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Economy of Panama vs Yemen compared: GDP & Debt

Updated on by Georank team

Panama has a GDP of $86.5B compared to $21.6B for Yemen, ranking 78/197 and 125/197 by economy size, respectively.

Panama has $49.6B in government debt (57.4% of GDP), compared to $18.8B (70.9% of GDP) in Yemen.

Panama vs Yemen GDP by year

Panama
Yemen
1x
Year GDP, current $
Panama Yemen
2024 $86,523,959,132 -
2023 $83,812,155,244 -
2022 $76,479,304,471 -
2021 $67,396,392,506 -
2020 $57,059,846,522 -
2019 $69,778,991,193 -
2018 $67,316,471,181 $21,606,160,663
2017 $64,327,688,826 $26,842,229,045
2016 $59,760,858,718 $31,317,825,274
2015 $55,767,806,073 $42,444,490,074
2014 $51,427,104,882 $43,228,585,321
2013 $46,949,496,479 $40,415,233,436
2012 $41,595,439,721 $35,401,331,610
2011 $35,687,738,252 $32,726,417,878
2010 $30,231,009,533 $30,906,749,533
2009 $27,791,215,547 $25,130,278,213
2008 $25,721,327,955 $26,910,855,807
2007 $21,717,433,808 $21,650,528,674
2006 $18,659,721,513 $19,063,143,370
2005 $16,623,906,739 $16,731,566,717
2004 $15,100,203,362 $13,867,634,371
2003 $13,603,456,003 $11,777,532,662
2002 $12,800,851,271 $10,693,430,511
2001 $12,252,906,341 $9,852,990,693
2000 $11,966,497,049 $9,679,316,770
1999 $11,660,704,777 $7,639,325,296
1998 $11,019,557,689 $6,322,175,566
1997 $10,058,854,386 $6,838,298,531
1996 $9,197,503,323 $6,496,163,616
1995 $9,573,813,700 $12,796,345,679
1994 $9,365,289,800 $28,019,483,764
1993 $8,782,585,400 $21,736,802,664
1992 $8,042,337,700 $17,959,367,194
1991 $7,074,675,500 $14,665,445,462
1990 $6,433,967,000 $12,643,821,569
1989 $5,918,469,800 -
1988 $5,902,783,400 -
1987 $6,827,665,300 -
1986 $6,797,834,200 -
1985 $6,541,517,100 -
1984 $6,183,387,100 -
1983 $5,923,755,900 -
1982 $5,769,767,900 -
1981 $5,222,421,500 -
1980 $4,614,086,400 -
1979 $3,704,551,600 -
1978 $3,244,558,600 -
1977 $2,738,261,900 -
1976 $2,588,106,000 -
1975 $2,435,304,100 -
1974 $2,188,307,600 -
1973 $1,913,793,400 -
1972 $1,673,411,700 -
1971 $1,523,917,200 -
1970 $1,351,006,400 -
1969 $1,221,305,700 -
1968 $1,112,791,100 -
1967 $1,034,376,400 -
1966 $928,833,000 -
1965 $852,485,300 -
1964 $776,137,500 -
1963 $722,784,500 -
1962 $652,120,900 -
1961 $599,026,300 -
1960 $537,147,100 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/panama/yemen | CC BY

GDP per capita in Panama vs Yemen by year

Panama
GDP per capita

GDP per capita, PPP
Yemen
GDP per capita

GDP per capita, PPP
1x
Year Current $
Panama Yemen
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $19,161 $41,369 - -
2023 $18,797 $39,813 - -
2022 $17,379 $36,333 - -
2021 $15,510 $30,933 - -
2020 $13,291 $27,017 - -
2019 $16,478 $33,240 - -
2018 $16,151 $32,464 $634 -
2017 $15,695 $33,533 $811 -
2016 $14,832 $30,277 $975 -
2015 $14,083 $27,245 $1,362 -
2014 $13,213 $24,376 $1,430 -
2013 $12,273 $21,924 $1,379 $3,164
2012 $11,065 $19,473 $1,245 $3,005
2011 $9,662 $17,474 $1,186 $3,113
2010 $8,331 $15,573 $1,155 $3,603
2009 $7,797 $14,766 $969 $3,411
2008 $7,348 $14,705 $1,072 $3,370
2007 $6,318 $13,333 $890 $3,294
2006 $5,529 $11,685 $810 $3,205
2005 $5,018 $10,511 $734 $3,113
2004 $4,645 $9,592 $628 $2,949
2003 $4,265 $8,801 $549 $2,844
2002 $4,091 $8,370 $513 $2,768
2001 $3,992 $8,197 $487 $2,702
2000 $3,975 $8,097 $493 $2,624
1999 $3,950 $7,749 $401 $2,492
1998 $3,808 $7,408 $343 $2,442
1997 $3,546 $6,895 $383 $2,351
1996 $3,308 $6,421 $375 $2,268
1995 $3,514 $6,182 $764 $2,201
1994 $3,508 $6,073 $1,735 $2,115
1993 $3,358 $5,902 $1,397 $2,013
1992 $3,140 $5,582 $1,198 $1,963
1991 $2,821 $5,150 $1,016 $1,843
1990 $2,620 $4,651 $910 $1,742
1989 $2,462 - - -
1988 $2,509 - - -
1987 $2,966 - - -
1986 $3,019 - - -
1985 $2,972 - - -
1984 $2,875 - - -
1983 $2,819 - - -
1982 $2,811 - - -
1981 $2,605 - - -
1980 $2,357 - - -
1979 $1,938 - - -
1978 $1,738 - - -
1977 $1,503 - - -
1976 $1,457 - - -
1975 $1,406 - - -
1974 $1,296 - - -
1973 $1,164 - - -
1972 $1,046 - - -
1971 $979 - - -
1970 $893 - - -
1969 $830 - - -
1968 $778 - - -
1967 $745 - - -
1966 $689 - - -
1965 $651 - - -
1964 $611 - - -
1963 $587 - - -
1962 $546 - - -
1961 $516 - - -
1960 $477 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/panama/yemen | CC BY

Panama's GDP per capita is $19,161, ranking 60/197, compared to $634 in Yemen, ranking 191/197. Adjusted for purchasing power (GDP per capita PPP), Panama ranks 56th at $41,369, while Yemen ranks 178th at $3,164.

Economic indicators

Panama Yemen
Gross domestic product
$86.5B
2024
$21.6B
2018
GDP rank
78/197
2024
125/197
2018
GDP growth
2.75%
2023-2024
0.75%
2017-2018
GDP per capita
$19,161
2024
$634
2018
GDP per capita rank
60/197
2024
191/197
2018
GDP per capita, PPP
$41,369
2024
$3,164
2013
GDP per capita PPP rank
56/197
2024
178/197
2013
Government debt
$49.6B
2024
$18.8B
2018
Debt-to-GDP ratio
57.4%
2024
70.9%
2024
Government debt per person
$10,995
2024
$551
2018
Government debt per person rank
51/185
2024
165/185
2018
Average annual personal income after taxes
$10,196
2026
$1,127
2026
Market capitalization of domestic companies
$18.3B
2024
n/a
Income share by richest 10%
37.6%
2024
29.4%
2014
Income share by poorest 10%
1.2%
2024
3%
2014
Government expenditure, % of GDP
23.1%
2024
8.91%
2024
Consumer prices inflation
0.69%
2023-2024
33.9%
2023-2024
Unemployment rate
8.61%
2024
13.5%
2014
Population
4642198
43325643

Spending and national debt comparison by year

Panama
Spending

Debt
Yemen
Spending

Debt
1x
Year % of GDP
Panama Yemen
Government spending Government debt Government spending Government debt
2024 23.1% 57.4% 8.91% 70.9%
2023 21.4% 51.2% 11.8% 77.9%
2022 21.3% 52.7% 12.2% 65.3%
2021 23.8% 54.4% 8.22% 75.9%
2020 27.5% 61.5% 10.6% 87%
2019 20.6% 39.8% 13.2% 91.5%
2018 21.8% 35.6% 14.3% 86.9%
2017 21.2% 33.6% 8.39% 83.8%
2016 21.3% 33.6% 16.1% 76.5%
2015 21.4% 34.2% 19.4% 57.7%
2014 23% 34.7% 27.8% 48.9%
2013 23.4% 33.7% 30.8% 48.4%
2012 22.8% 34% 36.2% 47.6%
2011 23.5% 35.6% 29.8% 45.7%
2010 24.2% 38.1% 30.2% 42.4%
2009 22.7% 39.1% 35.2% 49.8%
2008 22.7% 40% 41.2% 36.4%
2007 21.8% 47.4% 40.3% 40.4%
2006 21.9% 54.7% 37.4% 40.8%
2005 22.4% 59.3% 36.8% 43.8%
2004 23.3% 58.8% 34.2% 52.1%
2003 24.2% 56.5% 35.3% 56.8%
2002 23.5% 57% 30.8% 57.8%
2001 23.4% 57.8% 30.5% 60.6%
2000 22.8% 53.6% 31.7% 60.8%
1999 23% 55.1% 28.2% 96.1%
1998 23.4% 58.1% 34.3% 110.6%
1997 22.2% 60.2% 34.2% 74.2%
1996 21.5% 65% 30.7% 114.9%
1995 25.9% 76.6% 24.1% 84.1%
1994 25.2% 78.3% 25.2% 73.3%
1993 33.8% 83.6% 25.8% 76.7%
1992 27.8% 91.2% 24.6% 78%
1991 20.9% 103.7% 24.7% 82.7%
1990 41.5% 112.7% 26.6% 91.6%
1989 43% 104.4% - -
1988 41.8% 105% - -
1987 40.1% 92.2% - -
1986 38.6% 84% - -
1985 39.7% 82.5% - -
1984 44% 82.5% - -
1983 44.6% 86.6% - -
1982 48% 80.9% - -
1981 30.7% 68.7% - -
1980 30.5% 69.4% - -
1979 35% 78.9% - -
1978 27.6% 83.1% - -
1977 16.9% 77.7% - -
1976 15.9% 69.7% - -
1975 15.3% 52.6% - -
1974 15.3% 37.6% - -
1973 14.4% 32.6% - -
1972 15.6% 29.5% - -
1971 15% 26.2% - -
1970 22.4% 25.7% - -
1969 20.5% 23.2% - -
1968 14.2% 18% - -
1967 14.9% 17.8% - -
1966 14% 17.9% - -
1965 13.2% 18.7% - -
1964 14.1% 20% - -
1963 19.1% 22.6% - -
1962 16.4% 19.8% - -
1961 18.9% 20.5% - -
1960 16.6% 21% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1998, retrieved 2026-02-20).

GeoRank.org/economy/panama/yemen | CC BY

In 2024, Panama's government spending was $20B, accounting for 23.1% of its GDP, while Yemen spent $3.08B, or 8.91% of GDP.

Debt-to-GDP ratio is 57.4% in Panama and 70.9% in Yemen, ranking 88/185 and 55/185, respectively.

Government deficit by year

Deficit/surplus
Panama

Yemen
1x
Year Deficit/surplus, % of GDP
Panama Yemen
2024 -7.42% -2.48%
2023 -3.9% -5.63%
2022 -3.98% -2.15%
2021 -6.48% -0.89%
2020 -10.2% -4.3%
2019 -2.89% -5.89%
2018 -2.88% -7.85%
2017 -1.92% -4.9%
2016 -1.89% -8.51%
2015 -2.3% -8.75%
2014 -3.21% -4.14%
2013 -2.38% -6.9%
2012 -1.31% -6.32%
2011 -1.96% -4.51%
2010 -1.68% -4.06%
2009 -0.9% -10.2%
2008 0.37% -4.53%
2007 3.12% -7.18%
2006 0.51% 1.19%
2005 -2.21% -1.82%
2004 -4.33% -2.15%
2003 -2.27% -4.2%
2002 -0.96% -0.56%
2001 -0.42% 2.79%
2000 2.05% 6.09%
1999 -0.65% 0.06%
1998 -1.11% -7.77%
1997 1.24% -1.5%
1996 2.48% -0.92%
1995 2.3% -5.74%
1994 2.12% -14%
1993 -9.4% -12.8%
1992 -2.62% -10.9%
1991 -0.6% -5.76%
1990 -3.65% -10.3%
1989 -13.6% -
1988 -13.5% -
1987 -1.7% -
1986 -1% -
1985 -2.57% -
1984 -7.56% -
1983 -7.62% -
1982 -13.3% -
1981 -6.77% -
1980 -5.17% -
1979 -12.1% -
1978 -5.21% -
1977 -1.61% -
1976 -2.65% -
1975 -0.74% -
1974 -0.6% -
1973 -0.01% -
1972 -1.17% -
1971 -0.51% -
1970 -8.02% -
1969 -7.56% -
1968 -1.5% -
1967 -1.97% -
1966 -1.18% -
1965 -1.17% -
1964 -2.51% -
1963 -6.71% -
1962 -3.01% -
1961 -5.45% -
1960 -3.05% -
1959 -3.79% -
1958 -1.62% -
1957 -0.89% -
1956 -3.69% -
1955 -1.33% -
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) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1946–1993, retrieved 2026-02-20).

GeoRank.org/economy/panama/yemen | CC BY

In 2018, Panama's government deficit, the difference between spending and revenue, was $1.94B, equivalent to 2.88% of GDP. This compares to Yemen's deficit of $1.7B, or 7.85% of GDP.

Over the past 29 years, Panama recorded a fiscal deficit in 21 of those years, while Yemen ran a deficit in 25 years. On average, Panama posted an annual deficit equal to 1.19% of GDP, compared to deficit of 5.04% of GDP for Yemen.

Inflation comparison by year

Inflation
Panama

Yemen
1x
Year Consumer prices inflation
Panama Yemen
2024 0.69% 33.9%
2023 1.49% 0.9%
2022 2.86% 29.5%
2021 1.63% 31.5%
2020 -1.55% 21.7%
2019 -0.36% 15.7%
2018 0.76% 33.6%
2017 0.88% 30.4%
2016 0.74% 21.3%
2015 0.14% 22%
2014 2.63% 8.2%
2013 4.03% 11%
2012 5.7% 9.9%
2011 5.88% 19.5%
2010 3.49% 11.2%
2009 2.41% 3.7%
2008 8.76% 19%
2007 4.17% 7.9%
2006 2.46% 10.8%
2005 2.86% 9.9%
2004 0.47% 12.5%
2003 0.39% 10.8%
2002 1.01% 12.2%
2001 0.31% 11.9%
2000 1.5% 11%
1999 1.25% 7.9%
1998 0.56% 11.5%
1997 1.32% 4.6%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/panama/yemen | CC BY

Over the past 28 years, Panama has recorded an average annual inflation rate of 2.02%, compared with 15.5% in Yemen. In 2024, inflation was 0.69% in Panama and 33.9% in Yemen.

Balance of trade

Panama Yemen
Current account balance
$1.67B
2024
-$2.42B
2016
Current account balance ranking
51/190
2024
148/190
2016
Current account balance, % of GDP
+1.93%
2024
-7.72%
2016
Goods imports
$25.1B
2024
$6.8B
2016
Goods exports
$19.1B
2024
$473M
2016
Service imports
$5.75B
2024
$1.46B
2016
Service exports
$18.3B
2024
$466M
2016
Imports of goods and services, % of GDP
39.3%
2024
47.3%
2018
Exports of goods and services, % of GDP
44.4%
2024
8.76%
2018

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Panama Yemen
Economic freedom 64.9 53.7
Economic freedom ranking 70/197 138/197
Property rights 56.7 3.5
Government integrity 37.4 6.2
Judicial effectiveness 49.6 9.9
Tax burden 86.1 93.7
Government spending 85.5 0
Fiscal health 51.8 71.2
Business freedom 72.6 31.3
Labor freedom 60.9 31.2
Monetary freedom 78.2 48.1
Trade freedom 80.2 67.4
Investment freedom 60 50
Financial freedom 60 30

Economic freedom comparison by year

Panama
Yemen
1x
Year Economic freedom index
Panama Yemen
2026 64.9 -
2025 65.5 -
2024 64.1 -
2023 63.8 -
2022 65.4 -
2021 66.2 -
2020 67.2 -
2019 67.2 -
2018 67 -
2017 66.3 -
2016 64.8 -
2015 64.1 53.7
2014 63.4 55.5
2013 62.5 55.9
2012 65.2 55.3
2011 64.9 54.2
2010 64.8 54.4
2009 64.7 56.9
2008 64.7 53.8
2007 64.6 54.1
2006 65.6 52.6
2005 64.3 53.8
2004 65.3 50.5
2003 68.4 50.3
2002 68.5 48.6
2001 70.6 44.3
2000 71.6 44.5
1999 72.6 43.3
1998 72.6 46.1
1997 72.4 48.4
1996 71.8 49.6
1995 71.6 49.8

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/panama/yemen | CC BY

The Economic Freedom Index for Panama is 64.9, ranking 70/197, compared to 53.7 for Yemen, ranking 138/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Panama Yemen
Services, % of GDP
69.3%
2024
41.8%
2018
Industry, % of GDP
25.5%
2024
25.4%
2018
Agriculture, forestry, and fishing, % of GDP
2.68%
2024
28.7%
2018
GNI, Atlas method
$81.3B
2024
$25.3B
2018
GNI per capita, PPP
$39,260
2024
$3,020
2013
Total reserves including gold
$6.86B
2024
$1.25B
2022
Total reserves ranking
88/177
2024
139/177
2022
Net foreign direct investment
-$2.38B
2024
$15.4M
2015
Net inflows of foreign direct investment
$3.24B
2024
-$371M
2019
Net outflows of foreign direct investment
$865M
2024
$0
2024
Servicing debt to the IMF, % of GNI n/a
0.53%
2018
Poverty at national poverty lines
21.7%
2023
48.6%
2014
Gross capital formation, % of GDP
33.5%
2024
6.18%
2018

GDP per capita map

1x

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/yemen | CC BY

Compare countries by 7 more topics

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1946–1998, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

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.