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Panama Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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Population
3,800,644 (July 2018 est.)
GDP (PPP)
$104.1 billion (2017 est.)

Services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, and tourism

GDP growth rate
5.4% (2017 est.)

High and stable

GDP (PPP) per capita
$25,400 (2017 est.)

Medium

Local currency
Balboa (PAB)

Pegged to the USD (1$ = 1 PAB)

Financial stability (Public debt)
37.8% (2017 est.)

Low and stable

Inflation
0.9% (2017 est.)

Still low but recovering from deflation

Language
Spanish (official)

English is spoken as a second language in the capital or touristic areas

Corruption perception index (Source: Transparency International)
Rank 93/180

High level of corruption

Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
7% standard VAT rate. Medical services and transportation, among other services, are not taxed.
Alcoholic beverages and hotel accommodation are taxed at 10%, and tobacco and tobacco-derived products are taxed at 15%.
Corporate Tax

25% standard corporate tax rate
Duties
All goods introduced into the Panamanian territory from another country are subject to customs duties.
The duty rates are provided by the Panamanian Customs and Tariffs Office.

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