Panama: Military expenditure (current USD)

Key figures

What the numbers say

In 2025, Panama's military expenditure (current USD) did not change 0 on 2024 (from 0 to 0).

Across the 30 yearly changes before that (1995 to 2024), the average change was −3.37 million and a typical year strayed about 20.92 million from that (the standard deviation). This year's change was 0.2 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 16.8 million in 1997 and the biggest yearly fall was 111.6 million in 2000. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2016 to 2025 there is no clear straight-line trend: a straight line explains less than 1% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

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

How it compares

In 2025, Panama had the 148th highest value of the 150 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 2025 ranking

• Gambia, The — 147th of 150: 14.74 million
• Costa Rica — 148th of 150: 0
• Iceland — 149th of 150: 0

What this measures

Military spending USD, in current prices (converted at the exchange rate for the given year)

Limitations: SIPRI strives to compile reliable, consistent military expenditure data by assessing multiple sources, but accuracy depends on the quality and transparency of those sources. Challenges arise from two key issues: whether reported figures reflect actual spending and how closely they match SIPRI’s definition. While data is generally accurate in developed and many developing countries, weak governance, corruption, and secret transfers in others can lead to major discrepancies. SIPRI sometimes makes estimates, when sources conflict or lack coverage, introducing uncertainty, especially for countries like China or the UAE.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 39 values

Military expenditure (current USD) in nearby economies

• Argentina — 3.88 billion (2025)
• Belize — 33.32 million (2025)
• Bolivia — 688.31 million (2025)
• Brazil — 23.95 billion (2025)
• Chile — 5.33 billion (2025)
• Colombia — 14.5 billion (2025)
• Costa Rica — 0 (2025)
• Cuba — 128.61 million (2018)
• Dominican Republic — 1.04 billion (2025)
• Ecuador — 2.74 billion (2025)
• El Salvador

More public sector data for Panama

• 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) — 100 (2024)

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 military expenditure (current USD)?

0 in 2025, according to the World Bank (World Development Indicators).

How has it changed since 1987?

It is down 100% from 103.8 million in 1987. The highest value was 118 million in 1997 and the lowest 0 in 2000.

How does Panama rank?

148th highest of 150 economies with data for 2025.

Is the latest change in military expenditure (current USD) unusual for Panama?

In 2025, Panama's military expenditure (current USD) did not change 0 on 2024 (from 0 to 0). Across the 30 yearly changes before that (1995 to 2024), the average change was −3.37 million and a typical year strayed about 20.92 million from that (the standard deviation). This year's change was 0.2 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator MS.MIL.XPND.CD, licensed CC BY 4.0. Original source: SIPRI Military Expenditure Database, Stockholm International Peace Research Institute (SIPRI), uri: https://www.sipri.org/databases 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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