Panama Gross Fixed Capital Formation
Key information about Panama Gross Fixed Capital Formation
- Panama Gross Fixed Capital Formation was reported at 26.894 USD bn in Dec 2023.
- This records an increase from the previous number of 22.646 USD bn for Dec 2022.
- Panama Gross Fixed Capital Formation data is updated yearly, averaging 8.327 USD bn from Dec 1996 to 2023, with 28 observations.
- The data reached an all-time high of 26.894 USD bn in 2023 and a record low of 1.665 USD bn in 2002.
- Panama Gross Fixed Capital Formation data remains active status in CEIC and is reported by CEIC Data.
- The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Gross Fixed Capital Formation: USD: Annual.
CEIC converts annual Gross Fixed Capital Formation into USD. Gross Fixed Capital Formation is calculated as the sum of Gross Fixed Capital Formation: Private and Gross Fixed Capital Formation: Public. The National Institute of Statistics and Census provides Gross Fixed Capital Formation in local currency based on SNA 2008 benchmark year 2018. The International Monetary Fund average market exchange rate is used for currency conversions. Gross Fixed Capital Formation prior to 2018 is based on SNA 1993 benchmark year 2007. Gross Fixed Capital Formation prior to 2007 is based on SNA 1993 benchmark year 1996.
View Panama's Gross Fixed Capital Formation from 1996 to 2023 in the chart:
What was Panama's Gross Fixed Capital Formation in 2023?
Panama Gross Fixed Capital Formation was reported at 26.894 USD bn in Dec 2023. See the table below for more data.
Last | Previous | Min | Max | Unit | Frequency | Range |
---|---|---|---|---|---|---|
26,894.290 2023 | 22,645.985 2022 | 1,664.800 2002 | 26,894.290 2023 | USD mn | yearly | 1996 - 2023 |
Gross Fixed Capital Formation by Country Comparison
country/region | Last | Frequency | Range |
---|---|---|---|
Albania (USD mn) | 1,533.333 Jun 2024 | quarterly | Mar 2008 - Jun 2024 |
Algeria (USD mn) | 79,602.998 2023 | yearly | 1957 - 2023 |
Argentina (USD mn) | 28,985.648 Sep 2024 | quarterly | Mar 1993 - Sep 2024 |
Armenia (USD mn) | 1,472.546 Sep 2024 | quarterly | Dec 1994 - Sep 2024 |
Australia (USD mn) | 112,464.982 Sep 2024 | quarterly | Sep 1959 - Sep 2024 |
Austria (USD mn) | 32,202.294 Sep 2024 | quarterly | Mar 1988 - Sep 2024 |
Azerbaijan (USD mn) | 2,409.000 Jun 2024 | quarterly | Mar 2001 - Jun 2024 |
Bahrain (USD mn) | 9,667.798 2021 | yearly | 1975 - 2021 |
Bangladesh (USD mn) | 140,807.342 2024 | yearly | 1980 - 2024 |
Belarus (USD mn) | 4,146.239 Jun 2024 | quarterly | Mar 1994 - Jun 2024 |
Belgium (USD mn) | 40,900.377 Jun 2024 | quarterly | Mar 1980 - Jun 2024 |
Bolivia (USD mn) | 1,730.209 Jun 2024 | quarterly | Mar 1990 - Jun 2024 |
Bosnia and Herzegovina (USD mn) | 6,367.905 2023 | yearly | 1995 - 2023 |
Botswana (USD mn) | 1,398.337 Jun 2024 | quarterly | Mar 2006 - Jun 2024 |
Brazil (USD mn) | 95,013.218 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
Brunei (USD mn) | 1,288.579 Jun 2024 | quarterly | Mar 2004 - Jun 2024 |
Bulgaria (USD mn) | 4,509.672 Jun 2024 | quarterly | Mar 1995 - Jun 2024 |
Cambodia (USD mn) | 13,640.359 2022 | yearly | 1993 - 2022 |
Canada (USD mn) | 126,778.688 Sep 2024 | quarterly | Mar 1957 - Sep 2024 |
Chile (USD mn) | 19,415.784 Sep 2024 | quarterly | Mar 1990 - Sep 2024 |
China (USD mn) | 7,546,959.529 2022 | yearly | 1957 - 2022 |
Colombia (USD mn) | 17,954.681 Sep 2024 | quarterly | Mar 2000 - Sep 2024 |
Croatia (USD mn) | 5,430.992 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
Cyprus (USD mn) | 1,818.617 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
Czech Republic (USD mn) | 22,900.573 Jun 2024 | quarterly | Mar 1995 - Jun 2024 |
Denmark (USD mn) | 23,562.339 Sep 2024 | quarterly | Mar 1990 - Sep 2024 |
Ecuador (USD mn) | 5,355.479 Jun 2024 | quarterly | Mar 1991 - Jun 2024 |
Egypt (USD mn) | 11,091.010 Dec 2023 | quarterly | Jun 2004 - Dec 2023 |
Estonia (USD mn) | 2,780.995 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
European Union (USD mn) | 1,006,264.636 Jun 2024 | quarterly | Mar 1999 - Jun 2024 |
Finland (USD mn) | 15,708.017 Jun 2024 | quarterly | Mar 1990 - Jun 2024 |
France (USD mn) | 178,416.580 Sep 2024 | quarterly | Mar 1957 - Sep 2024 |
Georgia (USD mn) | 2,075.703 Jun 2024 | quarterly | Mar 1996 - Jun 2024 |
Germany (USD mn) | 246,252.353 Sep 2024 | quarterly | Mar 1991 - Sep 2024 |
Ghana (USD mn) | 8,165.186 2023 | yearly | 2006 - 2023 |
Greece (USD mn) | 9,920.993 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
Hong Kong SAR, China (USD mn) | 17,242.688 Sep 2024 | quarterly | Mar 1973 - Sep 2024 |
Hungary (USD mn) | 14,633.917 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
Iceland (USD mn) | 2,127.116 Jun 2024 | quarterly | Mar 1995 - Jun 2024 |
India (USD mn) | 281,655.934 Sep 2024 | quarterly | Jun 1996 - Sep 2024 |
Indonesia (USD mn) | 106,179.180 Sep 2024 | quarterly | Mar 1993 - Sep 2024 |
Iran (USD mn) | 303,898.154 Mar 2024 | quarterly | Jun 1988 - Mar 2024 |
Ireland (USD mn) | 32,612.909 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
Israel (USD mn) | 30,101.753 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
Italy (USD mn) | 130,271.521 Sep 2024 | quarterly | Mar 1980 - Sep 2024 |
Ivory Coast (USD mn) | 20,069.728 2023 | yearly | 1960 - 2023 |
Japan (USD mn) | 269,029.011 Sep 2024 | quarterly | Mar 1980 - Sep 2024 |
Jordan (USD mn) | 8,462.516 2023 | yearly | 1963 - 2023 |
Kazakhstan (USD mn) | 13,856.680 Jun 2024 | quarterly | Mar 2007 - Jun 2024 |
Kenya (USD mn) | 21,229.734 2022 | yearly | 1964 - 2022 |
South Korea (USD mn) | 144,555.025 Sep 2024 | quarterly | Mar 1960 - Sep 2024 |
Kosovo (USD mn) | 663.515 Mar 2024 | quarterly | Mar 2010 - Mar 2024 |
Kuwait (USD mn) | 29,731.557 2019 | yearly | 1963 - 2019 |
Kyrgyzstan (USD mn) | 842.081 Sep 2023 | quarterly | Mar 2008 - Sep 2023 |
Latvia (USD mn) | 2,865.510 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
Lebanon (USD mn) | 7,910.272 2020 | yearly | 1997 - 2020 |
Lithuania (USD mn) | 4,646.305 Jun 2024 | quarterly | Mar 1995 - Jun 2024 |
Luxembourg (USD mn) | 3,800.886 Jun 2024 | quarterly | Mar 1995 - Jun 2024 |
Macau SAR, China (USD mn) | 1,949.895 Sep 2024 | quarterly | Mar 1998 - Sep 2024 |
North Macedonia (USD mn) | 3,901.151 2023 | yearly | 1990 - 2023 |
Malawi (USD mn) | 943.616 2019 | yearly | 1973 - 2019 |
Malaysia (USD mn) | 22,616.595 Sep 2024 | quarterly | Mar 1991 - Sep 2024 |
Malta (USD mn) | 1,118.307 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
Mauritius (USD mn) | 1,076.603 Jun 2024 | quarterly | Mar 1999 - Jun 2024 |
Mexico (USD mn) | 117,574.497 Jun 2024 | quarterly | Mar 1993 - Jun 2024 |
Moldova (USD mn) | 1,052.773 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
Mongolia (USD mn) | 1,730.808 Sep 2024 | quarterly | Mar 2010 - Sep 2024 |
Montenegro (USD mn) | 430.385 Jun 2024 | quarterly | Mar 2010 - Jun 2024 |
Morocco (USD mn) | 36,709.325 2023 | yearly | 1957 - 2023 |
Mozambique (USD mn) | 3,242.242 2020 | yearly | 1991 - 2020 |
Nepal (USD mn) | 10,485.258 2024 | yearly | 2001 - 2024 |
Netherlands (USD mn) | 61,708.147 Sep 2024 | quarterly | Mar 1988 - Sep 2024 |
New Zealand (USD mn) | 15,406.283 Jun 2024 | quarterly | Jun 1987 - Jun 2024 |
Nigeria (USD mn) | 30,927.816 Dec 2023 | quarterly | Mar 2010 - Dec 2023 |
Norway (USD mn) | 27,707.668 Sep 2024 | quarterly | Mar 1978 - Sep 2024 |
Oman (USD mn) | 25,785.176 2023 | yearly | 1975 - 2023 |
Pakistan (USD mn) | 42,851.142 2024 | yearly | 2000 - 2024 |
Palestinian Territory (USD mn) | 686.800 Jun 2024 | quarterly | Mar 2011 - Jun 2024 |
Panama (USD mn) | 26,894.290 2023 | yearly | 1996 - 2023 |
Paraguay (USD mn) | 2,424.423 Jun 2024 | quarterly | Mar 1994 - Jun 2024 |
Peru (USD mn) | 16,968.255 Sep 2024 | quarterly | Mar 1990 - Sep 2024 |
Philippines (USD mn) | 25,706.099 Sep 2024 | quarterly | Mar 1981 - Sep 2024 |
Poland (USD mn) | 34,048.204 Jun 2024 | quarterly | Mar 1995 - Jun 2024 |
Portugal (USD mn) | 15,401.322 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
Qatar (USD mn) | 72,289.950 2022 | yearly | 1994 - 2022 |
Romania (USD mn) | 25,972.199 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
Russia (USD mn) | 105,034.586 Jun 2024 | quarterly | Mar 1993 - Jun 2024 |
Saudi Arabia (USD mn) | 78,944.295 Jun 2024 | quarterly | Mar 2003 - Jun 2024 |
Serbia (USD mn) | 5,612.251 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
Singapore (USD mn) | 30,114.950 Sep 2024 | quarterly | Mar 1975 - Sep 2024 |
Slovakia (USD mn) | 7,269.084 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
Slovenia (USD mn) | 3,611.864 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
South Africa (USD mn) | 14,982.236 Sep 2024 | quarterly | Mar 1960 - Sep 2024 |
Spain (USD mn) | 83,462.541 Sep 2024 | quarterly | Mar 1995 - Sep 2024 |
Sri Lanka (USD mn) | 3,457.087 Dec 2022 | quarterly | Mar 2010 - Dec 2022 |
Sudan (USD mn) | 2,205.522 2023 | yearly | 1976 - 2023 |
Sweden (USD mn) | 38,577.914 Mar 2023 | quarterly | Mar 1980 - Mar 2023 |
Switzerland (USD mn) | 59,329.510 Sep 2024 | quarterly | Mar 1980 - Sep 2024 |
Taiwan (USD mn) | 49,840.133 Sep 2024 | quarterly | Dec 1983 - Sep 2024 |
Tajikistan (USD mn) | 3,396.759 2022 | yearly | 1993 - 2022 |
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Learn more about what we doPanama Key Series
Government and Public Finance | Last | Frequency | Range |
---|---|---|---|
Consolidated Fiscal Balance: % of GDP (%) | -3.0 2023 | yearly | 2003 - 2023 |
Consolidated Fiscal Balance (USD mn) | -2,462.500 2023 | yearly | 2003 - 2023 |
Tax Revenue (USD mn) | 376.798 Oct 2024 | monthly | Jan 1995 - Oct 2024 |
Tax Revenue: % of GDP (%) | 5.5 Sep 2024 | quarterly | Mar 2007 - Sep 2024 |
National Government Debt (USD mn) | 53,809.6 Oct 2024 | monthly | Jul 2004 - Oct 2024 |
Government Debt: % of GDP (%) | 61.6 Sep 2024 | quarterly | Dec 2007 - Sep 2024 |
Forecast: Government Expenditure (PAB bn) | 23.007 2029 | yearly | 1994 - 2029 |
Forecast: Government Net Debt (PAB bn) | 59.883 2029 | yearly | 1994 - 2029 |
Forecast: Government Revenue (PAB bn) | 21.105 2029 | yearly | 1994 - 2029 |
Central Government Revenue: Current Revenue: Tax (PAB th) | 376,797.799 Oct 2024 | monthly | Jan 1995 - Oct 2024 |
Central Government Revenue: Current Revenue: Tax: Direct: Total (PAB th) | 150,376.752 Oct 2024 | monthly | Jan 1995 - Oct 2024 |
Central Government Revenue: Current Revenue (PAB th) | 509,360.329 Oct 2024 | monthly | Jan 1995 - Oct 2024 |
Public Debt: Domestic (USD mn) | 9,723.943 Oct 2024 | monthly | Jul 2004 - Oct 2024 |
Foreign Trade | Last | Frequency | Range |
---|---|---|---|
Forecast: Exports of Goods Growth (%) | 7.314 2028 | yearly | 1980 - 2028 |
Trade Balance (USD mn) | -1,259.9 Oct 2024 | monthly | Jan 1964 - Oct 2024 |
Total Exports (USD mn) | 145.2 Feb 2023 | monthly | Jan 2000 - Feb 2023 |
Total Exports Growth (%) | -71.9 Oct 2024 | monthly | Jan 2001 - Oct 2024 |
Aluminum: Exports (USD th) | 6,067.531 2023 | yearly | 1995 - 2023 |
Exports: Medicament (USD th) | 329,464.345 2023 | yearly | 1995 - 2023 |
Exports: Medicinal and Pharmaceutical Product (USD th) | 10,079.101 2023 | yearly | 1995 - 2023 |
Total Imports (USD mn) | 1,349.5 Oct 2024 | monthly | Jan 2000 - Oct 2024 |
Total Imports Growth (%) | 8.2 Oct 2024 | monthly | Jan 2001 - Oct 2024 |
Imports: Medicament (USD th) | 1,071,085.390 2023 | yearly | 1995 - 2023 |
Imports: Medicinal and Pharmaceutical Product (USD th) | 333,744.579 2023 | yearly | 1995 - 2023 |
Total Exports to USA (USD mn) | 15.472 Aug 2024 | monthly | Jan 1970 - Aug 2024 |
Total Imports from USA (USD mn) | 212.491 Aug 2024 | monthly | Jan 1967 - Aug 2024 |
Total Exports to China (USD mn) | 1,072.958 2021 | yearly | 1999 - 2021 |
Total Imports from China (USD mn) | 233.776 Aug 2024 | monthly | Mar 1989 - Aug 2024 |
Exports: FOB: America: NAFTA: Mexico (PAB th) | 30,335.000 2021 | yearly | 1999 - 2021 |
Exports: FOB: Raw Wood (PAB th) | 7,428.13 Apr 2018 | monthly | Jan 2017 - Apr 2018 |
Exports: FOB: Waste & Scrap of Steel, Copper & Aluminum (PAB th) | 6,147.94 Apr 2018 | monthly | Jan 2017 - Apr 2018 |
Imports: CIF: Asia: Rest of Asia: Taiwan (PAB th) | 48,718.000 2021 | yearly | 1999 - 2021 |
Export Value Index (2015=100) | 115.979 2021 | yearly | 1981 - 2021 |
Import Value Index (2015=100) | 91.522 2021 | yearly | 1981 - 2021 |
Balance of Payments | Last | Frequency | Range |
---|---|---|---|
Direct Investment Abroad (USD mn) | 94.7 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
Current Account Balance (USD mn) | 434.7 Jun 2024 | quarterly | Mar 1998 - Jun 2024 |
Current Account Balance: % of GDP (%) | 2.2 Jun 2024 | quarterly | Mar 2007 - Jun 2024 |
Foreign Direct Investment (USD mn) | 731.9 Jun 2024 | quarterly | Mar 1998 - Jun 2024 |
Foreign Direct Investment: % of GDP (%) | 3.8 Jun 2024 | quarterly | Mar 2007 - Jun 2024 |
Foreign Portfolio Investment (USD mn) | 46.336 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
Foreign Portfolio Investment: % of GDP (%) | 0.2 Jun 2024 | quarterly | Mar 2007 - Jun 2024 |
Foreign Portfolio Investment: Equity Securities (USD mn) | 0.0 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
Foreign Portfolio Investment: Debt Securities (USD mn) | 46.336 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
External Debt (USD mn) | 44,085.7 Oct 2024 | monthly | Jul 2004 - Oct 2024 |
External Debt: % of GDP (%) | 167.4 2021 | yearly | 2014 - 2021 |
External Debt: Short Term (USD mn) | 39,768.7 Dec 2021 | quarterly | Sep 2014 - Dec 2021 |
External Debt: Short Term: % of GDP (%) | 59.0 2021 | yearly | 1970 - 2021 |
Forecast: Current Account Balance (USD bn) | -2.904 2029 | yearly | 1980 - 2029 |
Net International Investment Position (USD mn) | -74,373.797 Jun 2024 | quarterly | Mar 2002 - Jun 2024 |
BoP: Net Errors and Omissions (PAB mn) | -1,074.780 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: CA: Goods (PAB mn) | -2,641.439 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: CA: Goods: Credit (PAB mn) | 3,860.024 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: CA: Goods: Debit (PAB mn) | -6,501.463 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
Balance of Payment (BoP): Current Account (CA) (PAB mn) | 434.679 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: CA: Services: Credit (PAB mn) | 4,997.525 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: CA: Services (PAB mn) | 3,793.233 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: CA: Services: Debit (PAB mn) | -1,204.292 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: CA: Income (PAB mn) | -699.429 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: CA: Income: Credit (PAB mn) | 1,040.920 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: CA: Income: Debit (PAB mn) | -1,740.348 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: Capital Account (PAB mn) | 2.490 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: Financing: Reserve Assets (PAB mn) | 2,511.505 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: Capital Account: Debit (PAB mn) | 0.000 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: Capital Account: Credit (PAB mn) | 2.490 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: Financial Account (FA) (PAB mn) | -1,712.281 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: FA: Direct Investment (PAB mn) | 637.235 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: FA: Portfolio Investment: Assets (PAB mn) | -1,071.876 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
BoP: FA: Portfolio Investment: Liabilities (PAB mn) | 46.336 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
International Investment Position (IIP) (USD mn) | -74,373.797 Jun 2024 | quarterly | Mar 2015 - Jun 2024 |
IIP: Assets (USD mn) | 104,112.057 Jun 2024 | quarterly | Mar 2015 - Jun 2024 |
IIP: Liabilities (USD mn) | 178,485.854 Jun 2024 | quarterly | Mar 2015 - Jun 2024 |
Foreign Direct Investment (FDI) (PAB mn) | 731.906 Jun 2024 | quarterly | Mar 2013 - Jun 2024 |
Monetary | Last | Frequency | Range |
---|---|---|---|
Non Performing Loans Ratio (%) | 1.6 Oct 2024 | monthly | Dec 2008 - Oct 2024 |
Household Debt: % of GDP (%) | 38.3 Sep 2024 | quarterly | Dec 2007 - Sep 2024 |
Non-Performing Loans (USD mn) | 1,559.690 Oct 2024 | monthly | Dec 2008 - Oct 2024 |
Money Supply M1 (USD mn) | 8,749.080 Jul 2024 | monthly | Dec 2002 - Jul 2024 |
Money Supply M2 (USD mn) | 41,290.250 Jul 2024 | monthly | Dec 2002 - Jul 2024 |
M2 Growth (%) | 8.7 Jul 2024 | monthly | Dec 2003 - Jul 2024 |
Foreign Exchange Reserves (USD mn) | 5,684.4 Oct 2024 | monthly | Oct 1969 - Oct 2024 |
Foreign Exchange Reserves: % of GDP (%) | 5.697 Sep 2024 | quarterly | Dec 2007 - Sep 2024 |
Foreign Exchange Reserves: Months of Import (NA) | 4.2 Oct 2024 | monthly | Jan 2000 - Oct 2024 |
Gold Reserves (USD mn) | 0.000 Mar 2024 | monthly | Sep 1969 - Mar 2024 |
Total Deposits (USD mn) | 107,351.873 Sep 2024 | monthly | Dec 1998 - Sep 2024 |
Total Deposits Growth (%) | 6.8 Sep 2024 | monthly | Dec 1999 - Sep 2024 |
Domestic Credit (USD mn) | 64,079.3 Oct 2024 | monthly | Dec 2001 - Oct 2024 |
Domestic Credit Growth (%) | 5.8 Oct 2024 | monthly | Dec 2002 - Oct 2024 |
Household Debt (USD mn) | 32,710.8 Oct 2024 | monthly | Oct 2005 - Oct 2024 |
Total Loans (USD mn) | 96,404.929 Sep 2024 | monthly | Dec 1998 - Sep 2024 |
Total Loans Growth (%) | 8.77 Sep 2024 | monthly | Dec 1999 - Sep 2024 |
Private Debt: % of Nominal GDP (%) | 69.77 Sep 2024 | quarterly | Dec 2007 - Sep 2024 |
Money Supply: M3 (PAB mn) | 41,290.250 Jul 2024 | monthly | Dec 2002 - Jul 2024 |
More Indicators for Panama
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