Question

What is the GDP, GDP per capita, human development index and changes in these statistics over time in Panama (at least three years)?

Link to what sources used.

Describe HDI in more writing and the purpose of these statistics.

Answer 1

Panama economy is mainly based on service sector, where 80 percent of its GDP is contributed by service sector. Insurance, commerce, banking, Panama Canal, Trade zones, medical and health, tourism etc. were the major service sectors. From the data of 2019, 66.80 billion is the GDP of Panama, i.e. 112 percent. About 0.06 percent of world GDP represented was by Panama. In 2018, 106.87 percent was Panama’s GDP amount. Compare to 2018, 100.61 percent is the GDP in 2017. At present according to World Bank data, the GDP of Panama is 110.4 percent.
In Panama, the GDP per capita is expected to reach 11400.00 USD by the end of 2020. In 2018, the GDP per capita was 15,624.82 USD. The per capita GDP rose to 16,245.45 USD in the next year. In 2020, it reached 17,148.32 USD.
Human Development Index or HDI is an important measure to find the range of living standard of people in a country. It accesses the long term progress of healthy life, knowledge access and standard of living. According to 2016 data, HDI value of Panama is 0.788, in 2017 it become 0.793 and the recent data shows, the HDI value is 0.795.
The long term health of life measured by life expectancy and mean year of schooling measured the knowledge level. The standard of living in Panama is measured using GNI. The human development progress is useful to compare the development with other countries. Comparing to Latin American counties and Caribbean countries, Panama having high HDI of 0.795.