Panama: New business density (new registrations per 1,000 people ages 15-64)

Key figures

Over five years it is down 22.58% from 5.84 in 2017 (4.99% a year on average, compounded). Since 2013 it is down 62.91% from 12.19 in 2013 (10.43% a year on average, compounded).

What the numbers say

In 2022, Panama's new business density (new registrations per 1,000 people ages 15-64) fell 0.66 on 2021 (from 5.18 to 4.52).

Across the 8 yearly changes before that (2014 to 2021), the average change was −0.88 and a typical year strayed about 1.33 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 1.57 in 2021 and the biggest yearly fall was 2.81 in 2016. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2013 to 2022 the straight-line trend is downward, about 0.95 a year. A straight line explains 82% 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 2022, Panama had the 1st highest value of the 12 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 2022 ranking

• Switzerland — 2nd of 12: 3.13
• Suriname — 3rd of 12: 2.77
• Timor-Leste — 4th of 12: 2.34

What this measures

The number of newly registered firms with limited liability per 1,000 working-age people (ages 15-64) per calendar year.

Limitations: The definition of entrepreneurship used is limited to the formal sector. Yet, it should be noted that the exclusion of the informal sector is based on the difficulties of quantifying the number of firms that compose it, rather than on its relevance for developing economies. Data collected from economies categorized as offshore financial centers by Eurostat are excluded from the analysis, because registered entities in these countries may not fit the objective of the Entrepreneurship Database aiming at measuring formally registered companies with actual economic activities.

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

All 10 values

New business density (new registrations per 1,000 people ages 15-64) in nearby economies

• Antigua and Barbuda — 4.16 (2024)
• Argentina — 0.52 (2024)
• Barbados — 8.11 (2024)
• Belize — 13.01 (2024)
• Brazil — 6.67 (2024)
• Cayman Islands — 201.01 (2024)
• Chile — 9.09 (2023)
• Colombia — 2.22 (2024)
• Costa Rica

More private sector & trade data for Panama

• Merchandise trade (% of GDP) — 41.64% (2025)
• Merchandise imports (current US$) — US$25.76 billion (2025)
• Merchandise exports (current US$) — US$11.9 billion (2025)
• Merchandise imports from high-income economies (% of total merchandise imports) — 50% (2023)
• Merchandise imports from low- and middle-income economies outside region (% of total merchandise imports) — 23.48% (2023)
• Merchandise imports from low- and middle-income economies in Latin America & the Caribbean (% of total merchandise imports) — 26.45% (2023)
• Merchandise imports from low- and middle-income economies in South Asia (% of total merchandise imports) — 2% (2023)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Panama's new business density (new registrations per 1,000 people ages 15-64)?

4.52 in 2022, according to the World Bank (World Development Indicators).

How has it changed since 2013?

It is down 62.91% from 12.19 in 2013 (10.43% a year on average, compounded). The highest value was 12.19 in 2013 and the lowest 3.61 in 2020.

How does Panama rank?

1st highest of 12 economies with data for 2022.

Is the latest change in new business density (new registrations per 1,000 people ages 15-64) unusual for Panama?

In 2022, Panama's new business density (new registrations per 1,000 people ages 15-64) fell 0.66 on 2021 (from 5.18 to 4.52). Across the 8 yearly changes before that (2014 to 2021), the average change was −0.88 and a typical year strayed about 1.33 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 IC.BUS.NDNS.ZS, licensed CC BY 4.0. Original source: Entrepreneurship Database, World Bank (WB), uri: https://www.worldbank.org/en/programs/entrepreneurship 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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