Remittance outflow from Panama, by year 2023

In 2023, the value of personal remittances paid in Panama decreased by around 28 million U.S. dollars (-4.9 percent) since the previous year. While the value increased significantly in the first phase of the observed period, the increase slowed down in the last years.
Personal remittances comprise personal transfers and compensation of employees. Personal transfers include all current transfers between resident and nonresident individuals, while the compensation of employees refers to the income of employees who are employed in an economy where they are not resident, as well as of resident employees employed by nonresident entities.

Value of personal remittances in Panama from 2000 to 2023, based on remittance outflow towards any other country (in million U.S. dollars)

Characteristic	Personal remittance outflow (in million U.S. dollar)	Year-on-year percentage change (%)
2023	535.63	-4.9
2022	563.38	2.3
2021	550.87	8.3
2020	508.88	-38.2
2019	823.65	3.3
2018	797.14	-4.9
2017	838.41	0
2016	838.79	1.2
2015	828.9	1.8
2014	814.5	26.4
2013	644.2	14.3
2012	563.6	21.6
2011	463.6	-4.6
2010	485.8	8
2009	449.8	16
2008	387.6	31
2007	295.9	25.2
2006	236.3	169.7
2005	87.6	21.2
2004	72.3	27.7
2003	56.6	26.6
2002	44.7	6.2
2001	42.1	91.4
2000	22	-

Loading statistic...

Download

Source

Show detailed source information?

Already a member?

Sources

Use Ask Statista Research Service

Release date

July 2024

More information

Region

Panama

Survey time period

2000 to 2023

Special properties

All figures are estimates and in current U.S. dollars; This statistic follows the BPM 6 definitions of remittances, differentiating between "personal" and "total" remittances even if the two figures are often the same. See the "Details" tab for more information.

Supplementary notes

The numbers provided have been calculated by Statista, using definitions of remittances set in BPM 6 - the Sixth Edition of the IMF's Balance of Payments and International Investment Position Manual. The IMF used the following remittance definitions:

Personal remittances: The sum of "personal transfers", "compensation of employees" and "capital transfers between households";
Total remittances: The sum of "1. Personal remittances" with "social benefits";
Total remittances and transfers to Non-Profit Institutions Serving Households (NPISHs): The sum of "2. Total remittances" with "current transfers to NPISHs" and "capital transfers to NPISHs"

The categories of "personal transfers", "compensation of employees", "capital transfers between households", "social benefits", "current transfers to NPISHs" and "capital transfers to NPISHs" are all found in the IMF's Balance of Payments (BOP) database. Both the World Bank - and its KNOMAD department - adopted this IMF database in all their reportings on remittances.

Only the first two IMF categories - "personal transfers" and "compensation of employees" - are reported, though. All other categories are supplementary, meaning data is often not available or researched. This effectively means remittance data is incomplete - as it only covers (parts of) 1. Personal remittances.

Due to this lack of additional information, calculations on 1. Personal remittances and 2. Total remittances regularly lead to the same results. However, sources tend to write "total remittances" when the figures technically refer to "personal remittances". To avoid this confusion, Statista follows the BPM 6 wording of "personal remittances", unless a country does provide additional data that would lead to different figures that would be accounted for in "total remittances".

Citation formats