Finance of Panama

The minimum monthly wage in Panama is dependent on the each administrative territory and particular industry. Panama has a government debt of 97.02% of the country's Gross Domestic Product (GDP), as assessed in 2012. With regard to consumer prices, the inflation rate in Panama is 4.1%. The currency of Panama is Panamanian balboa. The plural form of the word Panamanian balboa is balboas. The symbol used for this currency is B/., and it is abbreviated as PAB. The Panamanian balboa is divided into centesimo; there are 100 in one balboa. Each year, consumers spend around $12,055 million. The ratio of consumer spending to GDP in Panama is 0.03%, and the ratio of consumer spending to the world consumer market is 3.48%. The corporate tax in Panama is set at 25%. Personal income tax ranges from 0% to 27%, depending on your specific situation and income level. VAT in Panama is 7%. In 2013, Panama received 50.7 million USD in foreign aid.In 2014, the foreign aid amounted to 111.3 USD.

Gross Domestic Product

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Panama is $76,770 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Panama was last recorded at $18,442,720. PPP in Panama is considered to be very good when compared to other countries. Very good PPP indicates that citizens in this country find it easy to purchase local goods. Local goods can include food, shleter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with very good PPP are safe locations for investments. The total Gross Domestic Product (GDP) in Panama is 40,467 billion. Based on this statistic, Panama is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Panama was last recorded at $9,721,526. The average citizen in Panama has very high wealth. Countries with very high wealth per capita have an extended life expectancy and very high standard of living. Highly skilled workers can be found in many industries, and labor is very expensive in these countries. Countries with very high wealth offer opportunities for safe investments, as they are often supported by a diverse and thriving financial sector. GDP Annual Growth Rate in Panama averaged 6.6% in 2014. According to this percentage, Panama is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well.