Panama Tax Revenue
Tax revenue as % of GDP GC.TAX.TOTL.GD.ZS
Panama's tax revenue was 7.46% in 2021, ranked 7th globally. This represents a 7.3% decrease from 2020. Data from World Bank, covering 2014–2021.
Overview
Panama's tax revenue stood at 7.46% in 2021, a decline of +0.59% from 2020. Panama ranked 7th globally.
Panama's tax revenue has experienced fluctuations over the past eight years, with a notable decline from its all-time peak of 10.06% of GDP in 2016 to 7.46% in 2021. This represents a decline of approximately 25.9% and marks the lowest tax revenue as a percentage of GDP since 2014. When compared to its peer countries, Panama's tax revenue lags behind Sri Lanka's 7.37% and Bangladesh's 7.64%, but surpasses the Republic of Congo's 6.51%. China's 7.80% is the closest to Panama's latest figure. The decline in tax revenue can be attributed to various factors, including a decrease in government revenue from the Panama Canal, a primary source of income for the country. A steady economic recovery and increased government efforts to boost revenue through tax reforms could potentially reverse this trend and see Panama's tax revenue return to its peak levels.
Data & projection
| Year | Tax Revenue | YoY change | Rank |
|---|---|---|---|
| 2021 | 7.46% | −0.59% | #7 |
| 2020 | 8.05% | −0.60% | #12 |
| 2019 | 8.65% | −0.94% | #13 |
| 2018 | 9.59% | −0.07% | #15 |
| 2017 | 9.67% | −0.39% | #15 |
| 2016 | 10.06% | +0.26% | #20 |
| 2015 | 9.80% | −0.16% | #18 |
| 2014 | 9.96% | – | #18 |
Detected Pattern
Analysis
Panama matched the Export Boom Cycle pattern in 1994. Historically, 71% of countries showing this pattern (546 out of 768) saw tax revenue improve within 24 months. View full analysis →
Frequently Asked Questions
Panama's tax revenue was 7.46% in 2021. Ranked 7th globally. This represents a 7.3% decrease from the previous year.
Panama's tax revenue peaked at 10.06% in 2016.
The lowest tax revenue in Panama was 7.46% in 2021.
Panama ranks 7th globally in tax revenue as of 2021.
The World Bank indicator code is GC.TAX.TOTL.GD.ZS. Data sourced from World Bank.
The tax revenue of Panama in 2021 was 7.46%. This ranks 7th in the world.
Cite this page
@misc{historysaid_panama_tax-revenue,
title = {Panama Tax Revenue},
url = {https://historysaid.com/panama/tax-revenue/},
publisher = {HistorySaid},
year = {2026}
}