External balance on goods and services as a percent of GDP in Panama
Panama: External balance on goods and services as a percent of GDP was 5.0% in 2024. ◆ Volatile
External balance on goods and services as a percent of GDP in Panama, 1960–2024
Source: National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data. Measured in % of GDP.
Analysis
The most recent figure for external balance on goods and services as a percent of gdp in Panama is 5.0%, measured in 2024. That is the highest value across all 65 years on record.
The figure is up 73.3% on the previous year and up 197.1% over ten years.
Over the whole period, external balance on goods and services as a percent of gdp in Panama peaked at 5.0% in 2024 and was at its lowest, -15.0%, in 1974.
That places Panama 40th out of 191 countries with data for 2024, putting it in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
External balance on goods and services as a percent of GDP in Panama, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1960 | -8.6% | — |
| 1961 | -6.5% | -24.6% |
| 1962 | -4.0% | -38.5% |
| 1963 | -7.4% | +86.3% |
| 1964 | -4.5% | -39.9% |
| 1965 | -3.8% | -15.1% |
| 1966 | -4.5% | +19.5% |
| 1967 | -2.0% | -55.5% |
| 1968 | 0.6% | -130.0% |
| 1969 | -2.5% | -507.4% |
| 1970 | -5.8% | +134.6% |
| 1971 | -6.4% | +10.4% |
| 1972 | -8.1% | +26.9% |
| 1973 | -6.6% | -18.4% |
| 1974 | -15.0% | +125.8% |
| 1975 | -11.8% | -20.9% |
| 1976 | -11.4% | -4.0% |
| 1977 | -6.4% | -43.7% |
| 1978 | -7.8% | +21.3% |
| 1979 | -14.0% | +79.8% |
| 1980 | -7.4% | -46.7% |
| 1981 | -9.1% | +22.9% |
| 1982 | -3.2% | -65.4% |
| 1983 | 1.1% | -136.0% |
| 1984 | -2.9% | -351.1% |
| 1985 | -3.2% | +10.9% |
| 1986 | -3.1% | -2.1% |
| 1987 | -3.9% | +24.2% |
| 1988 | 2.0% | -150.6% |
| 1989 | -5.1% | -360.1% |
| 1990 | -6.8% | +34.0% |
| 1991 | -11.5% | +69.6% |
| 1992 | -12.2% | +5.4% |
| 1993 | -11.6% | -5.0% |
| 1994 | -11.5% | -0.3% |
| 1995 | -13.2% | +14.6% |
| 1996 | 1.3% | -109.5% |
| 1997 | 3.1% | +149.3% |
| 1998 | -4.2% | -232.9% |
| 1999 | -4.0% | -4.0% |
| 2000 | -1.3% | -68.0% |
| 2001 | 1.8% | -242.1% |
| 2002 | -0.4% | -120.2% |
| 2003 | -1.0% | +173.0% |
| 2004 | -3.6% | +260.7% |
| 2005 | -2.7% | -24.1% |
| 2006 | -3.1% | +12.6% |
| 2007 | -4.7% | +52.6% |
| 2008 | -8.0% | +69.7% |
| 2009 | 2.9% | -136.1% |
| 2010 | -5.4% | -287.2% |
| 2011 | -2.7% | -49.7% |
| 2012 | -4.1% | +51.6% |
| 2013 | -3.9% | -4.1% |
| 2014 | -5.2% | +31.5% |
| 2015 | -1.8% | -65.2% |
| 2016 | -0.9% | -49.4% |
| 2017 | -1.1% | +20.9% |
| 2018 | -1.4% | +30.0% |
| 2019 | -0.0% | -100.0% |
| 2020 | 3.8% | -1272888.5% |
| 2021 | 3.1% | -19.7% |
| 2022 | 2.6% | -16.3% |
| 2023 | 2.9% | +12.9% |
| 2024 | 5.0% | +73.3% |
Panama compared with similar countries
- Panama's 5.0% is above the median for high income countries, which is 2.2%, 2.2× the median. (72 countries reporting)
- Panama's 5.0% is above the median for Latin America & Caribbean, which is -2.1%. (29 countries reporting)
Biggest year-on-year movements
Years where External balance on goods and services as a percent of GDP in Panama changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2020 | +1272888.5% | -0.0% | 3.8% |
| 1969 | -507.4% | 0.6% | -2.5% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | -4.3% | -8.6% | 0.6% | 10 |
| 1970s | -9.3% | -15.0% | -5.8% | 10 |
| 1980s | -3.5% | -9.1% | 2.0% | 10 |
| 1990s | -7.1% | -13.2% | 3.1% | 10 |
| 2000s | -2.0% | -8.0% | 2.9% | 10 |
| 2010s | -2.7% | -5.4% | -0.0% | 10 |
| 2020s | 3.5% | 2.6% | 5.0% | 5 |
Countries ranked near Panama
- 37 Mongolia 5.4% compare
- 38 Slovenia 5.4% compare
- 39 South Korea 5.2% compare
- 41 Cote d'Ivoire 5.0% compare
- 42 Burkina Faso 5.0% compare
- 43 Venezuela 4.8% compare
More economy & growth data for Panama
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 2.82 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 4 Percent per annum (2029)
- SDRs holdings, US dollar, annual growth rate 3.53 % change on previous year (2025)
- SDRs holdings, US dollar, per unit of GDP 0.0058 units per US$ of GDP (2025)
- SDRs holdings, US dollar, per capita 114.24 units per person (2025)
- SDRs holdings, SDR, annual growth rate -1.41 % change on previous year (2025)
- SDRs holdings, SDR, per unit of GDP 0.0042 units per US$ of GDP (2025)
- SDRs holdings, SDR, per capita 83.42 units per person (2025)
- IMF holdings of currency, US dollar, annual growth rate -18.73 % change on previous year (2025)
- IMF holdings of currency, US dollar, per unit of GDP 0.0049 units per US$ of GDP (2025)
Frequently asked questions
- What is external balance on goods and services as a percent of gdp in Panama?
- External balance on goods and services as a percent of gdp in Panama was 5.0% in 2024, according to National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data.
- What is the highest external balance on goods and services as a percent of gdp recorded in Panama?
- The highest recorded value was 5.0% in 2024.
- What is the lowest external balance on goods and services as a percent of gdp recorded in Panama?
- The lowest recorded value was -15.0% in 1974.
- How does Panama rank for external balance on goods and services as a percent of gdp?
- Panama ranks 40th out of 191 countries with data for 2024.
- Is external balance on goods and services as a percent of gdp rising or falling in Panama?
- Over the last ten years it is up 197.1%. The long-run trend across the full record is volatile.
- Where does this Panama data come from?
- The figures come from National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data, published as part of External balance on goods and services as a percent of GDP. Statizoid updates them automatically from the source API.
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About this data
Exports of goods and services minus imports of goods and services divided by gross domestic product, expressed as a percentage.