Tax revenue in Panama
Panama: Tax revenue was 7.2% in 2024. ▼ Falling
Tax revenue in Panama, 2014–2024
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of GDP.
Analysis
The most recent figure for tax revenue in Panama is 7.2%, measured in 2024. That is the lowest value across all 11 years on record.
Compared with earlier readings it is down 14.6% on the previous year and down 27.9% over ten years.
Over the whole period, tax revenue in Panama peaked at 10.1% in 2016 and was at its lowest, 7.2%, in 2024.
That places Panama 145th out of 157 countries with data for 2024, putting it in the bottom quarter.
The long-run direction has been consistently falling across the 11 years of available data.
Tax revenue in Panama, year by year
| Year | % of GDP | Change |
|---|---|---|
| 2014 | 10.0% | — |
| 2015 | 9.8% | -1.6% |
| 2016 | 10.1% | +2.6% |
| 2017 | 9.7% | -3.9% |
| 2018 | 9.6% | -0.8% |
| 2019 | 8.8% | -7.7% |
| 2020 | 8.3% | -6.6% |
| 2021 | 7.9% | -4.8% |
| 2022 | 8.6% | +9.2% |
| 2023 | 8.4% | -2.2% |
| 2024 | 7.2% | -14.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 9.7% | 8.8% | 10.1% | 6 |
| 2020s | 8.1% | 7.2% | 8.6% | 5 |
Countries ranked near Panama
- 142 Sudan 7.4%
- 143 Iran, Islamic Republic of 7.4%
- 144 Zimbabwe 7.2% compare
- 146 Micronesia, Federated States of 7.0% compare
- 147 China 7.0% compare
- 148 India 6.9% compare
More public sector data for Panama
- Arms imports 2.00 million SIPRI trend indicator values (1989)
- Arms imports (SIPRI trend indicator values), per capita 0.832 SIPRI trend indicator values per person (1989)
- Arms imports (SIPRI trend indicator values), per unit of GDP 0.0003 SIPRI trend indicator values per US$ of GDP (1989)
- Arms imports (SIPRI trend indicator values), annual growth rate -91.3 % change on previous year (1989)
- Arms imports (SIPRI trend indicator values), gaps filled 2.00 million SIPRI trend indicator values (1989)
- Military expenditure (current USD), per capita 0 current USD per person (2024)
- Military expenditure (current USD), per unit of GDP 0 current USD per US$ of GDP (2024)
- Military expenditure (current USD), annual growth rate -100 % change on previous year (2000)
- Military expenditure (current USD), gaps filled 0 current USD (2024)
- Arms imports (SIPRI trend indicator values), per square kilometre 26.9 SIPRI trend indicator values per square kilometre (1989)
Frequently asked questions
- What is tax revenue in Panama?
- Tax revenue in Panama was 7.2% in 2024, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest tax revenue recorded in Panama?
- The highest recorded value was 10.1% in 2016.
- What is the lowest tax revenue recorded in Panama?
- The lowest recorded value was 7.2% in 2024.
- How does Panama rank for tax revenue?
- Panama ranks 145th out of 157 countries with data for 2024.
- Is tax revenue rising or falling in Panama?
- Over the last ten years it is down 27.9%. The long-run trend across the full record is falling.
- Where does this Panama data come from?
- The figures come from Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Tax revenue (% of GDP). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 11 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Taxes are compulsory, unrequited payments, in cash or in kind, made by institutional units to government units. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.