Tax revenue as share of GDP in Panama
Panama: Tax revenue as share of GDP was 12.5% in 2023. ▼ Falling
Tax revenue as share of GDP in Panama, 1989–2023
Source: UNU-WIDER Government Revenue Dataset (2025) – with major processing by Our World in Data. Measured in % of GDP.
Analysis
In 2023, tax revenue as share of gdp in Panama stood at 12.5%.
Compared with earlier readings it is down 0.8% on the previous year and down 21.6% over ten years.
Over the whole period, tax revenue as share of gdp in Panama peaked at 17.9% in 1995 and was at its lowest, 11.8%, in 2021.
That places Panama 142nd out of 192 countries with data for 2023, putting it in the middle of the range.
The long-run direction has been consistently falling across the 35 years of available data.
Tax revenue as share of GDP in Panama, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1989 | 14.6% | — |
| 1990 | 16.7% | +13.9% |
| 1991 | 17.1% | +2.5% |
| 1992 | 17.7% | +3.6% |
| 1993 | 16.5% | -6.7% |
| 1994 | 16.7% | +0.9% |
| 1995 | 17.9% | +7.2% |
| 1996 | 15.4% | -14.0% |
| 1997 | 14.7% | -4.1% |
| 1998 | 14.5% | -1.4% |
| 1999 | 14.9% | +2.4% |
| 2000 | 14.4% | -3.4% |
| 2001 | 13.5% | -6.2% |
| 2002 | 13.0% | -3.7% |
| 2003 | 12.8% | -1.3% |
| 2004 | 12.6% | -1.5% |
| 2005 | 12.6% | -0.5% |
| 2006 | 13.9% | +10.7% |
| 2007 | 14.5% | +4.2% |
| 2008 | 14.5% | -0.1% |
| 2009 | 14.3% | -1.4% |
| 2010 | 15.5% | +8.7% |
| 2011 | 15.6% | +0.5% |
| 2012 | 15.8% | +1.5% |
| 2013 | 15.9% | +0.7% |
| 2014 | 14.7% | -7.6% |
| 2015 | 14.4% | -2.4% |
| 2016 | 15.0% | +4.0% |
| 2017 | 14.4% | -3.9% |
| 2018 | 14.3% | -0.7% |
| 2019 | 13.2% | -7.4% |
| 2020 | 12.3% | -6.7% |
| 2021 | 11.8% | -4.4% |
| 2022 | 12.6% | +6.8% |
| 2023 | 12.5% | -0.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 14.6% | 14.6% | 14.6% | 1 |
| 1990s | 16.2% | 14.5% | 17.9% | 10 |
| 2000s | 13.6% | 12.6% | 14.5% | 10 |
| 2010s | 14.9% | 13.2% | 15.9% | 10 |
| 2020s | 12.3% | 11.8% | 12.6% | 4 |
Countries ranked near Panama
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)
- Households and NPISHs Final consumption expenditure (current LCU) 6.92 % change on previous year (2024)
- Households and NPISHs Final consumption expenditure (current LCU) 0.4902 current LCU per US$ of GDP (2024)
- Households and NPISHs Final consumption expenditure (current LCU) 9,393 current LCU per person (2024)
- Households and NPISHs Final consumption expenditure (constant 2015) 6.48 % change on previous year (2024)
- Households and NPISHs Final consumption expenditure (constant 2015) 0.4433 constant 2015 US$ per US$ of GDP (2024)
- Households and NPISHs Final consumption expenditure (constant 2015) 8,494 constant 2015 US$ per person (2024)
- Final consumption expenditure (current US$), annual growth rate 6.4 % change on previous year (2024)
- Final consumption expenditure (current US$), per unit of GDP 0.6142 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is tax revenue as share of gdp in Panama?
- Tax revenue as share of gdp in Panama was 12.5% in 2023, according to UNU-WIDER Government Revenue Dataset (2025) – with major processing by Our World in Data.
- What is the highest tax revenue as share of gdp recorded in Panama?
- The highest recorded value was 17.9% in 1995.
- What is the lowest tax revenue as share of gdp recorded in Panama?
- The lowest recorded value was 11.8% in 2021.
- How does Panama rank for tax revenue as share of gdp?
- Panama ranks 142nd out of 192 countries with data for 2023.
- Is tax revenue as share of gdp rising or falling in Panama?
- Over the last ten years it is down 21.6%. The long-run trend across the full record is falling.
- Where does this Panama data come from?
- The figures come from UNU-WIDER Government Revenue Dataset (2025) – with major processing by Our World in Data, published as part of Tax revenue as share of GDP. Statizoid updates them automatically from the source API.
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About this data
Direct and indirect taxes as well as social contributions included.