Panama: Share of services

The latest value from 2023 is 67.29 percent, a decline from 68.14 percent in 2022. In comparison, the world average is 55.55 percent, based on data from 168 countries. Historically, the average for Panama from 1970 to 2023 is 67.78 percent. The minimum value, 59.79 percent, was reached in 1970 while the maximum of 73.96 percent was recorded in 2006. See the global rankings for that indicator or use the country comparator to compare trends over time.

The importance of services in the economy of Panama and other countries is measured as the value added of services as percent of GDP. The services sector includes wholesale and retail trade, transport, financial services, education, health care, and real estate.

Definition: Services correspond to ISIC divisions 50-99 and they include value added in wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. Also included are imputed bank service charges, import duties, and any statistical discrepancies noted by national compilers as well as discrepancies arising from rescaling. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The industrial origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.