K |
| Raw materials & minerals | $29K |
|
Singapore
|
|
|---|---|
| Export category | Export value |
| Miscellaneous | $5.29B |
| Raw materials & minerals | $48.4M |
| Chemicals & pharma | $46.9M |
| Machinery & equipment | $21.2M |
| Textiles & consumer goods | $14.3M |
| Processed food, beverages & tobacco | $3.22M |
| Wood & paper products | $639K |
| Precious metals & jewellery | $520K |
| Metals | $168K |
| Raw agricultural goods | $8K |
Balance of trade
|
Panama
|
Singapore
|
|
|---|---|---|
Current account balance
|
$1.67B
2024 |
$96B
2024 |
| Current account balance ranking |
49/189
2024 |
7/189
2024 |
| Current account balance, % of GDP |
+1.94%
2024 |
+17.5%
2024 |
| Goods imports |
$25.1B
2024 |
$435B
2024 |
| Goods exports |
$19.1B
2024 |
$583B
2024 |
| Service imports |
$5.75B
2024 |
$351B
2024 |
| Service exports |
$18.3B
2024 |
$396B
2024 |
| Imports of goods and services, % of GDP |
43.1%
2023 |
143.6%
2024 |
| Exports of goods and services, % of GDP |
46.5%
2023 |
178.8%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Panama
|
Singapore
|
|
|---|---|---|
| Economic freedom | 65.5 | 84.1 |
| Economic freedom ranking | 62/197 | 1/197 |
| Property rights | 56 | 94.3 |
| Government integrity | 37 | 86.4 |
| Judicial effectiveness | 49.4 | 58.3 |
| Tax burden | 86.9 | 89.9 |
| Government spending | 85.2 | 92.9 |
| Fiscal health | 62.4 | 73.9 |
| Business freedom | 73.4 | 90.6 |
| Labor freedom | 60.7 | 77.1 |
| Monetary freedom | 76.4 | 81 |
| Trade freedom | 78.6 | 95 |
| Investment freedom | 60 | 90 |
| Financial freedom | 60 | 80 |
Economic freedom by year comparison
The Economic Freedom Index for Panama is 65.5, ranking 62/197, compared to 84.1 for Singapore, ranking 1/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Panama
|
Singapore
|
|
| 1995 | 71.6 | 86.3 |
| 1996 | 71.8 | 86.5 |
| 1997 | 72.4 | 87.3 |
| 1998 | 72.6 | 87 |
| 1999 | 72.6 | 86.9 |
| 2000 | 71.6 | 87.7 |
| 2001 | 70.6 | 87.8 |
| 2002 | 68.5 | 87.4 |
| 2003 | 68.4 | 88.2 |
| 2004 | 65.3 | 88.9 |
| 2005 | 64.3 | 88.6 |
| 2006 | 65.6 | 88 |
| 2007 | 64.6 | 87.1 |
| 2008 | 64.7 | 87.3 |
| 2009 | 64.7 | 87.1 |
| 2010 | 64.8 | 86.1 |
| 2011 | 64.9 | 87.2 |
| 2012 | 65.2 | 87.5 |
| 2013 | 62.5 | 88 |
| 2014 | 63.4 | 89.4 |
| 2015 | 64.1 | 89.4 |
| 2016 | 64.8 | 87.8 |
| 2017 | 66.3 | 88.6 |
| 2018 | 67 | 88.8 |
| 2019 | 67.2 | 89.4 |
| 2020 | 67.2 | 89.4 |
| 2021 | 66.2 | 89.7 |
| 2022 | 65.4 | 84.4 |
| 2023 | 63.8 | 83.9 |
| 2024 | 64.1 | 83.5 |
| 2025 | 65.5 | 84.1 |
More economic indicators
|
Panama
|
Singapore
|
|
|---|---|---|
| Services, % of GDP |
68.8%
2024 |
73%
2024 |
| Industry, % of GDP |
26.3%
2024 |
21.4%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
2.58%
2024 |
0.03%
2024 |
|
GNI, Atlas method
|
$81.1B
2024 |
$451B
2024 |
| GNI per capita, PPP |
$39,290
2024 |
$126,190
2024 |
| Total reserves including gold |
$6.86B
2024 |
$384B
2024 |
| Total reserves ranking |
88/177
2024 |
9/177
2024 |
|
Net foreign direct investment
|
-$2.38B
2024 |
-$96.7B
2024 |
|
Net inflows of foreign direct investment
|
$3.24B
2024 |
$152B
2024 |
|
Net outflows of foreign direct investment
|
$865M
2024 |
$55.3B
2024 |
| Poverty at national poverty lines |
21.7%
2023 |
n/a |
|
Gross capital formation, % of GDP
|
37.7%
2023 |
22.2%
2024 |
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.