Panama: Goods and services expense (current LCU)

Key figures

What the numbers say

In 2024, Panama's goods and services expense (current LCU) rose 23.4% on 2023 (from 1.16 billion to 1.43 billion).

Across the 9 yearly changes before that (2015 to 2023), the average change was +3.2% and a typical year strayed about 17.1% from that (the standard deviation). This year's change was 1.2 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.

On record, the biggest yearly rise was 31.7% in 2019 and the biggest yearly fall was 25.4% in 2020. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 the straight-line trend is upward, about 38.67 million a year. A straight line explains 48% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Panama had the 83rd highest value of the 89 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Panama in the 2024 ranking

• Lithuania — 79th of 89: 1.89 billion
• Malta — 80th of 89: 1.59 billion
• Latvia — 81st of 89: 1.47 billion
• Estonia — 83rd of 89: 1.37 billion
• Solomon Islands — 84th of 89: 1.33 billion
• Cyprus — 85th of 89: 1.21 billion

What this measures

Goods and services include all government payments in exchange for goods and services used for the production of market and nonmarket goods and services. Use of goods and services for account capital formation is excluded. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.

Limitations: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD).

All 11 values

Goods and services expense (current LCU) in nearby economies

• Argentina — 3.61 trillion (2024)
• Bahamas, The — 561.44 million (2024)
• Barbados — 435.7 million (2016)
• Belize — 214.78 million (2017)
• Brazil — 82.27 billion (2024)
• Chile — 6.03 trillion (2024)
• Colombia — 47.56 trillion (2024)
• Costa Rica — 1.66 trillion (2024)
• Dominican Republic — 260.06 billion (2024)
• Ecuador — 8.69 billion (2022)

More public sector data for Panama

• Military expenditure (current USD) — 0 (2025)
• Military expenditure (current LCU) — 0 (2025)
• Military expenditure (% of GDP) — 0% (2025)
• Military expenditure (% of general government expenditure) — 0% (2025)
• Intentional homicides (per 100,000 people) — 11.71 (2023)
• Armed forces personnel, total — 28,000 (2020)
• Armed forces personnel (% of total labor force) — 1.33% (2020)
• Intentional homicides, female (per 100,000 female) — 1.7 (2023)
• Intentional homicides, male (per 100,000 male) — 21.71 (2023)
• Statistical performance indicators (SPI): Pillar 1 data use score (scale 0-100)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Panama's goods and services expense (current LCU)?

1.43 billion in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2014?

It is up 46.51% from 975.75 million in 2014 (3.89% a year on average, compounded). The highest value was 1.43 billion in 2024 and the lowest 899.88 million in 2020.

How does Panama rank?

83rd highest of 89 economies with data for 2024.

Is the latest change in goods and services expense (current LCU) unusual for Panama?

In 2024, Panama's goods and services expense (current LCU) rose 23.4% on 2023 (from 1.16 billion to 1.43 billion). Across the 9 yearly changes before that (2015 to 2023), the average change was +3.2% and a typical year strayed about 17.1% from that (the standard deviation). This year's change was 1.2 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.

Source

World Bank, World Development Indicators, indicator GC.XPN.GSRV.CN, licensed CC BY 4.0. Original source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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