Taxes on incomes of individuals and corporations as share of GDP in Panama
Panama: Taxes on incomes of individuals and corporations as share of GDP was 4.8% in 2014. ▲ Rising
Taxes on incomes of individuals and corporations as share of GDP in Panama, 1989–2014
Source: UNU-WIDER Government Revenue Dataset (2025) – with major processing by Our World in Data. Measured in %.
Analysis
In 2014, taxes on incomes of individuals and corporations as share of gdp in Panama stood at 4.8%.
Compared with earlier readings it is down 13.7% on the previous year and up 53.6% over ten years.
Over the whole period, taxes on incomes of individuals and corporations as share of gdp in Panama peaked at 5.5% in 2012 and was at its lowest, 2.7%, in 1989.
That places Panama 129th out of 184 countries with data for 2014, putting it in the middle of the range.
The long-run direction has been consistently rising across the 26 years of available data.
Taxes on incomes of individuals and corporations as share of GDP in Panama, year by year
| Year | % | Change |
|---|---|---|
| 1989 | 2.7% | — |
| 1990 | 4.0% | +49.6% |
| 1991 | 4.6% | +14.9% |
| 1992 | 4.4% | -5.7% |
| 1993 | 4.2% | -4.9% |
| 1994 | 4.1% | -1.7% |
| 1995 | 4.6% | +12.5% |
| 1996 | 3.8% | -17.9% |
| 1997 | 3.7% | -1.7% |
| 1998 | 3.3% | -11.6% |
| 1999 | 4.0% | +21.4% |
| 2000 | 3.8% | -4.2% |
| 2001 | 3.4% | -9.6% |
| 2002 | 3.3% | -4.2% |
| 2003 | 3.0% | -8.6% |
| 2004 | 3.1% | +2.5% |
| 2005 | 3.4% | +10.2% |
| 2006 | 4.6% | +34.2% |
| 2007 | 4.5% | -1.5% |
| 2008 | 4.3% | -4.0% |
| 2009 | 4.5% | +3.4% |
| 2010 | 4.3% | -2.8% |
| 2011 | 4.0% | -7.8% |
| 2012 | 5.5% | +38.0% |
| 2013 | 5.5% | -0.5% |
| 2014 | 4.8% | -13.7% |
Panama compared with similar countries
- Panama's 4.8% is below the median for high income countries, which is 10.0%, 47% of the median. (63 countries reporting)
- Panama's 4.8% is below the median for Latin America & Caribbean, which is 5.8%, 81% of the median. (32 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 2.7% | 2.7% | 2.7% | 1 |
| 1990s | 4.1% | 3.3% | 4.6% | 10 |
| 2000s | 3.8% | 3.0% | 4.6% | 10 |
| 2010s | 4.8% | 4.0% | 5.5% | 5 |
Countries ranked near Panama
- 126 Saint Lucia 4.9% compare
- 127 Cape Verde 4.8% compare
- 128 Djibouti 4.8% compare
- 130 Venezuela, Bolivarian Republic of 4.7% compare
- 131 Congo, Democratic Republic of the 4.7% compare
- 132 Uganda 4.7% 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)
- Foreign direct investment, net outflows (BoP, current US$), gaps -870.79 million BoP, current US$ (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit -0.0096 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita -190.5 BoP, current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 938.47 million BoP, current US$ (2025)
- Foreign direct investment, net inflows (BoP, current US$), annual -55.01 % change on previous year (2025)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0104 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net inflows (BoP, current US$), per capita 205.3 BoP, current US$ per person (2025)
- Total reserves (includes gold, current US$), annual growth rate -8.97 % change on previous year (2025)
Frequently asked questions
- What is taxes on incomes of individuals and corporations as share of gdp in Panama?
- Taxes on incomes of individuals and corporations as share of gdp in Panama was 4.8% in 2014, according to UNU-WIDER Government Revenue Dataset (2025) – with major processing by Our World in Data.
- What is the highest taxes on incomes of individuals and corporations as share of gdp recorded in Panama?
- The highest recorded value was 5.5% in 2012.
- What is the lowest taxes on incomes of individuals and corporations as share of gdp recorded in Panama?
- The lowest recorded value was 2.7% in 1989.
- How does Panama rank for taxes on incomes of individuals and corporations as share of gdp?
- Panama ranks 129th out of 184 countries with data for 2014.
- Is taxes on incomes of individuals and corporations as share of gdp rising or falling in Panama?
- Over the last ten years it is up 53.6%. The long-run trend across the full record is rising.
- 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 Taxes on incomes of individuals and corporations as share of GDP. Statizoid updates them automatically from the source API.
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About this data
Tax revenue on incomes, profits and capital gains divided by gross domestic product, expressed as a percentage.