Panama has a GDP of $86.5B compared to $81B for Uruguay, ranking 78/197 and 81/197 by economy size, respectively.
Panama has $49.6B in government debt (57.4% of GDP), compared to $55.6B (68.7% of GDP) in Uruguay.
Panama vs Uruguay GDP by year
| Year | GDP, current $ | |
|---|---|---|
Panama
|
Uruguay
|
|
| 2024 | $86,523,959,132 | $80,961,511,074 |
| 2023 | $83,812,155,244 | $77,991,666,838 |
| 2022 | $76,479,304,471 | $70,594,110,920 |
| 2021 | $67,396,392,506 | $60,739,084,241 |
| 2020 | $57,059,846,522 | $53,559,359,262 |
| 2019 | $69,778,991,193 | $62,222,313,619 |
| 2018 | $67,316,471,181 | $65,344,577,416 |
| 2017 | $64,327,688,826 | $65,005,997,963 |
| 2016 | $59,760,858,718 | $57,480,787,465 |
| 2015 | $55,767,806,073 | $57,680,327,999 |
| 2014 | $51,427,104,882 | $61,496,186,974 |
| 2013 | $46,949,496,479 | $61,337,621,934 |
| 2012 | $41,595,439,721 | $54,232,266,359 |
| 2011 | $35,687,738,252 | $50,342,406,067 |
| 2010 | $30,231,009,533 | $41,950,361,212 |
| 2009 | $27,791,215,547 | $32,708,319,078 |
| 2008 | $25,721,327,955 | $31,119,602,539 |
| 2007 | $21,717,433,808 | $23,797,773,024 |
| 2006 | $18,659,721,513 | $19,741,420,740 |
| 2005 | $16,623,906,739 | $17,362,857,684 |
| 2004 | $15,100,203,362 | $13,686,329,890 |
| 2003 | $13,603,456,003 | $12,045,638,352 |
| 2002 | $12,800,851,271 | $13,606,515,723 |
| 2001 | $12,252,906,341 | $20,898,761,742 |
| 2000 | $11,966,497,049 | $22,823,270,892 |
| 1999 | $11,660,704,777 | $23,983,945,191 |
| 1998 | $11,019,557,689 | $25,385,886,978 |
| 1997 | $10,058,854,386 | $23,969,739,234 |
| 1996 | $9,197,503,323 | $20,515,458,114 |
| 1995 | $9,573,813,700 | $19,297,663,097 |
| 1994 | $9,365,289,800 | $17,474,588,896 |
| 1993 | $8,782,585,400 | $15,002,136,971 |
| 1992 | $8,042,337,700 | $12,878,148,791 |
| 1991 | $7,074,675,500 | $11,206,176,651 |
| 1990 | $6,433,967,000 | $9,298,807,850 |
| 1989 | $5,918,469,800 | $8,438,951,476 |
| 1988 | $5,902,783,400 | $8,213,538,369 |
| 1987 | $6,827,665,300 | $7,367,494,080 |
| 1986 | $6,797,834,200 | $5,880,112,788 |
| 1985 | $6,541,517,100 | $4,732,017,873 |
| 1984 | $6,183,387,100 | $4,850,238,550 |
| 1983 | $5,923,755,900 | $5,102,276,308 |
| 1982 | $5,769,767,900 | $9,178,780,077 |
| 1981 | $5,222,421,500 | $11,048,301,421 |
| 1980 | $4,614,086,400 | $10,163,020,116 |
| 1979 | $3,704,551,600 | $7,181,182,224 |
| 1978 | $3,244,558,600 | $4,910,254,566 |
| 1977 | $2,738,261,900 | $4,114,670,014 |
| 1976 | $2,588,106,000 | $3,667,161,241 |
| 1975 | $2,435,304,100 | $3,538,278,047 |
| 1974 | $2,188,307,600 | $4,090,209,682 |
| 1973 | $1,913,793,400 | $3,964,296,443 |
| 1972 | $1,673,411,700 | $2,189,418,689 |
| 1971 | $1,523,917,200 | $2,807,258,065 |
| 1970 | $1,351,006,400 | $2,137,096,774 |
| 1969 | $1,221,305,700 | $2,004,435,484 |
| 1968 | $1,112,791,100 | $1,593,674,185 |
| 1967 | $1,034,376,400 | $1,597,713,469 |
| 1966 | $928,833,000 | $1,809,185,094 |
| 1965 | $852,485,300 | $1,890,767,156 |
| 1964 | $776,137,500 | $1,975,701,816 |
| 1963 | $722,784,500 | $1,539,681,491 |
| 1962 | $652,120,900 | $1,710,004,407 |
| 1961 | $599,026,300 | $1,547,388,781 |
| 1960 | $537,147,100 | $1,242,289,239 |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/panama/uruguay | CC BY 
GDP per capita in Panama vs Uruguay by year
| Year | Current $ | |||
|---|---|---|---|---|
|
Panama
|
Uruguay
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 2024 | $19,161 | $41,369 | $23,907 | $36,418 |
| 2023 | $18,797 | $39,813 | $23,019 | $34,471 |
| 2022 | $17,379 | $36,333 | $20,819 | $33,001 |
| 2021 | $15,510 | $30,933 | $17,882 | $29,432 |
| 2020 | $13,291 | $27,017 | $15,758 | $25,725 |
| 2019 | $16,478 | $33,240 | $18,316 | $25,783 |
| 2018 | $16,151 | $32,464 | $19,250 | $24,386 |
| 2017 | $15,695 | $33,533 | $19,185 | $23,607 |
| 2016 | $14,832 | $30,277 | $17,010 | $22,841 |
| 2015 | $14,083 | $27,245 | $17,126 | $22,169 |
| 2014 | $13,213 | $24,376 | $18,322 | $21,868 |
| 2013 | $12,273 | $21,924 | $18,335 | $20,661 |
| 2012 | $11,065 | $19,473 | $16,260 | $19,495 |
| 2011 | $9,662 | $17,474 | $15,132 | $19,135 |
| 2010 | $8,331 | $15,573 | $12,641 | $17,873 |
| 2009 | $7,797 | $14,766 | $9,881 | $16,422 |
| 2008 | $7,348 | $14,705 | $9,424 | $15,694 |
| 2007 | $6,318 | $13,333 | $7,222 | $14,397 |
| 2006 | $5,529 | $11,685 | $6,001 | $13,179 |
| 2005 | $5,018 | $10,511 | $5,284 | $12,296 |
| 2004 | $4,645 | $9,592 | $4,169 | $11,103 |
| 2003 | $4,265 | $8,801 | $3,671 | $10,303 |
| 2002 | $4,091 | $8,370 | $4,150 | $10,030 |
| 2001 | $3,992 | $8,197 | $6,383 | $10,719 |
| 2000 | $3,975 | $8,097 | $6,988 | $10,929 |
| 1999 | $3,950 | $7,749 | $7,371 | $10,938 |
| 1998 | $3,808 | $7,408 | $7,837 | $11,002 |
| 1997 | $3,546 | $6,895 | $7,436 | $10,461 |
| 1996 | $3,308 | $6,421 | $6,398 | $9,524 |
| 1995 | $3,514 | $6,182 | $6,050 | $8,906 |
| 1994 | $3,508 | $6,073 | $5,508 | $8,897 |
| 1993 | $3,358 | $5,902 | $4,753 | $8,162 |
| 1992 | $3,140 | $5,582 | $4,102 | $7,808 |
| 1991 | $2,821 | $5,150 | $3,589 | $7,112 |
| 1990 | $2,620 | $4,651 | $2,995 | $6,683 |
| 1989 | $2,462 | - | $2,734 | - |
| 1988 | $2,509 | - | $2,677 | - |
| 1987 | $2,966 | - | $2,416 | - |
| 1986 | $3,019 | - | $1,939 | - |
| 1985 | $2,972 | - | $1,568 | - |
| 1984 | $2,875 | - | $1,615 | - |
| 1983 | $2,819 | - | $1,707 | - |
| 1982 | $2,811 | - | $3,085 | - |
| 1981 | $2,605 | - | $3,728 | - |
| 1980 | $2,357 | - | $3,443 | - |
| 1979 | $1,938 | - | $2,443 | - |
| 1978 | $1,738 | - | $1,678 | - |
| 1977 | $1,503 | - | $1,414 | - |
| 1976 | $1,457 | - | $1,268 | - |
| 1975 | $1,406 | - | $1,232 | - |
| 1974 | $1,296 | - | $1,433 | - |
| 1973 | $1,164 | - | $1,397 | - |
| 1972 | $1,046 | - | $776 | - |
| 1971 | $979 | - | $1,000 | - |
| 1970 | $893 | - | $766 | - |
| 1969 | $830 | - | $723 | - |
| 1968 | $778 | - | $579 | - |
| 1967 | $745 | - | $585 | - |
| 1966 | $689 | - | $668 | - |
| 1965 | $651 | - | $705 | - |
| 1964 | $611 | - | $745 | - |
| 1963 | $587 | - | $587 | - |
| 1962 | $546 | - | $659 | - |
| 1961 | $516 | - | $604 | - |
| 1960 | $477 | - | $491 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/panama/uruguay | CC BY
Panama's GDP per capita is $19,161, ranking 60/197, compared to $23,907 in Uruguay, ranking 52/197. Adjusted for purchasing power (GDP per capita PPP), Panama ranks 56th at $41,369, while Uruguay ranks 61st at $36,418.
Economic indicators
|
Panama
|
Uruguay
|
|
|---|---|---|
| Gross domestic product |
$86.5B
2024 |
$81B
2024 |
| GDP rank |
78/197
2024 |
81/197
2024 |
| GDP growth |
2.75%
2023-2024 |
3.11%
2023-2024 |
| GDP per capita |
$19,161
2024 |
$23,907
2024 |
| GDP per capita rank |
60/197
2024 |
52/197
2024 |
| GDP per capita, PPP |
$41,369
2024 |
$36,418
2024 |
| GDP per capita PPP rank |
56/197
2024 |
61/197
2024 |
| Government debt |
$49.6B
2024 |
$55.6B
2024 |
| Debt-to-GDP ratio |
57.4%
2024 |
68.7%
2024 |
| Government debt per person |
$10,995
2024 |
$16,421
2024 |
| Government debt per person rank |
51/185
2024 |
38/185
2024 |
| Average annual personal income after taxes |
$10,196
2026 |
$12,433
2026 |
| Market capitalization of domestic companies |
$18.3B
2024 |
$284M
1996 |
| Income share by richest 10% |
37.6%
2024 |
30%
2024 |
| Income share by poorest 10% |
1.2%
2024 |
2.2%
2024 |
| Government expenditure, % of GDP |
23.1%
2024 |
31.1%
2024 |
| Consumer prices inflation |
0.69%
2023-2024 |
4.85%
2023-2024 |
| Central bank interest rate | n/a |
8.25%
2025 |
| Unemployment rate |
8.61%
2024 |
8.21%
2024 |
| Population |
4642198
|
3382789
|
Spending and national debt comparison by year
| Year | % of GDP | |||
|---|---|---|---|---|
|
Panama
|
Uruguay
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 2024 | 23.1% | 57.4% | 31.1% | 68.7% |
| 2023 | 21.4% | 51.2% | 30.5% | 64% |
| 2022 | 21.3% | 52.7% | 30% | 59.9% |
| 2021 | 23.8% | 54.4% | 30.2% | 64.1% |
| 2020 | 27.5% | 61.5% | 32.8% | 68.2% |
| 2019 | 20.6% | 39.8% | 30.6% | 59.6% |
| 2018 | 21.8% | 35.6% | 30.3% | 57.9% |
| 2017 | 21.2% | 33.6% | 29.7% | 55.8% |
| 2016 | 21.3% | 33.6% | 29.7% | 56.4% |
| 2015 | 21.4% | 34.2% | 28.4% | 57.8% |
| 2014 | 23% | 34.7% | 29.1% | 51.1% |
| 2013 | 23.4% | 33.7% | 28.8% | 50% |
| 2012 | 22.8% | 34% | 27.7% | 49.8% |
| 2011 | 23.5% | 35.6% | 26.3% | 41.3% |
| 2010 | 24.2% | 38.1% | 27.4% | 40.9% |
| 2009 | 22.7% | 39.1% | 27.2% | 46.2% |
| 2008 | 22.7% | 40% | 26.3% | 46.2% |
| 2007 | 21.8% | 47.4% | 26.8% | 52.8% |
| 2006 | 21.9% | 54.7% | 26.8% | 61.1% |
| 2005 | 22.4% | 59.3% | 26.3% | 66.2% |
| 2004 | 23.3% | 58.8% | 26.6% | 73.7% |
| 2003 | 24.2% | 56.5% | 27.7% | 91.9% |
| 2002 | 23.5% | 57% | 27.6% | 90.1% |
| 2001 | 23.4% | 57.8% | 27.8% | 39.4% |
| 2000 | 22.8% | 53.6% | 26.6% | 30.5% |
| 1999 | 23% | 55.1% | 27.2% | 24.1% |
| 1998 | 23.4% | 58.1% | 27.3% | 19.4% |
| 1997 | 22.2% | 60.2% | 27.6% | 18.8% |
| 1996 | 21.5% | 65% | 26.5% | 18.3% |
| 1995 | 25.9% | 76.6% | 26.2% | 18.5% |
| 1994 | 25.2% | 78.3% | 29.5% | 19.3% |
| 1993 | 33.8% | 83.6% | 27.7% | 20% |
| 1992 | 27.8% | 91.2% | 23.6% | 22.2% |
| 1991 | 20.9% | 103.7% | 22.2% | 20.4% |
| 1990 | 41.5% | 112.7% | 21.1% | 26.2% |
| 1989 | 43% | 104.4% | 37% | - |
| 1988 | 41.8% | 105% | 26% | 34.8% |
| 1987 | 40.1% | 92.2% | 24.4% | 37.3% |
| 1986 | 38.6% | 84% | 25.1% | 34.6% |
| 1985 | 39.7% | 82.5% | 24.6% | 29% |
| 1984 | 44% | 82.5% | 25.6% | 39.5% |
| 1983 | 44.6% | 86.6% | 26.5% | 21.2% |
| 1982 | 48% | 80.9% | 29.5% | 13.5% |
| 1981 | 30.7% | 68.7% | 25% | 4.32% |
| 1980 | 30.5% | 69.4% | 21.8% | 4.59% |
| 1979 | 35% | 78.9% | 20.2% | 3.98% |
| 1978 | 27.6% | 83.1% | 22.9% | 5.64% |
| 1977 | 16.9% | 77.7% | 23.5% | 7.26% |
| 1976 | 15.9% | 69.7% | 24.2% | 8.67% |
| 1975 | 15.3% | 52.6% | 23% | 8.13% |
| 1974 | 15.3% | 37.6% | 23.8% | 7.61% |
| 1973 | 14.4% | 32.6% | 22.6% | 7% |
| 1972 | 15.6% | 29.5% | 24.6% | 9.12% |
| 1971 | 15% | 26.2% | 20.1% | 9.3% |
| 1970 | 22.4% | 25.7% | 15.1% | 6.11% |
| 1969 | 20.5% | 23.2% | 14.6% | - |
| 1968 | 14.2% | 18% | 14.1% | - |
| 1967 | 14.9% | 17.8% | 14.7% | - |
| 1966 | 14% | 17.9% | 14.1% | - |
| 1965 | 13.2% | 18.7% | 15.6% | - |
| 1964 | 14.1% | 20% | 14.3% | - |
| 1963 | 19.1% | 22.6% | 14.6% | - |
| 1962 | 16.4% | 19.8% | 16% | - |
| 1961 | 18.9% | 20.5% | 13% | - |
| 1960 | 16.6% | 21% | 9.9% | - |
Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1960–1998, retrieved 2026-02-20); International Monetary Fund (IMF) | Fiscal Monitor (1994–2024, retrieved 2026-02-20).
GeoRank.org/economy/panama/uruguay | CC BY
In 2024, Panama's government spending was $20B, accounting for 23.1% of its GDP, while Uruguay spent $25.2B, or 31.1% of GDP.
Debt-to-GDP ratio is 57.4% in Panama and 68.7% in Uruguay, ranking 88/185 and 59/185, respectively.
Government deficit by year
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Panama
|
Uruguay
|
|
| 2024 | -7.42% | -3.22% |
| 2023 | -3.9% | -3.13% |
| 2022 | -3.98% | -2.52% |
| 2021 | -6.48% | -2.61% |
| 2020 | -10.2% | -4.64% |
| 2019 | -2.89% | -2.71% |
| 2018 | -2.88% | -1.89% |
| 2017 | -1.92% | -2.51% |
| 2016 | -1.89% | -2.68% |
| 2015 | -2.3% | -1.86% |
| 2014 | -3.21% | -2.6% |
| 2013 | -2.38% | -1.72% |
| 2012 | -1.31% | -2.17% |
| 2011 | -1.96% | -0.33% |
| 2010 | -1.68% | -0.39% |
| 2009 | -0.9% | -1.39% |
| 2008 | 0.37% | -1.31% |
| 2007 | 3.12% | -0.16% |
| 2006 | 0.51% | -0.64% |
| 2005 | -2.21% | -0.28% |
| 2004 | -4.33% | -0.87% |
| 2003 | -2.27% | -2.19% |
| 2002 | -0.96% | -3.19% |
| 2001 | -0.42% | -2.85% |
| 2000 | 2.05% | -2.76% |
| 1999 | -0.65% | -2.76% |
| 1998 | -1.11% | -0.76% |
| 1997 | 1.24% | -0.97% |
| 1996 | 2.48% | -1.32% |
| 1995 | 2.3% | -1.08% |
| 1994 | 2.12% | -2.37% |
| 1993 | -9.4% | -0.47% |
| 1992 | -2.62% | 0.6% |
| 1991 | -0.6% | 0.88% |
| 1990 | -3.65% | 0.49% |
| 1989 | -13.6% | -13.1% |
| 1988 | -13.5% | -1.47% |
| 1987 | -1.7% | -0.66% |
| 1986 | -1% | -0.34% |
| 1985 | -2.57% | -1.88% |
| 1984 | -7.56% | -4.94% |
| 1983 | -7.62% | -3.54% |
| 1982 | -13.3% | -8.22% |
| 1981 | -6.77% | -1.15% |
| 1980 | -5.17% | 0.43% |
| 1979 | -12.1% | 0.99% |
| 1978 | -5.21% | -0.47% |
| 1977 | -1.61% | -0.69% |
| 1976 | -2.65% | -2.01% |
| 1975 | -0.74% | -4.38% |
| 1974 | -0.6% | -3.74% |
| 1973 | -0.01% | -1.09% |
| 1972 | -1.17% | -2.25% |
| 1971 | -0.51% | -5.86% |
| 1970 | -8.02% | -1.33% |
| 1969 | -7.56% | -2.37% |
| 1968 | -1.5% | -2.93% |
| 1967 | -1.97% | -4.12% |
| 1966 | -1.18% | -2.01% |
| 1965 | -1.17% | -5.14% |
| 1964 | -2.51% | -3.61% |
| 1963 | -6.71% | -4.4% |
| 1962 | -3.01% | -5.02% |
| 1961 | -5.45% | -0.86% |
| 1960 | -3.05% | 0.79% |
| 1959 | -3.79% | 0.64% |
| 1958 | -1.62% | -1.38% |
| 1957 | -0.89% | -0.72% |
| 1956 | -3.69% | 0.04% |
| 1955 | -1.33% | -1.24% |
| 1954 | -0.2% | - |
| 1953 | -0.55% | - |
| 1952 | -3.84% | - |
| 1951 | -2.54% | - |
| 1950 | -3.89% | - |
| 1949 | -1% | - |
| 1948 | -1.21% | - |
| 1947 | -1.94% | - |
| 1946 | -3.19% | - |
Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1946–1998, retrieved 2026-02-20); International Monetary Fund (IMF) | Fiscal Monitor (1994–2024, retrieved 2026-02-20).
GeoRank.org/economy/panama/uruguay | CC BY
In 2024, Panama's government deficit, the difference between spending and revenue, was $6.42B, equivalent to 7.42% of GDP. This compares to Uruguay's deficit of $2.6B, or 3.22% of GDP.
Over the past 65 years, Panama recorded a fiscal deficit in 57 of those years, while Uruguay ran a deficit in 59 years. On average, Panama posted an annual deficit equal to 3.21% of GDP, compared to deficit of 2.21% of GDP for Uruguay.
Inflation comparison by year
| Year | Consumer prices inflation | |
|---|---|---|
|
Panama
|
Uruguay
|
|
| 2024 | 0.69% | 4.85% |
| 2023 | 1.49% | 5.87% |
| 2022 | 2.86% | 9.1% |
| 2021 | 1.63% | 7.75% |
| 2020 | -1.55% | 9.76% |
| 2019 | -0.36% | 7.88% |
| 2018 | 0.76% | 7.61% |
| 2017 | 0.88% | 6.22% |
| 2016 | 0.74% | 9.64% |
| 2015 | 0.14% | 8.67% |
| 2014 | 2.63% | 8.88% |
| 2013 | 4.03% | 8.58% |
| 2012 | 5.7% | 8.1% |
| 2011 | 5.88% | 8.09% |
| 2010 | 3.49% | 6.7% |
| 2009 | 2.41% | 7.06% |
| 2008 | 8.76% | 7.88% |
| 2007 | 4.17% | 8.11% |
| 2006 | 2.46% | 6.4% |
| 2005 | 2.86% | 4.7% |
| 2004 | 0.47% | 9.16% |
| 2003 | 0.39% | 19.4% |
| 2002 | 1.01% | 14% |
| 2001 | 0.31% | 4.36% |
| 2000 | 1.5% | 4.76% |
| 1999 | 1.25% | 5.66% |
| 1998 | 0.56% | 10.8% |
| 1997 | 1.32% | 19.8% |
Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).
GeoRank.org/economy/panama/uruguay | CC BY
Over the past 28 years, Panama has recorded an average annual inflation rate of 2.02%, compared with 8.56% in Uruguay. In 2024, inflation was 0.69% in Panama and 4.85% in Uruguay.
Top exports between countries
|
Panama
|
|
|---|---|
| Export category | Export value |
| Chemicals & pharma | $57.6M |
| Textiles & consumer goods | $53.9M |
| Machinery & equipment | $33.8M |
| Processed food, beverages & tobacco | $5.34M |
| Precious metals & jewellery | $3.64M |
| Raw materials & minerals | $1.04M |
| Metals | $913K |
| Animal & marine products | $834K |
| Wood & paper products | $646K |
| Miscellaneous | $411K |
|
Uruguay
|
|
|---|---|
| Export category | Export value |
| Raw agricultural goods | $14.5M |
| Animal & marine products | $9.28M |
| Chemicals & pharma | $2.18M |
| Processed food, beverages & tobacco | $1.12M |
| Machinery & equipment | $383K |
| Textiles & consumer goods | $210K |
| Raw materials & minerals | $180K |
| Wood & paper products | $22K |
| Metals | $14K |
| Precious metals & jewellery | $8K |
Balance of trade
|
Panama
|
Uruguay
|
|
|---|---|---|
|
Current account balance
|
$1.67B
2024 |
-$633M
2024 |
| Current account balance ranking |
51/190
2024 |
111/190
2024 |
| Current account balance, % of GDP |
+1.93%
2024 |
-0.78%
2024 |
| Goods imports |
$25.1B
2024 |
$13B
2024 |
| Goods exports |
$19.1B
2024 |
$16.3B
2024 |
| Service imports |
$5.75B
2024 |
$6.22B
2024 |
| Service exports |
$18.3B
2024 |
$7.1B
2024 |
| Imports of goods and services, % of GDP |
39.3%
2024 |
23.7%
2024 |
| Exports of goods and services, % of GDP |
44.4%
2024 |
28.8%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Panama
|
Uruguay
|
|
|---|---|---|
| Economic freedom | 64.9 | 69.8 |
| Economic freedom ranking | 70/197 | 39/197 |
| Property rights | 56.7 | 87.4 |
| Government integrity | 37.4 | 79 |
| Judicial effectiveness | 49.6 | 80.9 |
| Tax burden | 86.1 | 73.3 |
| Government spending | 85.5 | 72 |
| Fiscal health | 51.8 | 76.6 |
| Business freedom | 72.6 | 83.8 |
| Labor freedom | 60.9 | 61.7 |
| Monetary freedom | 78.2 | 70.2 |
| Trade freedom | 80.2 | 73.2 |
| Investment freedom | 60 | 50 |
| Financial freedom | 60 | 30 |
Economic freedom comparison by year
| Year | Economic freedom index | |
|---|---|---|
|
Panama
|
Uruguay
|
|
| 2026 | 64.9 | 69.8 |
| 2025 | 65.5 | 70.2 |
| 2024 | 64.1 | 69.8 |
| 2023 | 63.8 | 70.2 |
| 2022 | 65.4 | 70 |
| 2021 | 66.2 | 69.3 |
| 2020 | 67.2 | 69.1 |
| 2019 | 67.2 | 68.6 |
| 2018 | 67 | 69.2 |
| 2017 | 66.3 | 69.7 |
| 2016 | 64.8 | 68.8 |
| 2015 | 64.1 | 68.6 |
| 2014 | 63.4 | 69.3 |
| 2013 | 62.5 | 69.7 |
| 2012 | 65.2 | 69.9 |
| 2011 | 64.9 | 70 |
| 2010 | 64.8 | 69.8 |
| 2009 | 64.7 | 69.1 |
| 2008 | 64.7 | 67.9 |
| 2007 | 64.6 | 68.4 |
| 2006 | 65.6 | 65.3 |
| 2005 | 64.3 | 66.9 |
| 2004 | 65.3 | 66.7 |
| 2003 | 68.4 | 69.8 |
| 2002 | 68.5 | 68.7 |
| 2001 | 70.6 | 70.7 |
| 2000 | 71.6 | 69.3 |
| 1999 | 72.6 | 68.5 |
| 1998 | 72.6 | 68.6 |
| 1997 | 72.4 | 67.5 |
| 1996 | 71.8 | 63.7 |
| 1995 | 71.6 | 62.5 |
Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).
GeoRank.org/economy/panama/uruguay | CC BY
The Economic Freedom Index for Panama is 64.9, ranking 70/197, compared to 69.8 for Uruguay, ranking 39/197. The chart above displays a comparison of annual changes in economic freedom indexes.
Other economic metrics
|
Panama
|
Uruguay
|
|
|---|---|---|
| Services, % of GDP |
69.3%
2024 |
65.3%
2024 |
| Industry, % of GDP |
25.5%
2024 |
16.8%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
2.68%
2024 |
6.42%
2024 |
|
GNI, Atlas method
|
$81.3B
2024 |
$73.3B
2024 |
| GNI per capita, PPP |
$39,260
2024 |
$34,170
2024 |
| Total reserves including gold |
$6.86B
2024 |
$17.4B
2024 |
| Total reserves ranking |
88/177
2024 |
66/177
2024 |
|
Net foreign direct investment
|
-$2.38B
2024 |
$2.58B
2024 |
|
Net inflows of foreign direct investment
|
$3.24B
2024 |
-$3.94B
2024 |
|
Net outflows of foreign direct investment
|
$865M
2024 |
-$1.37B
2024 |
| Poverty at national poverty lines |
21.7%
2023 |
17.3%
2024 |
|
Gross capital formation, % of GDP
|
33.5%
2024 |
15.6%
2024 |
GDP per capita map
Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).
GeoRank.org/economy/panama/uruguay | CC BY
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Data sources:
- World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
- International Monetary Fund (IMF) | Public Finances in Modern History (1946–1998, retrieved 2026-02-20)
- International Monetary Fund (IMF) | Fiscal Monitor (1994–2024, retrieved 2026-02-20)
- The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- TradeMap (2023–2024, retrieved 2026-02-08)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- LivingCost (2026, retrieved 2025-10-14)
Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.
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.