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FE"LE COPY

DOCUMENT OF INTERNATl1ONAL BANK FOR- RECONSTRUCTION AND DEVELOPMENT

Not For Public Use

Report No. 275-PAN

REPORT ON THE ECONOMY

OF

PANAMA

(in four volumes)

Volume IV

Statistics

November 13, 1973

Regional OfficeLatin America and the CaribbeanCountry Programs Department I

This report was prepared for official use only by the Bank Group. It may not be published, quotedor cited without Bank Group authorization. The Bank Group does not accept responsibility for theaccuracy or completeness of the report.

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CURRlENCY EQUIVALENTS

1.00 Balboa = 1.00 US$

1.00 US$ = 1.00 Balboa

Fiscal Year: January 1 to December 31

REF'ORT ON THEF ECONOMY OF PANAMA

VOL`jAE IV : STATISTICS

Table of Contents

I. HUMAN RESOURCES

1.1 Populatiorn by Area and Province, 1950-19721.2 Birth and Mortality Rate, 1952-19711.3 Urban and Rural Fertility Rates, 1962-1963, 1966-1967,

1970-19711.4 Illiteracy by Province, 1950, 1960, 19701.5 Labor Force and E&ployment by Sector, 1960-19721.6 Public Educational Indicators, 1950-19711.7 Total Public and Private Schools, Teachers, and

Students, 1950, 1957-19731.8 Secondary Students by Type of Course, 1959/1960,

1965-19711.9 University of Panama Indicators, 1950, 1960, 1965-1972

II.~ NATIONAL ACCOUNTS

2.1 Industrial Origin of Gross Domestic Product at ConstantPrices, 1950-1972

2.2 Industrial Origin of Gross Domestic Product at CurrentPrices, 1950-1971

2.3 Expenditure- on Gross Domestic Product, 1950-19722.4 Expenditure on Gross Domestic 1Product in Constant

Prices, 1950-722.5 Private and Public Gross Capital Formation and Stock

Changes, 1950-19712.6 Distribution of National Income, 1950-19712.7 Projection of Gross Domestic Product by Sector Origin,

1972-19802.8 Projected :Expenditure on GNP, 1972-1980

III. BALANCE OF PAYMITS

3.1 Balance of Payments-Current Account, 1950-723.2 Balance of Payments - Capital Account3.3 Balance of Paynents Current Account - Canal Zone3.4 Selected Major Exports, 1955-19723.5 Value of DIports and Import Duties Paid, By Selected

Major Categories, 1958-723.6 Volume and FOB Value Imports of Principal Supplementary

Food. Products, Annual, 159);d-1971 and 1972 (9 months)3.7 Terms of Tlrade, 1950-1971

.

Table of Contents - 2 -

IV. PUBLIC DEBT

4.1 Total Public Sector Debt Outstanding as ofDecember 31, 1972

4.2 Debt Service on All Public Debt, 1965-1992L.3 Debt Service on External Public Debt, 1965-19924.L Debt Service on Internal Public Debt, 1965-19924.5 Debt Service on External Government Debt, 1965-15924.6 Debt Service on Internal Government Debt, 1965-19924.7 Adjusted Projection of Government Debt Service, 1974-1980

V. PUBLIC FINANCE

5.1 Consolidated Public Sector Accounts,1960 and 1965-73`.2 Consolidated Public Sector Accounts, 1960 and 1965-725.3 Public Investment by Sector; 1960, 1965-19735.l4 Public Sector Investinent by Sector, Ministry and

Agencies; 1960, 1965-19735.5 Consolidated Public Sector, 19605.6 Consolidated Public Sector, 19655.7 Consolidated Public Sector, 19665.8 Consolidated Public Sector, 19675.9 Consolidated Public Sector, 19685.10 Consolidated Public Sector, 19695.11 Consolidated Public ;'z.ector, 19705.12 Consolidated Public Sector, 19715.13 Consolidated Public Sector, 19725.14 Consolidated Public Sector Budget, 19735.15 Central Goverrnment Operations, 1950-735.16 Central Gc-vtennment Current Revenues, 1960-735.17 Central Government Current Expenditures, 1960-735.18 Central Government Capital Expenditures, 1960-735.19 Central Government Current Transfers, 196C-735.20 Central Government Capital Transfers, 1965-735.21 Central Government Regional Revenue Effect, 19705.22 Hypothetical Public Costs of Education5.23 Summary Accounts of Selected Municipalities5,24 Sumnary Accounts of Social Serucurity System, 1960 and

1965-735.25 Social Securiy Coverage, 1960-19715.26 I-Aimary Accounits of Colon Free Zone, 1960 and 1965-735,27 Summary Accounts of Civil Aviation Directorate, 1969-735s28 Summari Accounts of National Water and Sewerage Institute

'65-735.29 Summary Accouats of the Economic Development Institute5.30 Summary Accounts of the Institute for Development and Use

of Human Resources (IFARHU)5.31 Sumrary Accounts of Tourism Institute (IPAT), 1965-73

Table of Contents - 3 -

V. PUBLIC F2NANCE (Cont.)

5.32 Sunmary Accounts of Hydraulic Resources and ElectricityInstitute, 1965-1 973

5.33 Summary Accounts of Housing and Urbanization Institute(IVU, 1960 and 1965-7C

5.34 Summnary Accounts of the University of Panama, 1960 and1965-73

5.35a 1°60-72 Elasticity and Buoyancy of Government Revenues5.35b 1960-68 E]lasticity and Buoyancy of Governrment Revenues5.35c 1968-72 Elasticity and Buoyancy of Government Revenues5.36a Government Revenue Projections from Existing Taxes, 1974-755.36b Second Government Revenue Projections from Existing Taxes, 1974-765.37 Projection of Government iXpenditures, 1974-19805.38 Central Government Investments, 1974-805.39 Summary Projection of Socinl Security System, 17)4-19805.40 Summary Plrojection of Civil Aviation Directorate, 1974-19805.1X Summary Projection of Colon Free Zone, 1974-19805.42 Samniary Projection of National Water and Sewerage Institute

1974-198c)5-.3 Summary Projection of Vocational Training Irnstitute (IFARHU)

1 974-1 9805.L;L Summary rProjection of Electricity and Hydraulic Resources

Institute,, 19744-19805.45 Summary Projections of IPAT, 1574-19805.46 Summary Projection of National i':ortgage Bank, 1974-19805.l,7 Sumary rojection of University of Panama, 197)4-19805.48 Central Government Current Expenditures by Major Ministries,

1967-1972

VI. BANKING

6.1 Accounts of the Banking System, 1960-726.2 Annual Bank Loans made by Sector, 1958-1972

VII. AGRICULTURE

7.1 Major Land Uses According to Cadastral and PreliminaryAerial Survey Data, by Provinces and Ecological Groupsof Provinces

7.2 Land Capability of All Land According to Cadastral andPreliminary Aerial Survey Data, by Provinces and hcologicalGroups of Provinces

7.3 LandCapability of Areas Surveyed bv Cadaster, by Provinceand Ecological Groups of Provinces

-7.4 Land in Farms According to viajor band Uses, by Provincesand Ecological Grc ms of Frovinces, 1950, 1960 and 1971

.

Table of Conternts _ 4 -

VII. AGRICULTURE (Cont.)

7.5 Gross Value of Product-on from Agriculture, Forestry andFishing by Three-year Moving Averages, 1950-1972 and Annual,1967-72 (1960 dollars)

7.6 Principal Staple Crops Area, Production and Yield Trends,1950-72

7.7 Principal Exports of Products of Agriculture and Fisheries,Average for Selected Years in 1950's and Annual and Average1960-1972, in Volume and Value

7.8 Supply of Rice and Feed Grains (Corn/Sorghum), Annual andAverage, 1968-72 and Projected 1973

7.9 Land Acquisition of Agrarian Reform Comnission, by Province,1969-72

7.10 Commercial Crop Production and Credit, 1972/73, of CampesinoGroups under Sectorial Production Plan, by Regions

7.11 Number and Area of Farsz by Size Class, Proportion of Numberand Area in Each Class, and Relative Inter-Census Changes,1950, 1960 and 1970

VIII. OTHER SECTORS

8.i Manufacturing Statistizs, 1961-19718.2 Real Value Added in hanufacturing, 1950-19728.3 Value Added in Manufacturing, 1960-718.1 Industrial Characteristics, 1968 and 19708.5 Electricity Information, 1950-19728.6 Panama City Private Residential Construction Permits, 1950-728.7 Travellers to Panama, 1950-19718.8 Rural Wells and Water Systems Constructed, 12969-1972

IX. WAGES AND PRICES

9.1 Cost of Living Index, Panama and Colon Cities, 1962-19729.2 Selected Price Indices for Panama and the United States, 1966-729.3 Panama - Average Salaries by Selected Areas and Employees, 1958-719.4 Selected Wage Indices, 1968-1973

.

I

HUMAN RESOURCES

Table 1.1: POPULATION BY AREA AND PROVINCE. 1950-1972

(On July 1 - In thousands)

Area Provin cesYear Popula- Bocas

tion Urban Rural Del Toro Cocle Col6n Chiriqul Darien Herrera Los Santos Panarna Veragua

1950 795.0 287.8 507.2 22.0 72.3 89.4 136.3 14.5 49.6 61.0 243.8 106.1.1951 818.3 300.2 518.1 22.9 74.1 90.9 140.6 15.0 50.7 61.9 254.0 108.21952 842.3 313.1 529.2 23.7 75.9 92.4 145.1 15.4 51.8 62.8 264.6 110.61 953 Q6867.0 326.e5 24 7 7.8 93.9 149.8 15.8 52.9 63.7 275.6 1,12. 9

1954 892.5 340.5 552.0 25.5 79.8 95.4 154.5 16.3 54.0 64.6 287.1 115.3

1955 918.7 355.1 563.6 26.6 81.7 96.9 159,5 16.8 55.1 65.,5 298,9 117.71956 945.6 370.3 575.3 27.6 83.7 98.4 164.4 17.3 56.3 66.4 311!3 120.21957 973.4 386b2 587.2 28.6 85.8 99,9 169.7 17.7 57.5 67.4 324,1 122.71958 1,001,,9 402,8 599.1 29.7 87.8 101.5 175.0 18.3 58,7 6 89 337.4 125.21959 1,031.3 420.1 611.2 30.8 90.0 103.0 180.4 18.9 59.9 69.2 351.3 127.81960 1,061.1 438.1 623.0 32.1 92,1 13Qz4.2 3I 3 19,6 G " 7uA 36 4.5 130,71961 1,093.6 456,31 637,5 33.2 94.5 107.0 191,0 19.9 6293 70,7 382.1. 132,91962 1,127.1 474,4 652,7 34.2 97.0 109,9 195.8 20.2 63.4 71,0 400.6 135.01963 1,161.6 493.4 668.2 35.3 99.5 112.8 200.6 20.5 64.6 71.2 419.9 137.21964 1,197.1 513.2 683.9 36.4 102.1 115.8 205.6 20.8 65o7 71,4 440.0 139,31965 1,233,7 533.8 699.9 37,6 104.7 118.8 210.6 21.1 66.9 71,6 461,0 141,41966 1,271.6 555.2 716.4 38.8 107.3 121.9 215.7 21,5 68.0 71,8 483.1 143,51967 1,310.5 577.4 733A1 40.0 110.0 125.0 220.9 21.8 69.2 72.0 505.9 145.71968 1,350.5 600.6 749,9 41.2 112.8 128.2 226.2 22.1 70.4 72.1 529.7 147,81969 1,391.8 624.7 767,1 42.4 11-56 131.5 231,5 22,4 71.5 72,3 554.6 150(01970 1,434.4 682.81/751,6 43.7 118,4 134.8 237,0 22.7 72.7 72.4 580.5 152.21971 1,478,3 710 .676 767,7 45.1 121.4 138.3 242,7 23,1 74.0 72.6 604.6 156.51972 1,523.5 739.6 783.9 46.5 124,5 141.9 248.6 23.4 75.3 72,8 631.6 158.9

1/ After 1969 11 small cities with a total population of 33, 339 were allocated to the urban sectoras a result of the 1970 census.

Source: Controller General

Table 1,2: BIRrI AIM MORTALITY EA j952-19=7 1/

Birts a tu ratYear General Babn 1 year)-- Mothers P' Growth.

Total Per 1,000 Total Per 1,00( Total Per 1,000 Total Per 1,000 Total Per 1,000inhabit- inhabit- live births live births inhabit-ants 4/ ants 4/ ants 4/

1952 29,013 36.0 6,791 8.4 1,469 50.6 86 3.0 22,222 27.61953 31,428 37.9 7,638 9.2 1,687 53.7 92 2.9 23,790 28.71954 33,521 39.3 7,511 8,8 1,745 52.0 89 2.6 26,010 30.51955 34,592 39.4 8,059 9.2 1,884 54.5 78 2.2 26,533 30.21956 35,582 39,3 8,352 9.2 2,049 57.6 97 2.7 27,230 30.11957 37,743 40.5 8,656 9.3 2,129 56.4 88 2.3 29,087 31 21958 37,733 39.3 8,364 8.7 2,186 57.9 79 2,1 29,369 30.61959 40,296 40.8 8,959 9.1 2,418 60.0 97 2.4 31, 337 31.71960 42,359 39.9 8,827 8,3 2,450 57.8 85 2.0 33,532 31,61961 44,207 40.4 8,851 8.1 2,435 55.1 89 2.0 33, 356 32,31962 46,274 41.1 8,239 7.3 2, 013 43,5 81 18 38,035 33.81963 46,656 40.2 9,239 8.0 2,243 48.1 79 1.7 37,417 32.21964 47,419 39.6 8,743 7.3 2,031 42.8 75 1.6 38,676 32.31965 48,377 39.2 9,035 7c3 2,196 45.4 74 1,5 39,342 31.91966 49,394 38.9 9,184 7.2 2,225 45.0 73 1,5 40,210 31.71967 50,795 38.8 8,938 6,8 2,169 42.7 72 1.4 41,857 32.01968 52,489 38.9 9,568 7.1 2,078 39.6 71 1.4 42,921 31.81969 52,799 38.0 9,791 7.0 2,109 39,9 72 1.4 43,008 31.01970 53,287 37.1 10,225 7.1 2,156 40.5 72 1.4 43,062 30.01971 54,948 37.2 9,857 6.7 2,064 37.6 63 1.1 45,091 30.5

1/ Until 1959 births and deaths of residents in aboriginal preserves were excluded, exceptfor the provinces of Bocas del Toro and Darien. Since 1960 these data cover the whole Republic.

2/ Excludes fetal deaths.

3/ Refers to deaths due to pregnancy, labor and postnatal complications.

4/ Based on the population estimates as of July 1.


* 0 *0

Table 1.3 URBAN AND RURAL FERTILITY RATES,1962-1963, 1966-1967, 1970-1971

(per' thousand women, yearly average)

Residence ~~~~~~~~~~~~IndexResideAce 1962-1963 1966-1967 1970-1971 1970-71/1962-63

Urban 119i.6 12-_1 115-7 X

10-14 1.5 1.4 lOo- l0o.715-19 109.2 103.0 101.5 92.920-24 278.1 256.1 245.7 88.325-29 252.8 227.3 223.7 88.530-304 155.2 148.9 156.0 100.535-39 80.9 86.5 84.4 104.340-44 24.5 25.9 27.1 110.645-49 3.2 3.5 3.1 96.9

Rural 163.5 157.3 148.1 90.610-14 3.1 3.2 3.1 100.015-19 183.1 175.4 165.9 90.620-24 326.1 320.0 310.8 95.325-29 319.3 297.1 277.9 87.030-34 229.8 226.8 213.4 92.935-39 164.5 162.9 158.3 96.2140-1-4 58.9 60.1 61.0 103.645-49 13.9 12.9 14.3 102.9

* Total 142.4 136.8 131.4 92.3

10-14 2.4 2.4 2.4 100.015-19 147.2 138.4 130.4 88.620-24 303.6 287.7 274.2 90.325-29 287.7 262.5 248.8 86.530-34 192.9 188.2 183.9 95.335-39 123.5 125.7 121.2 98.140-44 40.9 42.5 43.1 105.445-49 8.4 8.1 8.4 100.0

bource: Controller General

Table 1. 4: ILLITERACY BY PROVINC 19 1/

(Population 10 years or older)

1950 1960 1970

Illiterates Illiterates IlliteratesProvince Total Per- Total Per- Total Per-

Number cent Number cent Number cent

National Total 5?Z465 49 2 28 698 150 151 806 217 934,935 1 23 17.8

Bocas del Toro 9,791 1,751 17.9 13,529 3,258 24.1 20,155 4,770 23.7

Cocle 48,133 14,303 29.7 60,749 13,674 22.5 76,064 15,038 19.8

Colon 53,806 5,019 9.3 61,280 4,811 7.8 77,050 6,862 8.9

Chiriqul 83,151 30,466 36.6 111,362 29,385 26.4 139,412 30,466 21.9

Darien 7,168 1,875 26.2 8,954 2,242 25.0 10,490 3,821 36.4

Herrera 34,063 16,515 48.5 42,343 15,997 37.8 50,097 15,382 30.7

Los Santos 41,199 17,902 43.5 48,346 16,701 34.5 51,326 14,957 29.1

Panama 180,419 19,183 10.6 266,824 21,919 8.2 412,958 33,037 8.0

Veraguas 69,735 42,188 60.5 84,763 43,819 51.7 97,383 41,900 43.0

1/ Excludes indigenous population.

Source: Controller General.

* .. * 0

* 0 Page0of 2

TB 1 : LABOR FORCE ANhD EIPLOYENT BY bECTOR, 1960-1972(thousands)

Economic bector 1960 1961 1962 1963 1961 1965 1966 1967 1968 1969 1970

Econom,.c.Lly Active Population 330 348 356 360 365 379 391 409 435 450 1466 1471 476

Agriculture 152 161 166 165 162 167 169 158 160 159 160 153Manufactunrig 26 28 28 29 31 32 40 40 514 50 51 .45Construction 14 13 13 14 114 15 18 22 21 23 27 30Power, Gas, Water and Sewerage 2 2 3 3 3 5 3 3 3 14 4 5Conmmerce 31 35 35 36 36 35 40 49 49 56 60 63

grrnnsIor., .torage nnandConmunications 9 9 9 10 10 17 13 14 16 17 17 20

bervices 68 71 72 73 73 714 80 9L4 914 109 114 121Canal Zone, 21 21 21 22 21 22 22 21 24 23 23 26New Workers 7 8 9 8 15 12 6 8 114 9 9 8 114

Enployed Populatio!i 300 320 330 239 338 350 371 384 401z4 420 433 1435 14146

Agriculture 150 159 165 1614 161 165 168 156 158 157 158 151Manufacturing 24 26 26 28 30 30 38 38 51 47 48 142Construction 10 10 11 12 13 15 16 20 19 20 214 26Power, Gas, Water and biewerage 1 1 2 2 2 3 3 3 3 3 4 5Commerce 28 32 32 34 34 31' 38 46 46 53 56 59Transport, otorage and

Communi-cations 9 9 9 9 9 11 12 13 15 16 16 18bervi ces 60 614 66 68' 68 72 75 88 88 101 104 110Canal Zone 18 19 19 20 20 20 21 20 23 22 22 214

Unemployed 3 28 26 21 27 29 20 25 31 30 33 36 ,

Agriculture 2 2 1 1 1 1 1 2 2 2 2 2Manufacturi-ng 2 2 2 1. 1 2 2 2 3 3 3 3Construction 4 3 2 2 1 2 2 2 2 3 3 -4Power, Gas, Water and bewerage - - - - - - - - - - - -

Commerce 3 3 3 2 2 2 2 3 3 3 4 4

(continuued)

Table 1 L lABOR Ff)RC. iNlD EMPLOYMEiNT BY JECTCR, 1960-1972 Page 2 of 2(thousands).

Economic bector 1960 1961 1962 1963 196L> 1965 1966 1967 1968 1969 1970 1971 ,972

Transport, btorage andCommunication - - - 1 1 1 1 1 1 1 2

5ernVi.ces 8 7 6 5 5 6 5 6 6 8 10 11Canal Zone 2/ 3 2 2 2 1 2 1 1 1 1 1 2Nv NWlorkers 7 8 9 8 15 12 6 8 14 9 9 8 1L

Note:Includes work force 15 years of age or older; excludes indigenous population and collectives; 1961-1962 areinterpolated; 1971 is not strictly comparablo wi.th prior years because of revised classification system thatchanged some manulfacturing to services.

~/ Includes about 500 workers in mining activitiesg/ iUnemployed hunting for employment for first time


*~ *S

Table 1 .6 : P`UBLIC; EDUCATlONAL INDICATORS, 1950 - 1971

Annua1l Annual AznuaiAverage Average Average

1950 Growth 1960 Growth 1968 Growth 1971

Primary SchoolsGovt. Current Expenditures for

primary Schools (B. thousands) 3,969.5 6.3 7,316.0 10.9 16,770.9 11.2 23.068.7priimary Students 103,932 3.8 150,892 4.1 208,817 9.4 273,324Cost per Student (Balboas) 38.20 2.4 48.50 6.5 80.30 1.7 84.40Cost per Student/Per Capita

National Income(%) 14.4 - 15.3 - 15.6 - 13.5R-tudents/ acher 32.4 - 30.0 - 29.7 - 28,6

Secondar SchoolsGovt. Current BExpenditures for

Secondary Schools (B.thousands) 1,838.5 6.o 3,278.0 11.7 7,952.9 14.4 11,915.6Secondary Studerts 14,722 4.7 23y,249 7.5 41,370 13.3 60,150Cost per Studentr (Balboas) 124.90 1.2 141o00 3.9 192.20 1.0 198.10Cost per Student/Per Capita

National. Income (%) 147.2 - 144.5 - 37.3 - 31.7Students/Teacher 21.6 23.2 - 21.6 _ 19.9

Total ducation IndicatorsAppropriate age group enrolled aspercent of appropriate age group:

primary n.a. 85.14 85.9 939°secondary n.a. 24.2 30.9 36.2

Public Current Expenditures onEduoation/Public Current Expenditures 27.6- 26.0 26.14 214.5

1/ Central Government only; after 1950 includes current expenditures of Ministry of Education, Universiyf Panama,T AR;HU, aInd other public educational entities.

2/ Estimated by mission.

Sojjrces: Ministry of Education; Controller General; "Statistics for th,e Analysis of the Education Sector,Panama", AID; and mission estimates.

of 3 pages

Table 1.7 TOTAL PUBLIC AND PRIVATE 6CHOOLI, TEACHF196, A->D bTUDENTh, 1950, 1957-1973

Total Preprimnary Primary becondary University bupplementany

1950bchools 1,028 950 78Teachers 4,371 3,415 9596tudents 130,028 - 110,059 19,969

1957.snhooTls 1,34~7 614 1 ,155 872 39Teachers 6,370 104 4,612 1,340 175 139btudents 182,336 3,054 1 42,576 30,797 2,927 2,982

1958Schools 1,352 53 1,159 97 2 LiTeachers 6,5214 93 4,633 1,470 185 1i43students 188,345 3,000 145,580 33,312 3,406 3,0147

1959bchools 1,454 58 1,239 106 2 49Teachers 6,942 97 4,932 1,581 176 156Students 201,454 3,136 155,543 36,141 3,509 3,125

1960Schools 1,542 62 1,298 127 2 53Teachers 7,1471 104 5,309 1,704 191 1636tudents 211,434 3,269 161,800 38,964 14,030 3,371

1961Schools 1,630 72 1,372 137 2 47Teachers 7,882 1114 5.,550 1,861 212 145bitudents 224,707 3,533 171,159 42,251 4,374 3,387

of 3 pogcu

Table i.7 : TOTAL PUJBLIC2 AND PRIVATE 6CHOOI%S TEACHERS5, AND 69 TDThb, 1950, 1957-1573

TOta8.t Preprimary Priiaary -scondai7 University and Special. and.. �__ �! ...............................................N.ursin, SuTplementary

1962:Schools 1,665 72 1,392 138 2 61Teachers 8,142 108 5,616 2,009 240 169Students 236,932 3,532 179,794 44,657 5,233 3,716

1963Schools 1,714 84 1,419 119 2 60Teachers 8,696 131 5,923 2,171 270 201Students 247,871 4,190 186,719 47,171 5,603 4,188

1964Schools 1,821 90 1,503 164 2 62Teachers 9,252 139 6,061 2,524 309 219Students 261,,450 4,276 196,412 51,024 6,166 3,5/2

1965Schools 1,909 99 1,5580 190 3Teachers 9,698 152 6,391 2,638 361 156

Students 273,340 4,825 203,429 54,906 7, 2147 2,933

1966Schools 1,932 100 1,620 181 3 26Teachers 10,206 151 6,672 2,815 396 172Students 285,124 5,173 210,628 58,517 8,113 2,693

fage 9 of 3 pagesTable 1.7: TOTAL PUBLIC AND PRIVATE SCHOOLS, TEACHERS, AND bTUDENTS, 1950, 1957-1973

Total Prepim ary Primary Secondary University Special andand Nursing Supplementary

1967Schools 1,9140 111 1,618 1714 3 314Teachers 10,884 176 7,081 3,034 417 1766tudents 298,293 5,705 218,475 62,533 9,265 2,315

1968Schools 1,851 117 1,519 178 3 34Teachers 11, 525 181 7,412 3.310 1L55 167

Ltudents 308,009 6,198 222,513 66,735 10,083 2,1480

1969Schools 2,031 121 1,679 190 2 39

Teachers 12,218 178 8,048 3,14114 1413 165Students 326,279 6,235 238,593 70,851 7,252 3,3148

1970ichools 2,150 130 1,7814 192 2 142

Teachers 13,419 218 8, 717 3,784 448 252Students 352,942 6,921 255,287 78,1466 8,159 14,109

1971 LSchools 2,381 155 1,971 207 2 146Teachers 15,610 257 10,004 4,460 566 323Students 1400,268 7,764 287,565 86,795 13,1456 L,688

1972 4Schools 2,559 170 2,127 212 2 14Teachers 16,986 65 10,689 5,017 575 340otudents 1436,543 8,937 305,651 98,836 17,000 6,119

Note: Primary teachers include only those wi-th a specific grade under their charge. After 1969 the nursing school becaxriepart of the University of Panama. A private university began iii 1965. After 1959 students and teachers calculatedin July, the mid month of the school year; before that calculated on average monthly registration. In 1972,university and special students estimated by mission.

oource. M4ini.stry of Education, Controll.er General, and mission estimates.

Table 1. 8 : SECONDARY STUDTNTS BY TYPE 0F COURiSE, 1959/1960, 1965-1971(No. of students)

1959/60 1965 1966 1967 1968 1969 1970 1971

Total 36,055 54,789 582h08 62,396 66,569 70,599 78,259 86,847

tt&!t_~~~~~~~~~~2Z& 1/t0 27,36538 2LL O,852irst Ccle 20,72 27__653 30,013 3171 35,~266 3687 082 jj35

Second Cycle, Non Vocational 6 441 8,3X6 8 952 9 391 10 21h 10 759 12 262 13 132Academic ,d34 6,955 7,639 _ ,913 9,033 1,06Normal 1,607 1,391 1,313 1,277 1,310 1,726 2,194 2,954

2'

T cni cl-Voati-na1 8. 8 g-,, 18,790 2t9,L3 21 ,30) 21 ,089 22,?953 25,145 2Z,32fiBasic CycleI 473 27,362Agriculture 77 229 286 316 395 352 462 o66Commercial 4,573 8,756 8,790 10,199 10,276 12,521 13,463 1b,546Domestic arts 2,676 L,124 4,288 4,206 4,145 3,659 3,850 4,009Industrial arts 1,568 5,545 5,902 6,409 6,134 5,975 6,472 6,519Nautical - 110 145 148 105 91 76 84Other 26 32 26 34 265 344 306

1/ First three grades at general studies2/ Includes vocational and technical students in first three secondary grades - equivalent of first cycle3/ In April 1970 the basic cycle was established; it allows vocational and technical students a broader

preparation before specializing in the respective fields.

Source: Ministry of Education

* . *1 @

* * £Table 1. U NTIVRSITY OF PANAMA INDICATORS, 1950, 1960, 1965-1972

1950 1960 1965 1966 1967 1968 1969- 1970 1971 1972

Professors 88 14b 284 308 330 369 343 368 L84 521.

Students 1/ 1,519 3,915 6,859 7,650 8,730 9,579 6,527 7,553 12,8h9 15,752

Graduateas 3/ n.a n.a. 386 396 526 711 498 421 556 n,a.

Goverment Subsidy (B. Thous.) 302 1.023 2,350 1,631 2,794 4,301 3,611 5.513 5,859 7,146

University Current E.penditures (B.Thous)nea 1,123 2,754 3,045 3,144 4,656 3,4140 5,799 6,883 8,906

Students per Professor 17.3 27.2 24.2 24$.8 26.5 26.5 19.0 20.5 26.5 29.9

Subsidy per student (Balboas) 200.00 261.30 342.60 213.20 320.00 449.00 553.20 729.90 456.00 1453.70

Current Cost per student (Balboas) n.a. 286.80 4t1.50 398000 360.20 486.00 527.00 767.80 535.70 565.40

Graduates/Students (%) n.a n.a. 5.6 5.2 6.0 7.4 7.6 5.6 4.3 n.a.

1/ Excludes students enrolled in regional centers; these varied eratically by year, e.g. from 2,300 in 1967 to 650 in1969 and then to 1,100 in 1970.

2/ The university was reorganized in 1969, leading to temporary falls in enrollment in 1969-70I/ Includes graduates from regional centers; hence the graduate/students ratio is biased upwards.

Source: Controller General and Table 5.34

.II

NATICNAL ACCOUNTS

Table 2.1: INDUSTRIAL ORIGIN OF GROSb DO.TIC PRODUCT AT CONSTANT PRICES, 1950-1972 Page 1 of 2

(uillions of 1960 Balboas)

1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961

TOTAL GRO;S D0nfTIC PRODUCT 2L 2 , 70.7 287.2 gL. _ , o.6 8(at market prices)

Agriculture 74.5 70.8 68.6 78.0 79.2 86.0 82.5 91.4 92.5 98.7 95.7 105.1

Yining 0.6 0.7 0.7 0.7 0.8 0.9 0.9 0.9 0.8 1.1 1.1 1.2

Manufacturing 23.5 25.5 30.2 30.7 30.6 33-2 36e 5 I. 1 4<,1 49 .4 6!A.5 63.0

Construction 10.6 10.8 11.7 12.6 14.0 13.5 16.0 20.2 18.2 17.9 22.9 28.3

Electricity, Gas, Waterand be xrage 3.2 3.b 3.7 4.0 4.2 4.5 L.7 5.2 5.7 6.5 8.4 9.2

Transport, btorage andCommni cations 10.0 10.0 10.7 11.0 13.0 13.h 15.7 16.0 16.6 18.0 19.3 23.1

Commerce 31p9 34.4 38.1k 38.0 38.5 40.2 144.4 51.4 L9.1 50,6 57.9 63.6

Etnancial Intermediation 41.5 5.2 5.4 5.7 6.1 6.2 6,9 7.6 8.6 9.7 10.3 11.2

Housing 23.3 23.9 214. 6 25.5 26.6 27.2 28.8 21.1 31.2 32.0 3b.5 36.9

Public Administration 6.7 7.lt 6.9 6,6 7.0 7.3 8.0 8.6 9.8 11.9 11.4 11.7

Other Public and PrivateServices 43.1 46.6 49.0 50.9 55.6 58.5 61.6 64.6 65.9 69.8 69 .4 73.8

Canal Zone Servicesl 22.3 18.2 20.8 23.5 21.9 23.8 25.1 24.6 25.1 26,6 30.h 33.5

Table 2.3 3 ,I I.TAI OCF-J( UV' ('>.C' e X)Xij".;.^ 1LUDU ?i, "I ),),I, AT GONLfTAN-'T P.?fICIO.'t,5 3 950 C' c92 2

(mi i l,iorns of 19&0 Balboas)

1962 1963 196h 1965 1966 196? 1968 1969 1970 1973 1972

TOTAL GROoF DOIAETIC PA)DUCT 498.9 541.5 565.5 617.3 664.1 720.9 771.2 836.3 894.5 972.6(at mr-ket- pŽ4LesY

Agrc. ulture 107.7 11.3.4 lA18.5 132.2 139.2 145.6 15h.o 162.3 161.1 16'7.1 178.0

Enirng 1.5 1.8 1.8 1.7 1.9 2.0 2.1 2.4 2.3 2.6 2.7

Manufacturi ng 75.3 85.6 o 0.5 98.1 10'1.0 120.1 131]7 1440-0 153.6 166.7 177 .4

Construction 28.2 31.7 29.9 34.9 38 I4 43.5 46.3 47.5 54.0 64.1 69.i

KLectri cIty Cas, G WI ator arndbewrerae ,10.0 11.1 12.2 14.5 15.0 16.3 18.9 23.5 26.0 30 J4 34.3

Transport, btorage andComaun:ications 24.3 26.6 29.1 32.9 36.7 bl.1 43.9 51.5 59.6 68.o 7401

Commerce 71.5 77.4 82.7 85.8 92.0 99.9 106w9 115.7 126.6 135.9 149.2

Financial Intermediation 12.5 15.0 15.2 17.6 18.8 21.2 22.5 30.0 34.8 39,9 45.8

Housing 37.7 40.3 40.6 143.4 46.1 49.6 52.7 55.4 60,1 66.5 71.6

Public Administration 12.9 14.7 1491 15.7 17.4 19.1 21.3 21L9 23.14 25.3 26.8

Other Public and Private bervices 77.7 81.2 83.6 89.1 95.6 101.5 105.3 110.8 122.7 132.8 143.2

Canal Zone bervices - 39.6 42.7 47.3 51.4 56.0 60.7 65.6 71.3 70.3 73.3 73.0

1/ While the Canal Zone services include activities in many sectors, Panama allocates the value added byCanal Zone workers in a separate sector.


* J .~~~~~~~

Table 2.2: INDU5TRIAL ORIGIN OF GRO.5bb D0I21bTIC PRODUCT AT CURRENT PRICE., 1950 - 1971 Page 1 of 2(millions of current Balboas)

1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960

GROSo DO]N.ETIC PRODUCT 256.8 263.7 276.0 292.5 307.2 331.5 347.4 382.7 381.6 403.7 415.8(atrmarket prices)

Agriculture 73.7 7h.6 71.0 82.h 88.2 96.0 89.0 97.7 95.2 99.7 95.7

Mining 0.5 o.6 0.6 0.6 0.7 0.7 0.8 1.0 0.9 0.9 1.1

Manufacturing 23.3 25.1 30.3 30.6 30.2 32.0 36.1 42.8 441.6 47.8 54.5

Construction 10.5 11.7 12.4 13.2 13.9 14.0 17.4 20.8 19.2 18.6 22.9

Electricity, Gas, Waterand bewerage 3.1 3.4 3.8 4.1 4.2 4.3 4.5 4.8 5.3 5.5 8.4

Tran3port btcrage andCommunications 10.0 10.5 11.0 11.6 13.8 15.3 16.7 17.3 18.2 20.6 19.3

Commerce 34.3 36.2 39.5 38.5 39.0 41.7 47.0 54.1 49.6 52.4 57.9

Financial Intermediaries 4.4 5.3 5.5 5.7 6.1 6.3 7.0 7.7 8.5 9.8 10.3

Housing 23.0 23.7 24.5 25.4 26.7 27.4 29.4 31.8 31.9 32.7 34.3

Public Admiinistration 6.7 9.2. 10.6 8.5 9.0 8.0 8.7 9.7 10.8 11.7 11.4

Other Public and Privatebervices 44.5 44.8 45.3 48.1 53.3 61.6 65.4 69.7 72.2 77.5 69.4

Canal Zone bervices 22.8 18.6 21.5 23.8 22.1 214.2 25.4 25.3 25.2 26.5 30.4


Table 2.2: INDUSTRIAL ORIGIN OF GV0JS DOG48bTIC PRODUCT AT CURRENT PRICES, 19501971 Page 2 of 2kmi llons of current Balboas)

1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971

GRD06 DO0E1TIC PRODUCT 463.7 504.8 559.5 600.8 659.9 719.0 800.7 861.4 1 045.81(at market pre)

Agriculture 112.1 115.8 125.8 138.4 157.7 167.5 181.1 196.2 200.5 200.4 210.3

Mining 1.2 1.5 1.8 1.8 1.9 2.0 2.2 2.1 2.6 2.5 2.8

Manufacturing 6,.5 74.2 86.4 94.6 101.3 109.3 123.7 137.2 150.1 166.4 185.6

Construction 29.4 28.8 32.4 31.0 35.2 40.9 47.4 50.6 51.4 61.2 7U49

Electricity, Gas, Waterand bewerage 8.7 9.5 10.3 11.2 11.9 12.7 13.9 16.8 18.9 19.0 21.9

Transport, otorage andCommunications 22.1 23.0 25.0 28.2 30.8 34.3 38.4 39.6 49.4 56.8 63.7

Commerce 61.7 69.9 77.3 84.6 89.8 96.9 107.2 113.3 127.6 146.4 163.1

Financial Intermediaries 11.2 12.1 15.3 15.9 18.3 21.3 24.0 24.6 34.4 40.3 44.6

Housing 37.2 37.9 40.7 41.3 44.1 47.9 52.3 56.0 59.3 65.5 74.1

Public Administration 9.9 11.1 12.7 12.6 13.7 18.5 20.5 22.4 24.1 29.5 33.0

Other Public and Private'iervices 75.1 81.2 88.8 92.6 102.1 109.6 126.2 132.6 149.6 178.5 199.0

Canal Zone bervices 33.6 39.8 43.0 48.6 53.1 58.1 63.8 70.0 77.5 79.3 84.0


0

Table 2.37 EXPENDITURE ON GRCS6 DONF.TIC PRODUCT, 1950-1972 Page 1 of 2(nrllions of current Balboas)

1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960

Consumption 217.2 233.9 252.4 244.7 269.2 281,8 301.3 344.0 339.1 351.9 369.8Private 'f 7T212 .0 221 .0 221 242.0 2T 305.1 295.T 3067 322.9Public 21.1 21 .9 - 31-iJ4 --26 27 .2 35.4 40.7 38.9 43.3 L5.2 46.9Investment 36.0 31.5 32.5 47.1 36.3 42.7 54.0 55.8 63.9 72.0 67.8Private 22.4 227 7 277 :r75 26.5 2 77.7 7 T7 75rT L7yPublic 8.6 6.5 8.1 7.9 6.1 9.3 15.0 7.1 8.9 15.0 12.0Change in zito cks 5.0 2.3 2.5 13.6 3.7 4.2 4.2 6.8 11.3 6 A

Exports of Goods andNon Factor iervices 91.6 91.2 93.8 101.6 102.6 113.8 111.3 115.2 106.4 115.4 127.3

Imports of Goods andNon Factor X .jrvices -58.0 -92.9 -102.7 -100.9 -100.9 -106.8 -119.2 -132,3 -127.8 -135.6 -149.1

Gross Domestic Products 256.8 263.7 276.0 292.5 307.2 331.5 347.4 382.7 381.6 403.7 415.8(market plices)Factor Payments -10.6 -11.6 -10.9 -11.3 -16.7 -17.3 -17.3 -18.3 -11.4 -12.3 -12.4

Gross National Product 246.2 252.1 265.1 281 5 314. 2 364.4 '270.2 391.4-- Tt market prices) ---Indirect Taxes, net 19.8 20.0 22.0 22.7 23.8 24.1 25.6 29.0 26.8 28.8 34.6Depreciation 16.2 16.9 18.1 19.8 21.2 23.7 25.2 28.8 28.7 30.9 32.3

National Income 210.2 215.2 225.0 238.7 2h5.5 266.4 279.3 306.6 314.7 331.7 336.5

Tab"le 2.3 EXIPENDITURE ON GBRO- DOME-bTIC PRODUCT, 1950-1972 Page 2 of 2(rillions of current balboas)

1961 1962 1963 19614 1965 1966 1967 1968 1969 1970 1971 1972

Consumption 393.1 416.7 14714.4, 513.4 557.3 579.6 638.8 661.5 733.1 8014.5 880,1 978.5Private ~ ~ E1WT E4W. 492.9 36.-2 ; 611.9 177 7M.1 792.7

Public 149.8 55.9 67.1 65.3 72.4 86.7 102.6 109.7 118.2 149.8 164.0 185.8

est 88.e4 98.9 109.8 1022- 8 157.2 168.4 191.9 222.7 275529 : 9f±I.Private .7 7 9 T2 78.0 121.6 f1.W T. T7rT 157.9 232.9 292.7Public 21.7 21.2 27.0 25.4 22.1 20.5 28.9 33.5 43.3 67.7 67.8 89.0Change in btocks 8.0 13.5 13.2 14.4 15.7 15.1 15.7 18.4 22.0 20.3 21.3 23.1

Exports of Goods andNon Factor bervice 146.3 179.5 197.0 210.8 240.2 268.2 301.7 330.0 362.9 390.1 432.0 449.0

ITmports of Goods andNon Fact.or bervi ces -1 6 .1 -190.3 -221.7 -225.6 9253.4 -286.0 -308.2 -320.0 -373.3 -424.7 -477.1 -520.6

Gross Domestic Products 463.7 504.8 559.5 600.8 659.9 719.0 800.7 861.1. 945.4 1 045.8 )h57 .0 131 1.7(market pAFesIFactor Payments -10.5 -9.2 -8.7 -5.14 -15.8 -16.3 -22.'7 -25.3 -25.3 -26.4 -31.3 -35.1

Gross National Product 453.2 95.6 550.8 595.4 644.1 702.7 778.0 6.1 920.1 1,7019.14 --(m-arket pri-ce-s)T L -~ ~_ ___7

Indirect Taxes, net -38.6 -41.2 -40.6 -43.1 -49.1 -53.6 -59.4 -61.7 -71.4 -83.5 -95.8 -Depreciation -36 .4 -43.0 -48.0 -50.5 -55.8 -60.1 -68.5 -78.7 -86.2 -95.1 -1o6.2 -

National Income 378.1 411.4 1462.3 501.8 5391 .0 6 50.1 f 762.5 810.8 y -


*0

Table 2.* EXPENDITURE ON GRI66 D0ME.TIC *DUCT IN CONSTANT PRICE, 1950-72 Page 1 of 2 pages(millions of 1960 Balboas)

1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960

Cons-umtion 213.7 217.4 245.9 237.6 266.1 276.8 289.9 l 3 3 369.8Private 179. -15 199.4 197.6 224. 2 3 250.3 29h.2 292.5 299.4 322.9Public 34.2 37.4 46.5 40.0 41.6 38.0 39.6 37.1 39.3 39.9 46.9

Investment 41.1 32.7 X 49.4 40.7 X46.8 57.2 565.9 74.4 67.8Private 6T 22.7 21. t 27 30.2 3.2 -37.6 4.2 . 1.8 9l.Public 9.6 7.7 9.9 8.2 6.8 10.1 15.4 7.4 9.1 15.7 12.0Change in btocks 5.0 2.3 2.5 13.6 3.7 4.2 4.2 6.8 11.3 6.9 6.h

Exports of Goods andNonFactor bervices 109.8 102.8 102.7 109.2 105.1 113.7 113.5 116.0 110.0 116.1 127.3

Imports of Goods and Non-Factor bervices -105.4 -96.0 -111.7 -109.0 -114.4 -122.6 -129.5 -140.0 -139.1 -137.6 -149.1

Gross Domestic Product 259.2 256.9 270.7 287.2 297.5 314.7 33 .1 365.7 368.6 392.2 415.8

Factor Payments -10.6 -11.6 -10.9 -11.3 -16.7 -17.3 -17.3 -18.3 -11.4 -12.3 -12.14

Gross National Product 218.6 245.3 259.8 275.9 280.8 297.4 313.8 37.4 357.2 1903.4

Table 2__: .gXPENDITUtE ON GROSS DOMQETIC PRODUCT IN CONSTANT PRIC1, 1950-71 Page 2 of 2(millions of 1960 Balboas)

1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972

Con§R%tion 963 20.8 t J 843 68.65Private 34W 3 . 432.1 3. 4769 .2 5 594.8 621.8 678.6 721.1Public 49.8 56.9 61.1 63.8 67.0 74.5 82.3 88.7 87.8 102.4 113.6 122.4

Investment 86.1 970 1.0 22X 112.8 150.2 8.2 .5iA 242.2 276.0 324.9Priv ate \.0 9 .0 0 . 75.4 115.8 1161 130.3 143.7 197.0Public 20.7 23,5 26.8 24.4 21.7 19.3 26.6 30.8 39.8 59.0 57.7 71.3Changes in btocks 8.0 13.5 13.2 14.4 15.7 15.1 15.8 18.4 22.0 20.3 21.3 23.1

Exports of Goods andNonfactor oervices 1h6.3 175.9 195.5 196.0 223.4 245.1 269.4 289.7 309.5 324.5 340.2 330.5

Imports of Goods and Non-Factor bervices -167.8 -194s.8 -228.9 -225.8 -256 .4 -281.9 -303.6 -313.4 -361.3 -396.4 -435.8 -453.7

Gross Domestic Product 4l609 4>98.9 h41,5 .5 617.3 664.1 720.9 771.2 836. 972 172

Factor Payments -10.5 -9.2 -8.7 -5.4 -15.8 -16.3 -22.7 -25.3 -25.3 -26o.4 -31.3 -35.1

Gross National Product 450.14 489.7 532.8 560.1 601.5 647.8 698.2 745.9 8U.0 868.1 941.3

j Provisional


*. 0

Table 2.5 : PRIWATE AND PUBLIC GISK: CAPITAL FOJ4ATION AND DTOCK CHAN4GE6 1]9(50-1971 Page 1! 2(ki.lions of 1960 Balboas)

1950 1951. 1952 1953 19511 1955 1956 1957 1958 1959 196r0

Public: 9.7 7.8 10.O 8.3 6.9 10.2 18 7.14 9,7 15.9 11.4

Housing ) - - 6.1 1.41 1.6Nonresidential Buiildinds ) 41.0 2.3 2.4 3.8 3.5Other Construction ) 8.6 7.1 9.7 7.0 5.6 8.1 7.1 4u5 5.6 8.0 5.9Transport and Conmnica- ) 0.2 0.2 0.i 0.2 0.1

tion equipment )Machinery 1.0 o.6 0.2 1.2 1.2 2.6 4.1 0.4 0.9 2.3 0.9Change in 5tocks 0.1 0.1 0.1 0.1 0.1 0.1 0.4 - 0.6 0.2 -0.6

Pri.vate 31.41 211.9 23 .8 i1. 33. .6 bJ.4 1. 56.2 585 56.11Housing 1 11.1 12.8 10.8 15.2 13,3Nonresidential Buildings ) 7.2 7.3 9.0 11.0 14.20thier Const-ction ) 13.8 11.5 8.2 14.2 14.5 180'1 0.3 0.3 0.14 O,4 0.11Transport and Conunica- ) 6.2 7.1 6.8 5.7 8.7

tioii equlip,ment)Nachinexy 12.7 11.2 13.2 13.4 15.7 14.14 12.5 16.7 18.5 19.5 12.8Change in ;;tocks 19 2.2 2.4 13.5 3.6 4.1 3.8 6.8 10.7 6.7 7.0

Total: 41.1 32.7 33.8 419.1 407 46.8 57.2 58.4 65.9 7L.11 67.8*Housing ) -h -28- - - - 1611. 9Nonresidential Buildings ) 31 2 9.6 11.4 14.8 17.7Other Construction ) 22.4 18.6 17.9 21.2 20.1 26.2 7.4 4.8 6.o 8.4 6.3Transport and Coimunica- ) 6.4 7.3 6.9 5.9 8.8tion equipment )

Change in btocks 5.0 2.3 2.5 13.6 3.7 4.2 4.2 6.8 11.3 6.9 6.4


Table 2.'- PRTVATE i,ND PUIBLIC GR, C TaPTTI XRWjvkclO AD iTOGY CHAINB3:3, 1950-1971 Page 2 of 2(..llions of 1960 Balboas)

1961 1962 1963 196)4 1965 1966 1967 1968 1969 1970 197'

Public 20.3 214.1I 27.6 25.0 22.7 18.9 26.2 30.5 a .8 5838 8 96.Homsing 14.1 5) J. 6.2 7e6 2.1 2 .5 2.5 2.2 2.14 4.9 7.8Nonresio.ential Bldgs. 3.7 14.2 3.6 2.7 5.7 14.7 7D3 8.7 10.2 9.3 12.6Other Constr.uction 10.9 11.14 15 .9 13,1 12.14 9.5 13.8 16.8 lll.8 25.6 30.0Transp. and Cora equip. 0.1 0.2 0.1 0.1 0.3 0.3 0.3 0.1 0.14 )43 1.3Machinery 1.9 2.3 1.0 1.5 1.2 2.3 2.7 3.0 12.0 114,9 5 .8Ctarnge in btocis -0.4 0.9 0.8 o06 1.0 -0.14 -0.4 -0.3 2.0 -0.2 1.9

P r-i va.te o65.8 72.6 81.4 74.1t 90.1 131.3 137.3 149.0 163.7 133.h 216.4l 1iou~g .2 i7X? 2f T 5, TET -2 1 1 .T T7 7 $ 31 ' 7.7Nonresidential Buildings 10.1 10.9 10.14 12.6 12.5 25.1 20.9 23.1 33,6 30e0 148.9Otler Construction. 0.3 0.14 0,4 0.14 0.5 0.8 0.8 0.8 1,1 1.2 1.6Trantlport anid Cm):tequip. 10.5 11.9 12.1. 11. 2 1.5,0 19i.6 16.2 26.2 26.2 41.l4 37,8Machrinevy 28.3 24.8 214.8 22.8 29.3 45.9 49.6 1.1 46.6 48.8 57.0Ch ange in btockz 8.1 12.6 12.14 23.-I 114)7 156 1662 18 7 2(aO 20a5 14

Total 86.1 97,0 109.0 99 4 112.8 150.2 158*5 179.5 205e5 2142.2 276.0Housing 127 3 17h 17 21F 2 20.2 29.1 3; tW E7Nonresiden-tiel Bdgs. 13.8 151 1)4,0 11. 7 18.2 29.8 28.2 31.8 43.8 39.3 61.5Other Oonstuction 11.2 11,8 16.3 13.5 12.9 10.3 14.6 17.6 15.9 26.8 31.6Transp. & Com. equipment 10.6 12.1 12.2 11,3 15.3 19.9. 18.5 26,3 26.6 Vo7 39.3Machinery 30.2 27.1 25.8 214.3 30.5 .48.2 52e3 51.1 58,6 63.7 62.8Change in btocks 8.0 13.5 13.2 ll' Li 15.7 15.1 15.8 18.14 22.0 20.3 21.3


* I , * . *

Table 2.6 DISTYLBUTION OF NATIOINL INCO1S, 1950 197i Page 1 of 2 pages(millions of current BaLboas)

1959 1951 1952 1953 1954 1955 1956 1957 1958 1959 19o0

NatiDnal Income 210.2 215.2 225.0 (2).7 2h5.5 266.i4 279.3 306.6 J1b.7 331.7 336.5

Wages, oalaries andProfessiona-. Earnings 178.5 187.2 198.8 198.5 220.6 226.5 238.9 270.2 262.1 274.2 266.5

Other Family and Non-rCorporate Income 14.5 15.2 16.1 6.1 17.9 18.4 19 -4 21.9 21.3 22.2 23.4

Corporate savings 8.3 4.6 0o6 1le2 -3.6 10.0 7.4 2.7 16.7 22e6 30.4

(Private Corporations) (8.3) (4.6) (0.6) (10.3) (-4.6) (8-5) (5.9) (1.6) (15,7) (21.3) (29.2)(Public Corporations) - - - ( 0.9) ( 1.0) (1.5) (1.5) (1.1) ( 1.0) ( 1.3) ( 1.2)

Direct Taxes on PrivateCorporations 2.0 2.A4 2.4 4el 5.1 6.5 6.2 4.4 7 4 5.1 7.7

General Government Incomefrom Property and Corps. 7.5 6.6 7.9 9.4 6.4 6.o 8.5 8.9 9.3 9.3 10N0(Direct Profit,s) (4-8) (4.1) (4.1) (4.2) (4.3) (4.0) (4.8) (5.0) (4.8) (4.7) (6.2)(Other earnings, interests

and dividends) (2.7) (2.5) (3.8) (5.2) (2.1) (2.0) (3.7) (3.9) (4.5) (4.6) (3-8)

L-ess: Interest on Public Debt o.6 o 0.8 0.9 0.9 1.0 1.1 1.5 2.1 1.7 1.5

Table 2.6 : DISTRIBUTION OF NATIONAL INOOME, 1950-1971 Page 2 of 2 pages(milions of current Balboas)

1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971

NatioIal Income 8 il. 1 411.4 162. 501.8 53.1 1 695. 762.5 8LO.8 923.7

Wages, Laalaries andProfessional Earnings 303.3 329.0 361.6 399.9 428.4 470.9 522.9 573.3 637.3 677,1i 732.5

Other Family and Non-Corporate Income 23.4 23.9 27.1 25.4 26.4 28.8 28.3 27.5 33.3 36.4 414.7

Corporate savi ngs 34.3 37.2 50.5 51.4 56.9 55.3 59.2 52.5 46.3 73.2 93.0(Private Corporations) (34.0) (36.4) (48.3) (50-0) (54.9) (53.6) (57.1) (51.0) (42.8) (68.1) (87.2)(Public corporations ) (0.3) (0.8) ( 2.2) ( 1.4) ( 2.0) ( 1.7) ( 2.1) (1.5) ( 3.5) ( 5.1) ( 5.8)

Direct Taxes on PrivateCorporationis 7.2 10Q7 10..9 12 14 14.6 20eO 2) 8 27e5 28.9 36.1t 39%3

General Government Incomefrom Property and Corps. 11.9 13.5 15.6 16.9 17.0 18.7 19.9 20.0 23.1 25.0 27.9(Direct Profits) (7.6) (8.3) (10.0) (11.2) (10.8) (12.1) (13,7) (13.6.) (16.1) (18.1) (19.0)(Other earnings, interests

and dividends) (4.3) (5.2) ( 5.6). (5.7) ( 6.2) ( 6,6) ( 6.2) ( 6.4) ( 7.0) ( 6.9) ( 8.9)

Less: Interest on Public Debt 2.0 2.9 3.4 4.2 4.2 4.7 5.0 5.1 6.4 7.6 13.7


* ~~~*

Table 2.7 Projection of Gross Domestic Product by Sector Origin, 1972-1980(Millions of 1972 Balboas)

Estimated _______Prolected Akvg Annualgrowth

1972 1973 1974 1975 1976 1977 1978 1979 1980 (%)

Gross Dome/tic Product 1,311.7 400.0 1,495.2 1,597.3 1.707.0 1,825.6 1,958.6 2,097.5 2,248.0 7.0

Agriculture 232.4 244.0 256.2 269.0 282.5 296.6 311.4 327.0 343.4 .5.0

Minirng 3.1 3.3 3.4 3.6 3.8 4.0 10.0 12.0 15.0 21.7

Manufacturing 212.0 226.8 242.7 259.7 277.9 297.3 318.2 340.4 364.3 7.0

Construction 87.4 93.5 100.1 107.1 114.6 122.6 131.2 140.3 150.2 7.0

Electricity, Gas, Water, andSewerage 24.8 29.0 31.7 35.8 40.4 45.7 51.6 59.3 65.9 13.0

Transport, Storage, andCommnications 1/ 72.0 77.8 84.0 90.7 98.0 105.8 114.3 123.4 133.3 8.0

Coemarce 185.3 200.1 216.1 233.4 252.1 272.3 294.0 317.6 343.0 8.0

Financial Intermediaries 55.0 60.5 66.6 73.2 80.5 88.6 97.4 107.2 117.9 10.0

Housing 85.7 90.8 96.3 102.1 108.2 114.7 121.6 128.9 136,.6 6.O

Public Administration 37.0 39.6 42.4 45.3 48.5 51.9 55.5 59.4 63.6 7.0

Other Services 232.5 251.1 271.2 292.9 316.3 341.6 368.9 398.5 430.3 8.0

Canal Zone Services 84.5 84.5 84.5 84.5 84.5 84.5 84.5 84.5 84.5 0.0

1f Includes Colon Free Zone.

Source: Mission Estimates

Table 2.8 Projected Expenditure on GNP; 1972-1980(Millions of Current Balboas)

Estimated -_ P_6jected ___1972 1973 1974 1975 1976 1977 1978 1979 1980

Consumption 978.5 1,088.8 1,206.0 1,332.7 1,468.2 1,589.6 1,699.3 1,902.7 2,136.1

Private 792.7 893.7 991.4 1,096.6 1,208.5 1,304.0 1,385.1 1,550.8 1,742.0Public 185.8 195.1 214.6 236.1 259.7 285.6 314.2 351.9 394.1

Investment 404.8 435.4 473.1 510.0 541.5 601.7 651.2 665.0 674.2

Private. 315.8 317.2 348.4 378.8 411.2 456.7 495.2 505.0 515.5Public 89.0 118.2 124.7 131.2 130.3 145.0 156.0 160.0 158.7

Exports of Goods and NFS 449.0 495.1 546.2 602.9 665.8 735.7 863.3 954.6 1,055.6

Imports of Goods and NtS -520.6 -573.8 -632.4 -695.0 -760.3 -831.8 -913.3 -i AQi 0 -l.A00.0

Gross Domestic Product 1,311.7 1,445.5 1,592.9 1,750.6 1,915.2 2,095.2 2 300.5 2. 31275

Factor Payments, net -31.9 -40.4 -46.4 -53.4 -58.7 -64.6 -111.0 -122.2 -133.9

Gross National Product ,7_.8 21 405.1 1 56.5 1,697.2 L85 6 .5 2,030.6 Ll.5 2399. 2632.0

Major Assumptions: 1. Public investment and consumption as projected in fiscal projections.2. Private investment in hotels and other services will proportionately replace housing construction during 1974-1976 and major mining

investments begin in 1975 through 1980, although some copper exports begin in 1978.3. Import propensity will be constant.4. Exports of goods grow at only 8 percent during 1972-1978, but most service exports grow at 15 percent yearly.


* . * b~~~~~

III

BALANCE OF PAYMENTS

Table 3.1 : BALANCE OF PAYMENTS-CURRENT ACCOUNT, 1950-72 Page 1 of 2 pages

(thousands of dollars)

1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960

Trade Balance -30 371 -32 079 -41 512 -36 981 -33 6)41 -28 921 -42 262 -54 661 -53 685 -54,125 -69,222Exports /1 ~3 433,60 40!394 tT-,4p6ITports 71 66,o64 65,429 72,480 70,350 71,369 73,981 82,856 98,036 94,141 98,239 108,063

Services (Net) 22,343 16,937 21 427 25 612 18,942 18 832 19 451 21 460 22 203 23 327 40,9457etegt ~and Insirance --- ,T 9 -8, 5 - - 7,0143 -&,7t0 -O , T 3 -1 3,170

Receipts ( 15) ( 9) ( 19) ( -) ( 1) ( 3) ( 4) ( 4) ( 3) ( 4) ( 87)Paymienlts ( 7,L1_) ( 3,177) ( 8,911J) ( 8,508) ( 7,044) ( 7,149) ( 8,784) (10,217) ( 9,573) ( 9,890) (13,231)

OtUer Transport 1,004 1,385 2,719 3,499 3,423 2,864 2,629 3,664 3,851 3,815 2,686Receipts ( 3,400) (3,718) ( 4,538) (5,553) ( 5,666) (5,621) ( 5,540) ( 6,597) ( 7,183) ( 6,788) ( 6,4)46)Payments ( 2,396) ( 2,333) (1,819) ( 2,054) ( 2,243) ( 2,757) ( 2,911) ( 2,933) ( 3,332) ( 2,973) ( 3,760)

Travcl 26,555 26,057 26,996 25,905 27,777 27,957 28,605 28,169 18,847 18,416 21,070ReceLpts (23,28C) (29,285) (30,557) (29,558) (30,332) (30,943) (32,261) (32,059) (24,106) (25,972) (27-641)Payr ents ( 2,725) ( 3,228) ( 3,561) ( 3,653) ( 2,555) ( 2,986) ( 3,656) ( 3,890) ( 5,259) ( 7,556) ( 6,571)

Investment Income -11,659 -11,959 -11,289 -11,817 -17,177 -17,797 -17,790 -18,912 -12,129 -13,290 -10,183Receipts ( 1,386) ( 1,412) ( 1,396) ( 1,250) ( 1,700) ( 2,000) ( 2,000) ( 1,900) ( 1,900) ( 2,000) ( 2,250)Payments (13,045) (13,367) (12,685) (13,067) (18,877) (19,797) (19,790) (20,812) (14,029) (15,290) (12,433)

Other Services 13,844 9,618 11,896 16,533 11,962 12,954 14,787 18,752 21,204 24,272 40,514Receipts (18,534) (14,679) (17,373) (22,052) (18,498) (20,485) (22,384) (29,954) (31,123) (36,092) (53,016)Payrents ( 4,690) (5,061) (5,477) (5,519) ( 6,536) ( 7,531) ( 7,597) (11,202) ( 9,919) (11,820) (12,502)

TranaLersNe- 3,409 - 3 192 - 2 369 - 1 858 - 830 458 1,476 2 557 2 854 868 842Private -IWTT W - 3,067 T,963 -14,070 -23,776 TtJ -- tTT -77 T, T Receipts ( 650) ( 761) ( 940) ( 896) (1,239) ( 2,487) ( 2,912) ( 3,281) ( 3,166) ( 2,827) ( 3,045)Paynents ( 5,063) ( 5,341) ( 5,792) ( 5,963) ( 6,202) ( 6,557) ( 6,688) ( 7,316) ( 7,478) ( 8,080) ( 8,417)

Government 1,004 1,388 2,483 3,209 4,133 4,528 5,252 6,592 7,166 6,121 6,214Receipts ( 1,102) ( 1,653) ( 2,786) ( 3,338) (14,237) ( 4,634) (5,395) ( 6,762) ( 7,362) ( 6,317) ( 6,445)Payments ( 98) ( 265) ( 303) ( 129) 1014) ( 106) ( 143) ( 170) ( 196) ( 196) ( 231)

CuRRENT ACCOUNT BALANCE 11,1437 -1 8334 -22,454 -13,227 -15,529 - 9,631 -21,335 0,644 -28,628 -29,930 -27,37

Table 3.1 BALANCE OF PAYMENTS-CURRENT ACCOUNT Page 2 of 2 cages


1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 /2

Trade Bailarce /1 -81,994 -84 576 -90 365 -85,716 -99,582 -114,238 -123 059 -128 639 -152 529 -200 665 -226 160 -2,60189t77 7 103,334 1i7, 130, 7T -146,369

DTorts 71 123,142 144,588 162,985 167,721 192,163 217,572 232,262 246,088 285,026 331,014 363,953 407,006

5ervice<jXet) 57,167 70 722 72,617 71,618 67,713 81 029 93,475 113 393 122 387 132 961 14Q 774 162L899Freight an73 Insurance 0 7 :T77,4 620 22,32.3 7-2, - 32,064 -40,910

Receipts ( 75) ( 80)( 63)( 47)( 90) ( 73)( 39) ( 32) ( 64) ( 62) ( 30) ( 70)Payments (14,582) (17,578) (17,376) (16,941) (19,710) ( 21,255) ( 22,362) ( 24t,170) ( 27,787) ( 32,126) ( 38,507) ( 40,980)

Other Tianiport 2,9214 3,221 3,701 6,184 7,396 8,532 10,250 18,457 16,456 22,171 34,356 44,111Receipts ( 6,954) ( 8,285) ( 9,509) (12,206) (14,623) ( 15,843) ( 19,591) ( 26,313) ( 26,635) ( 35,858) ( 49,949) ( 60,729)Pay[.,-len'Ls ( 4,030) ( 5,061) (5,808) ( 6,022) ( 71227) ( 7,320) ( 9,341) ( 7,856) ( 10,179) ( 13,687) ( 15,593) ( 16,618)

Travel 23,839 29,734 27,289 21,192 31,028 33,723 39,995 43,435 48,748 55,515 56,799 56,494Rece.ipt ; (31,280) (36,7831) (35,172) (31,504) (41 1,044) ( 45,320) ( 56,693) (59,402) ( 65,333) ( 78,167) ( 80,751) ( 82,926)Pa rcr ns ( 7,441) ( 7,047) ( 7,883) (10,312) ('iao16) ( 11,597) ( 16,698) (15,967) ( 16,585) ( 22,652) ( 23,952) ( 26,432)

InvEStnierit Irncc:,r. e - 6,244 - 4,357 - 1,587 - 2,683 -18,722 20,300 - 21,471 - 23,644 - 25,577 - 28,403 - 31,413 -31.943Rece.ipts ( 2,500) ( 2,51a) ( 3,162) ( 2,216) ( 33) ( 3,265) ( 4,822) ( 6,016) ( 9,891) ( 12,585) ( 27,863) ( 41,002)Paymaents (8,744) ( 6,875) ( 4,749) ( 4,899) (18,755) ( 23,565) ( 26,293) ( 29,660) ( 35,468) ( 40,988) ( 59,282) ( 72,945)

Other Services 51,155 59,619 60,527 63,819 67,631 80,265 87,024 99,283 110,483 115,742 128,515 135,147Receipts (61,468) (70,354) (75,843) (78,006) (81,638) ( 94,356) (106,856). (118,944) (131,569) (138,752) (154,078) (164,752)Payments (10,313) (10,735) (13,316) (14,187) (14,007) (14,091) ( 19,832) ( 19,661) ( 21,086) ( 23,010) ( 25,563) ( 29,605)

Tranaser Nti 4 105 - 125 168 170 4 189 1 9 19 1 767 297 1 201 3 970 4,433 903Private e65 7 7;3 7 7 - - - | 7 - 537z -W -7329

Receipts ( 3,665) ( 3,807) ( 3,741) ( 3,445) ( 3,929) ( 4,695) ( 5,026) ( 5,883) ( 6,620) ( 7,856) ( 9,177) ( 10,169)Paymnents ( 9,286) (11,190) (13,077) (10,591) ( 9,716) ( 10,798) (11,976) (11,990) ( 11,911) ( 11,528) ( 12,707) ( 17,498)

Govermnent 9,726 7,258 9,504 7,316 9,976 8,022 8,717 6,404 6,492 7,642 7,963 8,232Receipts ( 9,966) ( 7,601) ( 9,944) ( 7,981) (10,432) ( 8,962) (10,182) ( 7,878) ( 8,009) ( 9,414) ( 9,532) ( 10,040)Payments ( 24O) ( 343) ( 440) ( 665) ( 456) ( 940) ( 1,465) ( 1,474) ( 1,517) ( 1,772) ( 1,569) ( 1,808)

CURRENT ACCOUNT BALANCE 20,722 13979 -17580 -13,928 -7,680 31290 - 27,817 - 14,949 2 1 -6373 - 71,962 -96,835

1/ Includes non-nonetary go7.d.2/ Provisional.

Source: Controller General's Office.

* . * ^~~~~~~

Table 3. 2 BALANCE OF PAYMENTS - CAPITAL ACCOUNT Page of 1 of 2 pages

( thousands of dolla'rs )

1950 1951 1952 1953 1954 1955 1956 1 95 7 1958 1959 1960

2JRu?,REB ACCOUJNT BAI.ANTCE -11,437 -1 8 ,331i -22,457 -13,227 -15,529 -9,631 -21,335 -30,61h1h -28,628 -29,930 -27,437

Private direct irvestmenL. 300 10,600 1,200 6,100 7,500 2,000 13,500 8,ooo 12,000 12,900 17,292

Other privace long-term /2 -192 1,611 -384 -537 -507 -260 -153 671 -698 1,594 -131

Private qhorc-tenn non-banking capital -327 840 - 55 -2,118 - 43 72 -341 401 -200 -2,701 -1,025

Mediumr, and long-temc government loarts (net) 5,461 -121 1,118 -575 -2,463 664 I4,549 837 9,835 1,081 7,609Disbursements (5,561) (296) (1,500) ( - ) ( 339) (1,260) (5,184) (1,737) (20,480) (1,532) (7,775)Amortization ( 100) (417) ( 382) ( 575) (2,802) ( 596) ( 635) ( 900) (10,645) ( 701) ( 166)

Other govcrnment capital 1,172 1,578 2,602 844 -1,635 238 -193 -297 1,905 250 -2,222

Gold and IMF transactions - - - - - - - - -

Banking sector (net) -1,377 995 -2,975 -1,910 2,846 3,316 -909 10,779 -6,284 8,556 6,501Liabilities (increase +) (-5,510) (12,231) (-1,545) (-1,270) (-2,817) ( -860) ( -860) (-2,187) (12,484) (3,670) (1,039)Assets (increase -) (14,133) (-11,236) (-2,542) (- 365) ( 4,116) ( 6,127) ( - 49) (12,966) (-18,768) (14,886) (5,462)

Errors and Ornmissions 6,400 2,831 20,951 11,423 9,831 3,607 4,882 10,253 12,070 8,500 -587

Table 3.2 BALANCE OF PADEMTS - CAPITAL ACCOUNT Page 2 of 2 pagea


1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 DL

ClREMNT ACCOUNT BALANCE -20,727 -13,979 -17,580 -13,928 -27,680 -31,290 -27,817 -114,949 -28,941 -63,734 -71,962 -96,835

Private direct investment (net) 31,419 17,838 9,503 2,623 15,159 11,749 4,909 12,584 21,536 33,415 21,768 13,614

Other private long-term /2 1,835 1,624 5,203 4,793 5,091 10,597 8,576 13,842 3,629 6,281 16,745 38,419

Private short-tem. non'hanking capital - 360 4,169 - 1,897 2,613 - 3,270 - 2,767 1,736 - 5,579 - 6,558 - 4,432 - 6,395 419,014

MSediwn and long-terml govarrm~er nt loans 2,923 5,017 7,275 1,3314 4,5814 6,152 3,477 323 35,971 36,416 32,692 21,783Disbursexents (3,121) (5,630) (7,973) (2,948) (6,608) (8,306) (6,027) (3,327) (39,382) (59j456 (o,6O) (48,095)Amortization ( 198) ( 613) ( 698) (1,614) (2,024) (2,154) (2,550) (3,0) 3,411) (23,040) (26,188) (26,312)

Other Government capital. 3,391 -41 5,052 1,431 -923 -1,087 -1,064 -2,595 -2,129 -1,320 854 I8,426

0o-d and IMN transactions - - - - - - - 2,401 430 6,928 10,700 -3,734

Banking sector 9,133 730 -5,448. 23,515 4,395 2,902 14,520 2,664 1o,362 64,036 42,952 63,003Liabilities (increase +) (4,875) (5,685) (1,127) (7,078) (20,937) (43,796) (-1,869) (20,366) (105,166) (187,979) (217,184) (534,294)Assets (increase = -) (4,258) (-4,955) (-6,575) (16,437) (-16,542) (-40,894) (16,389) (-17,702) (-94,804) (-123,943) (-174,232) (-471,291)

Errors and Omissions -27,619 -15,358 -2,108 -22,381 2,644 3,744 -4,337 -8,691 -34,300 -63,734 -25,954 (435,662)

j/ Estimated.2/ Includes borrowing by autonomous agencies.

Source: Controller Generalts Office and mission estimates.

0 0 0

Table 3.3: BALANCE OF PAYMENTS CURRENT ACCOUNT - CANAL ZONE Page 1 of 2 pages


1950 1951 1952 1953 19514 1955 i1956 191? 1958 t 19 1960

Row. Ipts 417,714 43j,459 46,838 45,266 45.,209 50,085 49,125 53,869 44,6o, 48.,201 63,897Morchan'.11iso, 6,578 6,722 6,930 7,038 6,31'7 8,607 9,023 6,931 5,386 6,118 8,894TreE.el 244,474 24,104 214,524 214,5714 24i,O00 214,475 23,633 22,1[21 14,1428 114,128 13,264Govormonent Senriees 446 1460 470 1486 1407 549 617 598 313 305 71 9Otbelr &. vrices 15299 11,418 13q97?9 129 2714 12,697 114,6014 13,960 21,1428 21,729 2tll933 38,09)4Pii-vae Tra:fers 644 755 935 894 1,188 1,850 -1,892 2,149l 2,7,44 2,657 2,925

Pa&i;nt<i ,5379 6,357 7,1408 7,923 8,215 9,117 8,653 11,,411 12,210 12,1426 14,177Mp c:rchadiso 14,31414 5,323 6,206 6,701 6,953 7,984 7,717 9,1451 10,201 10,339 11,031Fre glt 665 620 694 714 642 595 453 1470 540 574 1 ,555Other Transport 185 215 257 239 222 209 165 1614. 188 1914 216Goverrtwnent Services 1 1 2 11 19 21 21 19 23 25 29Othors Services 184 198 249 258 379 308 297 1,307 1,258 1 , 294 1,0346

Trade Balance 2,2314 .1,399 7214 337 -636 623 1,306 -2,520 -4,815 -4,221 -2,137

Services (Net) 39,1457 349948 37,771 36,112 36,1442 38,1495 37,274 42.,487 34,461 37,339 48,932

Transfers (Net) 6144 755 935 8914 1,188 1,850 1 ,89? 2,491 2,744 2,657 2,925

CIRRENT ACCOUNT BALANCE 42,335 37,102 39,430 37,343 36,994 40,968 )A0,472 42,1458 32,390 35,775 49,720

Table 3. 3: BALANCE OF PAYENTS CURRENT ACCOUNT - CANAL ZONE Page 2. of 2 pages


1961 1962 1963 19614 1 965 1966 197 1968 1969 1970 1971 19712

Receipts 72,566 85,524 93,846 88,312 98,326 106,975 124,987 139,309 151,605 152,004 158,325 164,043Merchandise 8,972 12,734 17,1409 14,460 17,1433 18,187 20,410 21,252 23,456 22,148 23,003 24,201Travel 15,965 19,445 21,109 16,727 21,407 20,4.94 30,744 33,885 35,796 37,291 28,566 39,729Government Services 773 1,302 1,308 2,498 3,159 4,157 5,020 4,855 6,419 7,640 5,214 51494Other Services 43,387 48,607 50,696 51,455 52,836 59,B03 64,334 73,809 79,792 77,622 82,850 84,176Private Transfers 3,469 3,436 3,324 3,172 3,491 4,334 4,479 5,508 6,1142 7,303 8,692 10,443

Expenditu,rs 14,753 13,624 7,092 4,0314. 4,716 5,056 5,246 5,878 5,785 6,200 7,205 7,018Merch.ncnl-me 11,775 10,M)3 4,911 2,001 2,595 2,990 3,143 3,663 3,567 3,I148 4,806 4,568Fraight 1,509 1,536 770 6211 591 ;588 605 702 692 781 816 851Otl-r Transports 226 166 165 153 1146 153 157 175 187 212 220 227Governaent SErv.ces 34 16 20 29 23 23 23 23 23 23 23 27Ot13r Services 1,209 1,243 1,226 1,227 1,361 1,302. 1,318 1,315 1,316 1,334 1,340 1,345

Trade Balance -2,803 2,101 12,498 12,459 14,838 15,197 17,267 17,589 19,889 18,300 18,197 19,633

Services (Net) 57,147 66,363 70,932 68,647 75,281 82,388 97,995 110,334 119,789 120,201 124,231 126,949

Transfers (Net) 3,1469 3,436 3,324 2,172 2,491 4,334 4,479 5,508 6,142 7,303 8,692 10,1443

CU.RRET ACCOUNT BALANCEE 57,813 71,900 . 86,754 84,278 93,610 101,919 119,741 133,431 145,820 145,804 151,120 157,025

Source: Controller General's Office.

* * . .S

TabeWI.A4: SEECTR MAJOR nroRTh, 1953 - 1972

bp~~~~n: 9.15* 19~~~~~~~5.1 1 3595 1919 195 5960 1961 5963 1963 1964 191Ss 1.96 1966 1966 1969 is7o 19jl 1972'

t- ,c%,73 ,71 7,423 9,929 7,454 9,659 7,6`5 6,699. 7.792 9,191 12,295 13,935 1503 7,423 21,559 50,972 22911,1 53,69tOt u"" 3,~~~~~11.rr. ~12,301. 133., 1,q1.2 19. 555l 13,067 11,6.40 13,304, 11,93.1 13,6924 30,44-' a 50n,3 34, 45 42,209t 53, f43 1,241 69,9311 63~503 64.?

Val vl"c(A .Ioo 9.75 X.7 174 1.73 j, I .75 1.79 1,75 1.75 2,96 LO4 2,49 2.79 3.04 2,69 1.99 l,73 74

.m'y76~ 914-, 63 a 9 337 1,501, 1,260D 332. 1.712 950 1,473 743 656 1,631 633? 1,297 1,339 1.787 2:9411,,,,~~~~pt1 41Cm,,, ~~~~79 a 1 497 1,227- 1,199 256 1,412 392' . 1,34.9 790 60 1,597 591l 1.1I12 1,7113 1 ,553 ..

o~~3i ~1,,t (,io)94wc1139.>) 1,23 - - .93 .97 .99 .03 .97 ,96 .95 .93 .95 .95 .94 ,59 1,9'. .9 .A5 745,02

~~.... 32 Icy ~~~~~~~~~0 6 1 3,113-3 3.093 3,726 2,535 4,7?42l 3,314 19,01.3 57,4413 94,;,53> 1U49 0,3 3301 5,94 8,5 3,4221.31 0 43 934 370 493 791 334 1,34 ,O 5-,994 2le 1,50. 391Is 4,644 944 4,9 6,4

6 E4.4 U13, I9, 15,3 15.9 26,3 16.1. vi,e 149 934 9134 i.4 34.12 V,9 15,-3 I-SA G

t - ,433 1,14 1,333 3,39 1,291 1,44 1,163s 1,50 64 14 O? 4.35 193 2?Ž 424; 19 0 9,,. - - 931.4 931~~~~~~~~~~~~'.. 95? ,25 ,.1 735~ 501. 43.3 61.4 101. Y.U1 7- 21.1. 71 31. 3 v,

155 3.. (P '4. ..) .49. .9 .74 .13 .4 .44 .51 .49 .51 A4O .976 .0? 6

0 9 1 11. 2932 2 93 ~~~~ ~~~~ ~~ ~~~~~~~~~~1:50, All2 0 23' 134 1441 3,.i133 331 ,0 1

1' '-44' .. .. .,,.. .74 ~~~ ~ ~~~~~ ~~~ ~ ~~~~~.79 1,90 n9 .53 .3: - .73 3 ,4 .93 .937 5,061,

133 2,33 571 133 4,056 3,9 5,33 4,3 4,393 5,7 4,A3 4,? 517 ,.3 439 ,4 ,3932.--,.--3 ,4'l.j. ~~~~~2,715 4,43 0 1.1" v ' %1k4 5,09?3 , 5,w 733, 6171,11.3 7,793?7, P.; 9,191. 0,Y'1l 1 6-9 11,953 %,-AonlI ~~~~~~~''' ~~~~ ~~ 1.41 1,43 1,03: 3.33 1,27 1,33 1,33 3,31 LO9 0,1 13 97 1,03 9. 2.21. 5,113 2,90 53.2

ro2lxls- 0 1992 332 401 1,715~~~~~~~~~~~~~~~~~~xj 9 1,92 654S 731 3,9 6,941 13,531i' ,01-13 945.411 9,05 9,41.? 5,590 7,1349&,t,w42 o,.os.-s 3~~~ ~ ~~~ ~~ ~~11 41 SC I.'3 0 133 IN, KL 23~ 113 9 , m!:3 1. vk33 9Ž1. 27o, w w 7919 949 ,4

At.3, w3It . 1.>7.. 335 53,4 114 1, 393 Z 19.3 111.9 31,0 157 521. 12. 4 '9 7 3i.36 13A1 If,6 1,6

t13351½' ~~~~~ 33 -. - - . - ~~~~~~ 475.7 391,7 331.,? 394, 542.0 2311,6 55NM3.4 970.0 103,4 254,4-c n~6 331 2,G ~ 21M

19Ot03.1.0? 'lIt, o - -. .. - 13,049 23,43.0 24,541 25,113 13,9417 12,97.0.. 56,057 24,0344 11,405 15,130 i 11,5591,46 is ~ I 21,5s

01w.. ttit'0 19,44. 25- 13, 5955 2495 13,51? 6,979 15,94 19,904 9 .Ie,14 10,1917 9,456 10,631 9,759 6,559 5,533 0,0751 4,59 152.4

LA14a )j,,1. v42 Xlam! uz 67Ei.04 ' 2,,1?t 33479 V.-2?Ž UAS QL9 929 2I IS%$1.9A L0929i1sm U 3Mi

Al ~~ - '.32 3332mj 3 - "2am of r"Z -.z mM L-379t,.,1 mr1 . te; , InPthe 19510, s ls. 5 ,rE prqw.zlle of 332.2(8rTc 93reac318t oftco 1ti Ocoulxw1ot Imm die r.321 3301531033 o18a16ea,t .645.2

soft: a1vtno mQofl at 5aluAa96 to Ceac, iso.

Table 3.5 Value of Imports!/ and Import Duties Pai0y Selected Major Categories, 1958-72

(In thousands of dollars)

1958 1959 1960 1961 __ 1962Effec- Effec- Effec- Effec-- Efec-

Duty tive Duty tive Duty t've Duty tive Duty tiveValue Paid Rate Value Paid Rate Value Paid Rate Value Paid Rate Value Paid Rate

Total 93,713 16,397 17.5 98,257 17,392 17.7 109,198 18,934 17.3 124,186 20,112 16.2 145,211 20,381 14.0

Food products 13,405 2,817 21.0 12,951 2,788 21.5 13,263 2,515 19.0 15,081 2,791 18.5 14,648 2,733 18.7Meat products 1,687 254 15.1 1,091 304 27.9 1,436 401 27.9 1,634 436 26.7 1,461 412 28.2Honey and milk products 1,633 111 68.0 1,832 132 7.2 1,916 134 2,053 141 2,123 154Cereals 3,010 465 15.4 3,392 521 15.4 3,585 525 14.6 4,591 696 15.2 4,293 671 15.6Fruits and vegetables 3,303 683 20.7 3,380 678 20.1 3,104 566 18.2 3,461 635 18.6 3,369 585 15.6Other prepared foods 1,933 1,048 54.2 1,259 876 69.6 1,086 598 1,136 585 51.5 943 597 63.3

Beverages and tobacco 2,193 2,072 94.5 2,089 2,584 123.7 2,818 3,416 121.2 2,804 3,424 122.1 3,821 4,46S 116.9Beverages 856 1,400 i63.6 1,226 2,012 164.1 1,559 2,574 165.1 17?00 2,659 156.4 2.717 3,687 135.7Tobacco 1,337 671 50.2 863 572 66.3 1,258 841 66.8 1,104 765 69.3 1,104 781 70.7

Raw materials, non-edible,not including fuel 1,195 245 20.5 1,352 182 13.5 1,053 171 16.2 1,470 311 21.2 1,791 482 26.9

Fuels arid lubricants 9,674 3,587 37.1 10,310 3,815 37.0 10,813 3,893 36.0 11,041 4,319 39.1 27,095 2,611 9.6

Animal and vegetable oils 366 248 67.8 387 236 61.0 228 128 56.1 424 144 34.0 448 153 34.2

Chemical products 9,710 1,080 11. 10,897 1,144 10.5 11,367 1,157 10.2 13,252 1,255 9.5 13,803 1,287 9.3Medicinal and pharmaceutical 2,623 369 14.1 2,759 407 14.8 2,811 416 14.8 3,632 450 12.4 4,090 520 12.7Perfumes, soaps, etc. 2,485 403 16.2 2,602 390 15.0 2,930 406 13.9 3,032 445 14.6 2,817 392 13.9

Manufactured goods 24,032 2,157 8.9 24,353 2,319 9.5 29,640 2,581 8.7 33,589 2,616 7.8 34,374 2,807 8.2Leather goods 1,681 216 12.8 1,921 263 13.7 1,977 275 13.9 2,041 279 13,7 2,606 346 13.3Paper and cartons 3,079. 233 7.6 3,127 254 8.1 3,464 271 7.8 4,395 300 6.8 4,888 320 6.5Textiles 8,311 752 9.0 8,443 723 8.6 10,447 809 9,841 756 11,197 872Non-metallic minerals 1,837 178 9.7 1,884 175 9.3 2,154 148 6.9 2,435 174 7.2 2,423 162 6.7Manufactured metals 4,520 368 8.1 4,795 454 9.5 5,745 474 8.2 7,348 449 6.1 6,496 492 7.6

Machinery and transportmaterials 18,815 1,756 9.3 20,864 2,001 9.6 24,139 2,587 10.7 30,273 2,677 8.8 31,831 3,001 9.4Machinery, except electric 8,299 451 5.4 9,317 545 5.8 8,687 526 6.1 13,470 636 4.7 13,492 684 5.1Electrical machinery 4,071 349 8.6 4,544 430 9.5 6,521 572 8.8 7,936 614 7.7 8,796 676 7.7Automotive vehicles 5,791 916 15.8 6,465 996 15.4 8,494 1,452 17.1 8,286 1,381 16.7 9,028 1,587 17.6

Diverse manufactured articles 13,753 2,425 17.6 13,584 2,317 17.1 15,014 2,481 16.5 15,751 2,573 17.0 17,324 2,835 16.4Furniture and accessories 622 140 22.5 591 147 24.9 699 170 24.3 822 163 19.8 869 175 20.1Articles of dress 4,232 850 20.1 4,299 845 19.7 4,732 904 19.1 4,852 899 18.5 5,592 1,022 18.3Clothing 1,398 482 34.5 813 355 43.7 920 359 39.0 1,006 431 42.8 1,236 534 43.2Professional instruments 1,986 196 9.9 2,337 226 9.7 2,647 260 9.8 2,780 268 9.6 3,019 259 8.6Other manufactured articles 4,761 620 13.0 4,726 586 12.4 5,132 618 12.0 5,288 647 12.2 5,456 648 11.9

Miscellaneous articles notabove 570 20 1.8 1,469 6 0.4 863 5 0.6 501 2 0.4 75 3 4.0

of 3 pages

(CouLt'd). Valtue of Iuports§Jand lmporlw LDuties Paid, By Selected Major Categories, 1958-72

(n_ thousands of dollars)

1963 1919645 1966 _1967Effec- Effece- Effec-

Duty tive Duty tive Duty tive Duty tive Duty tiveValue Paid Rate Value Paid Rate Value Paid Rate Value Paid Rate Value- Paid Rate

Tota 16 5 9. 165,390 16,16 1 9.1 l89 4 982 9.5 L 9 293 21,277 9.3

-Food products 15,934 3,077 19.3 18,347 3,502 19.1 17,081 2,995 17.5 18,668 39161 16.9 18,808 3,180 16.9Meat products 1,681 489 29.1 2,111 606 28.7 1,996 568 28.5 2,154 601 27.9 2,323 738 31.8Borsey and milk products 2,201 170 2,284 184 2,468 201 2,560 185 2,879 217Cereals 5,078 907 17.9 5,594 1,054 18.8 4,296 670 15.6 4,669 719 15.4 4,566 656 14.4Fruits snd vegetables 3,667 648 17.7 4,283 736 17.2 3,938 670 17.0 4,718 716 15.2 4,577 697 1.5Other prepared foods 929 553 59.5 1,022 563 55.1 1,099 519 47.2 1,051 516 49.1 947 495 52.3Beveragen eSId tobacco 1,495 1,600 107.0 1,389 1,345 96.8 1,775 1,626 91.6 1,940 1,930 99.5 2,194 2,159 98.4Bevarages 557 836 150.1 587 750 127.8 845 1,053 124.6 1,063 1,393 131.0 1,199 1,589 132.5Tobacco 933 763 81 3 802 595 74.2 930 573 61,6 877 537 61.2 995 570 57.3Raw materials, non-edi.ble,not including fuel 2,168 470 21.7 2,674 268 10.0 2,128 196 9.2 2,093 208 9.9 1,306 329 25.2

Fuels and lubricants 37,757 234 0.1 35,468 232 0.6 40,348 271 0.7 47,584 284 0.6 47,317 300 6.3Animal and vegetable oils 434 150 34.6 549 210 38.2 602 181 30.1 1,112 291 26.2 790 269 34.0

Chemical products 15,220 1,354 8.9 16,803 1,394 8.3 18,149 1,702 9.4 19,415 1,783 9.2 21,209 1,892 8.9Medicinal and pharmaceutical 4,913 539 11.0 5,272 564 10.7 5,211 663 12.7 5,479 720 13.1 5,661 761 13.4Pefuiaes, soapa, etc. 2,993 408 13.7 3,166 458 14.5 3,519 635 18.0 3,953 653 16.5 4,115 679 16.5MancfAetured goods 39,614 2,879 7.3 38,860 2,886 7.4 47,741 3,358 7.0 50,717 3,470 6.8 57,102 3,838 6.7Leather goods 2,662 353 13-.3 2,802 395 14.1 2,840 423 14.9 2,799 423 15.1 3,324 510 15.3Paper and cartons 8,646 311 3.6 8,265 328 4.0 11,175 370 3-3 12,850 391 3.0 12,192 414 3.4Textiles 11,406 807 12,053 799 14,258 944 14,096 857 17,210 1,042Non-metallic minerals 2,752 198 7.2 2,692 203 7.5 2,980 221 7.4 3,066 243 7.9 3,630 309 8.5Manufactured metals 6,661 548 8.2 6,130 557 9.1 7,095 641 9.0 7,361 701 9.5 .8,315 741 8.9Machinery and transportmaterials 31,275 3,238 10.4 32,125 3,278 10.2 39,881 4,134 10.4 49,663 5,066 10.2 54,150 5,221 9.6Macidaery, except electric 12,294 608 4.9 13,167 618 4.7 1.5,926 782 4.9 19,845 928 4.7 24,343 1,002 4.1Electrical machinery 7,283 631 8.7 7,789 670 8.6 10,094 856 8.5 13,008 1,011 7.8 12,017 979 8.2Automotive vehicles 10,825 1,935 17 9 10,611 1,942 l8.3 13,114 2,438 18.6 16,164 3,057 18.9 16,621 3,177 19.1

Diverse manufactured articles 18,752 3,049 16.3 19,086 3,029 15.9 21,860 3,517 16.1 23,160 3,648 15.8 26,211 4,081 1506Furnituire and arcessories 774 169 21.8 588 150 25.5 822 215 26.2 747 205 27.4 991 230 23.2Artieles of dre3s 5,973 1,111 1B 6 6,250 j,1P:l 17.8 7,162 1,349 18.8 6,887 1,285 18.7 7,759 1,474 19.0Clothing 1,268: 509 40b3. 99b. 407 40 .r9 1,122 390 34.8 1,366 371 27.2 1,460 357 24.4sProfession,al i-nsotrurternta 3,207 284 89, 3,062 2 89 9.4 3,462 330 905 4,092 396 9.7 4,921 467 9.5Other raiiiI ,)g ured . 6,184 711 11,5 6,946 835 12.Q0 *768 945 12,2 8,s267 1 ,043 12.6 8,963 1,158

MisceollarLGu rO t

of 3 pages

(Con,;ludied) Vn I e ,f l.. 'orfCLL Duties Paid, Sy Selected h;jor Cetegories, 1958-72

(In thouaands of dollars)

1968 1969 1970 1971 1972.Effec- Effec- Effec- Effec- Effec'

Duty tive Duty tive Duty tive, Duty tive Duty tiveValuse Paid ate Valuse. _Paid _ Rate Value Pgid Rat- Value Paid Rate Value Paid Rate

Total 243,344 21,085 8.7 278.669 24 h1 23 8.8 326§.352 2.253 8.4 4358.97 29L744 8.3 399 30,139 7.5

Food products 19,897 3,311 16.6 20,890 3,468 16.f* 24,591 3,571 14.5 34,227 3,489 10.2 33,777 3,167 9.4ieELt products 2,473 732 29.6 3,241 923 2805 4,107 833 20.3 4,168 839 20.1 4,779 778 16.3Honey and milk products 2,889 235 3,015 242 3,665 271 4,904 246 5.0 6,830 261 3.8Cereals 5,153 739 14.3 5,343 741 13.9 5,248 752 14.3 11,657 729 6.? 8,022 464 5.8Fruite3 ald vegetables 4,836 761 15.7 4,874 873 17.9 6,&18 1 096 17.1 7,033 1,126 160 7,628 1,154 15.1OŽthter p-u.ted ftoda 75U 449 59.9 657 322 49.0 727 227 31.2 697 107 15.4 788 123 15l6

Beveaege.s wid tolbacco 2,450 2,293 93.6 2,931 2,779 94.8 3,117 3,044 97,7 3,519 3,323 94.4 2,928 2,618 89.4Be Yr.aeE 1,248 1,644 131.7 1,712 2,178 127.2 1,884 2,440 129.5 2,088 2,633 126 .L 1,527 1,998 130.8Tobacc- 1,202 650 54.1 1,219 601 49,3 1,233 604 49.0 1,431 690 48.2 1,401 621 44.3

Raw materials, non-edible,nof includl,n fuel 1,618 326 20.1 1,635 334 20.4 2,774 532 19.2 2,731 615 22.5 2,978 625 21.0

Fvels wio.T ltibricants 52,982 316 0.6 60,572 zC/4 0.6 62J08 390 0.6 66,184 426 0.6 68,105 435 0.6

Ani"l ed vegetable oils 476 198 41.6 1,794 149 8.3 3,209 173 5.4 5,067 18S 3.7 2,645 171 6.5

Chemicl. products 23,991 1,879 7.8 26,752 2,339 8.7 29,165 2,260 .7.7 31,943 2,250 7.0 40,393 2,303 5.7MedlcInal ads phanraceautical 6,587 762 11.6 7,670 1,032 13.4 8,932 969 10.8 9,761 1,000 10.2 15,972 999 6.3PcrfVx-r3, SOP-P, etc. 4,171 643 15.4 4,869 780 16.0 5,212 752 14.4 5,419 695 12.8 6,349 736 11.6

lIane_&ctured. g8Jd6 55,813 3,389 6.1 63,351 3,748 5.9 74,041 4,312 5.8 82,723 4,679 5.7 89,222 4,903 5.5Leather goods 3,469 537 15.5 3,542 577 16.3 4,322 697 16.1 4,814 752 15.6 5,288 785 14.8Paper sad. cartons 12,963 377 2.9 14,724 429 2.9 15,011 564 3.8 15,033 545 3.6 16,009 623 3.9Te.xtilee 14,609 753 17,977 892 21,017 990 24,203 1,012 4.2 30,679 1,106 3.6Non-metallic minerals 4,305 362 8.4 4,715 361 7.7 5,399 399 7.4 6,891 455. 6.6 6,657 473 7.1Manufactored metals 7,967 663 8.3 8,417 768 9.1 10,486 849 8.1 13,674 942- 6.9 12,163 976 8.0

Machinery a-d traneportmaterials 58,502 5,291 9.0 68,134 6,327 9.3 89,860 7,666 8.5 90,354 8,561 9.5 112,846 9,154 8.1Machinery, exceppt electric 22,153 853 3-6 29,022 1,077 3.7 36,077 1,399 3.9 35,502 1,569 4.4 56,047 1,828 3.3Electrical machinery 17,853 1,145 6.4 17,256 1,296 7.5 20,580 1,527 7.4 22,190 1,539 6.9 22,701 1,499 6.6Autou,otive vehiclea 17,335 3,207 18.5 20,653 3,851 18.6 28,879 4,597 1509 30,091 5,317 17.7 31,174 5,618 18.0

Diverse manufactured articles 27,356 4,069 14.9 32,292 4,899 15.2 36,925 5,560 t5.1 41,818 6,197 14.8 46,166 6,749 14.6Furliture end acoeo.Xor.eq 1,144 206 18.0 1,401 290 20.7 2,059 357 17.3 2,152 443 20.6 2,353 497 21.1Articles of dre,se 7,432 1,385 18.6 8,407 1,629 19.4 8,910 1,763 19.8 8,826 2,001 22.7 10,047 2,350 23.4C1othing 1,531 397 25.9 1,881 574 30.5 2,410 730 30.3 2,924 924 31.6 3,240 1,028 10.2Professinanl iuatruments 5,342 447 8.4 5,661 527 9.3 6,447 592 9.2 6,676 588 8.8 10,265 582 5.7Other manufactured articles 9,823 1,254 12.8 11,831 1,430 12.1 14,444 1,699 11.8 15,943 1,750 11.0 16,101 1,715 10.6

Miscellannorun F rtictCnot abovb, 259 12 4.6 317 16 5.0 561 14 2.5 408 16 3.9 250 11 4.4

Source: Comptrol1er General..

1/ Value of imnports, .f.o-b

Ta-bleL3. PANAMA VOLUME AND FOB VALUE IMPORTS OF PRINCIPAL SUPPLEMENTARY POO0 PRODUCTS - ANNUAL, 1958-1971 AND 1972 (9 MONTHS)(Volume im thousand tone, Value in million dollars)

i9538 - -1959 190 196 1962 16-3 19641 . 1965 1966 19716.l 6 '7 ' 9117

Coumodity Volume Value volume Value Volume Value Vo1,uo Value Voiwna Value Volume Value Volume Value Volume Value Volume, Value Volume Value Volume Value Voluze Value, Volume Value Volume Value Volume Value

Preapred ue,at 1,2 1,2 0.6 0.5 6.9. 0.7 0.9 0.8 0.9 0.8 1.1 0.9 1.4 1.1 1.2 1.0 1.3 1.2 1.7 1.5 1.8 1.5 2.1 1.6 2.5 .2.6 2.2 2.8 2,1 2,0

Butter 2/0.8 0.6 0.8 0.7 0.9 0.8 1.0 0.8 1.0 ,0.8 1.0 0.8 1.9 0,9 1.1 1.0 1.3 1.2 1.3 1.1 1,4 1.1 1.5 1.2 1.4 1.2 3.2 2.4 1.1 2.3

Cheese 0.6 0.4 0. 0,5 0.5 0,4 0.5 0.4 0.6 0.5 0.6 0.5 0.8 8.6 0.9 0, 0.8 0.7 0.9 0,8 0.9 0.8 1.0 0,8 1.2 1,0 1.3 1.3 1.0 1.1

Rice (Mi1low0) a / t a At A/ 2.4 0.3 3.4 0.5 2.7 0.6 4.3 0.7 0.2 8/1 0.1 at a a/ A/ A/ A/ A,t Al Al 22,5 .4.0 5.5 0.9

Corn a! ! 0.7 ~/ 20 03 53 0.3 0,5 a_50 03 83 . . , t ta t a / 2,3 0.2 5.1 0,4 14.2 1.0 16.0 1.0

Driedl Baeas 1.6 0.3 1.3 0.3 1.2 0.1 1.7 0.3 1.7 0.3 1,4 0,3 2.4 0.6 1.7 0.4 2.0 0.5 1.5 0.3 2.1 0.5 1.9 0.5 2.4 0.6 2.6 *0.7 0.3 0,1

Potatoea 2.8 0.2 2.4 0.2 1.3 0.5 0.7 A/ 0,8 a/ 1.2 0.1 1.4 0.7. 0.3 a/ 0,6 A! 0.7 I/ 1.2 0.1 1.8 0.1 0.7 I/ 2.3 0.1 0,1 8

Onioceam -4 orlia 3,4 0.3 3.6 0,3 3.9 0.3 3.8 0.3 3.4 0.4 4.2 0.4 4.2 0.4 4.0 0.3 3,7 0,4 3.7 0.3 2.9 0.3 1.9 0.2 4,0 0.4 2,6 0.5 1.1 0.2

Laid 3.0 1.3 2.1 0.5 1.4 0.4 1.4 0.4 1.5 0.4 1.3 0.4 1.4 0.4 1.2 0.4 1.2 0.4 1.2 -.2 1.1 0.3 0.8 0.2 0.4 0.1 A/ 8 / 'a'

Edible oill' endmarsarin 0.0 0,.! 0.4 ,_3 0.2 0.2 0.3 0.2 0.2 _0, 0.2 0.2 0.2 _~.dj 0.1 0.1 0.1 0.1 0,1 .uL 0.1 -PA~ 0.1 0.1 0.1 .. is 0.2 .jj 0.1 0..L

TOTAL VALUE 4.5 3.3 3.2 3.8 3.9 4.5 5.5 4.1 4.6 4.4 4.7 5.2 6.4 13.1 7.7

VALUE 07 ALL P0O0

KMELION DOLJaRS 13.4 13.0 13.3 15.2 14.7 13.9 16.3 17.1 18.7 18.8 19.9 20.9 24.6 34.2 23.8

PERMOFT 07 mPOTsOF B0PP1.ECMErAYCOM8DITIES 314 25 24 25 27 28 30 24 25 23 24 25 26 38. 322

l/ Products which aea, or cam be, produced dometically.3/From 1970, includes butter oil,V hcludissg olive oil.

Ne Bgligible or less them 0.03.

Source: Compiled froem data of Controller General of the Republic,

Table 3.7: TERMS OF TRADE, 1950-1971

Unit Value Terms of Trade1960=100 1960=100

Year Exports Imports

1950 83.4 83.5 99.91951 88.7 96.8 91.61952 91.3 91.9 99.31953 93.0 92.6 100.41954 97.6 88.2 110.61955 100.1 87.1 114.91956 98.1 92.0 106.61957 99.3 94.5 105.11958 96.7 91.9 105.21959 99.4 98.5 100.91960 100.0 100.0 100.01961 100.0 97.8 102.21962 102.0 97.7 104.41963 100.8 96.8 104.11964 107.6 99.9 107.71965 107.5 98.8 108.81966 109.4 101.4 107.91967 112.0 101.5 110.31968 113.9 102.7 110.91969 117.2 103.3 113.41970 120.2 107.1 112.21971 127.0 109.5 116.0


IV

. PUBLIC DEBT

of 4

Table 4.1 e Total Public Sector Debt Outstanding as of December 31, 1972 /1 /2

( thousand US dollars )

Type of Credit Urdi s-Naime of ebtor Disbursed bursed Total

Cent-ral (io-vernment .5 6L2 14140 ,)7

Total External Debt 225, 98L >2 623S38

Suppliers 26,791 6148 27,439Friance 886 - 886United States 25,905 648 26,553

?r 1vate Barnks - United States 655-922Publicly Issued Bonds - Urited States 33,026 _ 33,326Privately-Placed Bonds - United States 14,861 - 1i,861Other Financial Institutions -

United States 15,000 _ )j,000Loans from International Organizations 18,555 8,71M4 27,299

IBRD 2,351 - 2,351IDB 16,204 8,71414 24 ,946

Loans from Governmients - United States 51,829 21,012 72,841'GD 1;1l~~~~ ~~~~~,801 113v512 83.

of which two-step loans (16,839) (b4,893) (21,732)0 i:EXBANK 7,028 7,,50o 14,528

Total Internal Debt 172,961 1,208 16L3169

Suppliers 2,692 - 2,692Pagares Servici-s Basicos 1,950 - 1,950Pagares Other 7h2 - 7h2

Public Bank 29,695 - 29,695Banco Nlacional 29,695 - 29,695

:30nds '10 111,208 1515782ConversiLn - Instituto SeguroSocial 84,723 824,723Var iou s 23,686 1,219 214,905Reforma Agraria 1,418 2,212 3,630Itoads and Bridges 10o,410 850 11,260Construcciones Nacionales 8,51h 6,013 1L,5g27TPhiversidad de Panamg 661 232 893

'blic Schools 3,630 682 1,312.ectrical Distribution 2,1814 - 2,1814

V^oter and Sewerage 1:8O9 _ 1,809IFRHA 3,539 - 3,539

Barico Nacional de Panama 1 071h 8,205 23%279

* Tot.al External Debt 1,507h 8,205 23,279

of 4

"able 4.i : Total Public Sector Debt Outstanding as of December 31, 1972 /1

Type of Credit Undis-,cT:.e of Deb'.2or Disbursed bursed Total

Total Int.ernal Debt. 1189 - -11 895

'o de )Jmenz Hi ' 7j ooecas

o ±'t"<.al a . 270Th - 2 A

CGouie& o de Panr -:Ta 10 - 0O 2 V. TiYi A2 I -O S2tcp Loan (2,04L) (230W4)

-- i--lS+w-,2JuX,- r'> >>.*o 4021 ~~~10- - -- 0---

Total Esxtena1 Debt 105OQ - 10,00Private Baniks - U-nited States 10,0O - 10,000

"")!nco de Ia Vivienda (IVTu) lt 27

Total External Debt °2gW _ 20,3Loans fora International

Organizations - 1DB 14,599 - 14,599Loans frora Governments -

United States - AID 6,193 1h 6,207Total internal Debt 6, 330 - 6,330

ibnds - Various 6,330 - 6, 330

Banco de Desarrollo Agropecuario (IrE) 13,25l 2 2.1 g5 772Total External Debt B, 20L7 TO__60

Jwoans _'fm InternatioalaOrgandzations - IDB 3,20h 2,L50L 10,608

Total Intelenal Debt 5047 117 55164Bonds - Various 2,7 - 2794Gobierno de Panara - i4inisterio de

Agriciltu-a y Gan. 11953 117 2,070

ai-reccion de Aeronautica Civil (DAC) jl4O2 1_20,318

Total- c'uerna Debt 02 15,91 20,-318r,.aplies - United States - 313

Loans roM Intu 2finaticialOrganizations - IBRD 1,0814 18,916 20,000

2ona Libre de Co.on 2? 366

Tota Extrnal Debt299-L t 3an.cs Iv- U-ited States 1906

Total Inte.nal Debt 6 - 060'Pubilic Bark - 3anco Nacional 466

of 4

Table 4.1 : Total Public Sector Debt Outstanding as of Decemiber 31, 1972 /1 /2

Type of Credit 'rdi s -I1a-e of I:Debtor Dis'bursed bursed Tot.n'

Private Pan.ks 2,71 14,900 163714Uni-Led. States 11,171 4,900 16337L

Loans fr'om International Organizations 3,600 39305 6,9Q(5IBRD 95 3305 314001D;B 3,50> - 3,5o5

Caja de Ahorros de Panrvna i 8 12 78

Total &-ternal Debt 1,13478 3;7

Loana from GovernLments United States -

AID 1,h78 1,1478

Insti.tuto de AcL.ieductos y Alcantarill3adosWacionales (IDpAA'T) 2_08 , _226 526.

Total ExternaL Debt 9,393 18,61b6 28,039

Private Banks - United States 1,393 - 1393L3oans from Internacional Organizations -

IDB 5,1143 278 5,451Loans from Governments - United States -

AID 2,827 18,368 21,195

Total Internal Debt 16L015 1,58o 17,595

Bornds - Various 1,980 780 2,760Gobierno de Panama lh.,035 800 1l4,835Of which AID Tw;o-Step Loans (114,035) (800) (114,835)

Instituto de Recursos HidrAiLlicosEl( ctricos (1ITE) /3 46,2Z 3131, 765

Total External Debt 314,350 35<31,L 65,760

Suppliers - Italy 8,910 1,087 9,997Private Banks - Unite(d States 3141 - 341LDans from International Organizations -

IBRD 15,132 30,188 h5,320Loans from Governments - United States -

i;Xl~BIBfKil 9,967 135 10,102

0

of 4

Ta'ab1e 4.1 .rTotal FlUb'LiC Se-ofr Da't Outstbandig as ol` Decemiber 31, 1972 /1 /2

Type of Credit Undis1rame c) , 1,bt_r__i Dr r srsee bursed Totol

ve^.- -E,¢< Par E>V7i a 225 570 96930 _____ ~~7,~:.

-- 300!e - 30023:',-- S f.o-. in - cmzai ona--

3Ct, r^iz.- ticx'i IDD 630 6,270 6,oooTotiL D L Debt -6 _ 1 936

Beo, Ca a Securo Social 1036 -1

Jun_a 5,cioi de Liducacion 702 _ 702

Iotal Lnte:n'7l Debt 702 -

Bends 702 - 702

;Lstrittuto Panamano de TuriEno (IPAT) 667 3 5,63g1L'otai. Internal Debt# 6 77 339 ,;

Tlvlic Barn - Banco Naciona:L 650 _ 650Casinos Nacionales 205 - 205Danco do la Vivienda (IVIU) 205 - 205lliniisterio P2rii cacion 300 - 300

b-o'>jier.ro de P-Fleaxnama' 132 33960 L,1000f -;hich AID 'io-Stp Loan (132) (3,968) (4,100

rc]--o de Payna -1 3 1013To- -E-LL enial Debt, 10,000 - 1 .0O0

3.rivat;e }3<nkn<s *- Unitmi i States 10,000 - 10,00lotO ntternal Debot 213 213

P?ublic Bark - Banco Nacional 213 -213

ni-ici'Gio de Chorrera j1 00

To&l E.xternal Debt 1 , 3 ' - 1 57Private Bwnks - United States 1,30D 1,300

. . ci:,o s Variios 35 _ 315JI'trno Debt 4

ab:li(- Dlank - 3aico Naciornal 315

WJ.9 *1.4 4 t.4 X..2 DELT 02n L3!,657 69h,681,

V2i> ;.X.Lri 46T9T 7 W,3~OTi:))<> _iLiT,r?2>Z IA , ,D219,726 16,873 236,5959(Tetal 1xwlic 0e¾ C u Debt Owed to ?Pub.]Lic (,66,J136) (129s764) (595,900)

Agencaesf'I Dcb= w-th a yo ovear onte year.

77 Deb;t contracted daring 1973 -in- th.e crder of $:81.5 million is excluded fromthis Table it 's included hn Table 2 in projected year 1973 and debtserv:ce c)ietiors.

,/1. n.zlnu es d.elbt o' Czar1a de Luz y Fuerza whaiclh was absorbed by IR13 in.;CZ.OC.zer ?2 CzexSCc' fer those debts A9eich were ren,egociated in January,73 are :c'il aih 'ear as part of the 1973 conmitm,ents.

*S* -

Table 4.2 : Debt Service on All Public Debt, 1965-1992


DEBT OUTSTANDING TRANSACTIONS DURING PERIODBEGINNING OF PERIOD CANCEL-

LATIONS,DISBURSEO INCL1U0ING COMMIT- DISBURSE" SERVICE PAYMENTS ADJUSTI

YEAR ONLY UNDIS'SURSED mENTS MENTS PRINCIPAL INTEREST TOTAL HENTS(1) C12) (3) (4) (5) (6) (7) (8)

i1965 145Y494 200 1959 1B8 30 19J574 BJ632 6J811 15A443 '6r816'1966 156P690 20 5,341 39O035 22,653 9106 7p206 16,312 4 8

967 17!199 2j35!2/ 69 896 37 : 235 91, 4,9 7 94: :, 300 -2228;1968 198'014 2'93,451 10#747 27JY,59 10o639 9,6(oU 20,239 191I t9 2 15 -I 61 293P750 103P432 89P640 415,0b9 11 174 26J263 1 58I1970 290'022 380,935 121o249 85J945 3OJ907 14'.7a6 45ffi695 3 540

11971 344A467 4.67*737 166r731 120,950 47p169 2Q261 67p450 '1P675'19 2 4 A8s i% 553 6 24 119,719 164#091 42A915 26,712 69p687 31 938

1973 560'024 6!94*366 81,489 137*272 530384 33p627 87,A 012 2.1974 6 3A911 7:22,471 . 44,a27 55.5 0 3?P430 0,9b91975 63 3143 e6 6,76 24,092 66J03t 3o)327 101 364 61S76 535>198 e*uoB45 - 7554 63*6o4 31,/15 95*6291977 533oV.6 535*999 = 2p093 54956 27I970 62*926.1978 481042 481*O42 ' - 50 242 24P342 74# 584 -

1979 43P8C00 4,30860_ 45P021 21*116 66,1361980 385P779 385,779 - 42 0 7 18*416 60.* 493t198 1 3A3?702 343'702 42,p596 17* 301 59J697198.2 3CI1I06 I0 1 106 33*9987 13 747 47,734 -

1 '63 207i119 Vj67u119 . . 26,88ti9 11*d96 36'785jl55 ti 4 240JG30 2t40230 - 1*335 1J5S65b 31J992 *

1 9 5 216J895 ijVlO*9 5 - 21,56U 962?9 31I209 -

.1986 197P309 1197?309 ' 21,698 8,578 300277;1987 175A611 1 75,611 - 2O,984 75U5. 286A89 -

.1988 154*626 54,626 19115 6*494 25*p 610 -

i1985 135*510 i35'510 I 19 975 5,537 240512 -

I1990 116*535 2161535 1 17p13I7 4*62 6 22J44411991 98*713 , 98,718 - 17,518 3J746 2i#266

1992 81-199 i81*199 - 13,919 2*916 16,835 -

"able 4.3 : Debt Service on Fxternal Public Debt, 196'-1992


& - ' @DEST OUTSTANDING TRANSACTIONS DURING PERIODBEGINNING OF PtRIOO CANCEL!

LA'ZONS,

D1S1e:REL9 INCI.uDING COMMIT- DISBURSE- SERVICE PAYMENTS ADJUST

YEAR ONLY UNDI.i8LURSEO MLENTS NENTS PRINCIPAL INTEREST TOTAL MLNT

(1) (2) (3) (4) (5) (6) (7) (5)

1965 72J486 108468 10'150 11*035 3s406 2,944 6*352 8,572

19s6 800141 i 060938 260003 14o239 3,875 3,152 7*.027 '917

1967 90,495 12dI149 3.31Ibt I7,229 4#461 3,551 6,012 106 l

1968 103,267 156J98l 1,770 17,181 5P467 40360 9,627 X5sIkI 1969 114$969 153p226 5SP99k 39$709 8,056 4,229 12b285 '480 1970 146P800 ?o0'682 2111229 689096 23,154 6,B51 3o,005 4b0 ,,I iY7 1 1191*642 2a89237 129727 8 3*361 27,897 11,966 39P665 '29 1

I97j 29 t 55 90176 75* 72 1 16,95 32P458 17,392 49$650 4a,292

1973 340*613 458*082 79*175 127,932 34*552 21. 672 5614241974 433,993 602,705 - 39,too 41,3e8 24,?1 2 65#600 5

1 975 432'O4 24317 20, 4 86 51,J08 2 P6,5 76*243 5

1 9 7 6 40o 1, t 412 4 j, t 1 4 6529 4 8 . 1 8 1 2 1i 7 0 3 69J864197? 359*529 361*532 2,003 41*297 18,713 60*009 b ,

1978 324;$236 420*236 - - 36,315 15,848 4,1 631 9 79 283A921 28 3V921 ' 30*6t7 13,361 44#028

1 9808 253p25) i53*253 - 27*311 11,464 3b 7751 9!31 225P943 225*943 - 26*560 11,165 370745 V1 19 2 199p363 i99f363 23*323 8,460 31*03

1983 176s050 178*t'060 - 160b36 7,196 24,033

1 984 159*224 i59e224 I lIr852 6*493 18*345 .

' 19 35 147*372 147, 312 1 1J,773 5*991 17*764 ,

1986 135p599 135'.99 * 11i4B 5,467 16P96719 87 124*11d i24,118 I - 1150 1 A,974 16s4 75

198a 112 617 112,617 I ' I1423 4J454 15,8a 7 71989 1 0 1194 ;01AI94 - - 11,633 3*92Q 1 5.5 , !1990 8Y9561 69P561 p * 1,576 3*375 14tP9531991 7'7986 77*'983 * li50 4s81$I?92 6 S 0j9#47 e92

Table 1l: Debt Service on biternal Public Debt, 1965y--992

(thouisand U.S. dollars)

DEBT OUTS rANDIVNG TRANSACTIONS DURING PERIOD! ~~~BEGIN,qlNG OF PERI2OD AC-1i LATIONS*

5 DISBURSED XNCL'UPj!NG C0o41IT' DISBURSE" SERVICE PAYIENTS ADJUST;'YEAR 2IN LY UNDIS'2URSED Ki N TS 6 ENTS PRINCIPAL INtEREST TOTALA MENTS! i,, (;F2? (3) s4? (5) C~~ ~~~~ ~~~~6) (7)

il 965 V73 0(.I 9 1 8 68O 8P539 5,224 3R867 9eO91 1i756'4 9 6 6 7 6, 476 9549 9b840)3 13#032 8,414 5,231 4,054 94285 869,I 9CJ7 797 04 iP?,O73 36i709 20J006 4,478 4e39U 9e368 '2J33411 9 68 3 9 4747 136A170 d 977 10.278 5 172 5J240 l s4 2 2491ic969 1 UU 92 14v',. 524 4767440 50061 78033 6#945 13i498 '6 8I1970 143P222 18O,253 17,02U 17,849 7,753 7-937 15?690 4,020119/I 152I 825 178&P00 374 7589 19,272 a.313 27P585 -1 384

9 7 2 L~f;17 3 194 648 44 247 47,196 10,457 9,360 19P837 7,646

1973 219 fi411 2360264 2'314 9,340 18i832 11*755 30.587 -

1 9 4; 209 U, 9 ! 9 2 1 9 766 5, 127 14, 17 1 1: 1 21b JT i 5A975 20UU839 205PS59 3,606 14P429 10692 25i121 I1976 13J016 121,3 - 1,025 15,673 10072 250745

9 7 7 1 7 4o17 3376 174 i6 - 90 13,659 9,257 22 916 6W9 ell 160ip07 160P801 * 13P927 OJ493 22#421;979) 146880 146J8dV - - 14,354 7A755 22s1089 980 132P526 132p526 - 14,767 6,951 21,718

k 981 117P759 117,759 * 16,036 6,116 22153>982 1II1r723 101W723 ' 10.'664 5,267 15'93119 63 9 10:i9 91 9 ' 10,053 40700 14J753984 81Io06 8 10 06 - - 9 ,"3 4s163 13 64698 5 7I.523 71,523 - ' 3,63t$ 13'445 4986 6 1711 61I711 - 10,21d 3,C091 13s309987 51.493 51,493 9,463 2,530 12p014 498e8 42C009 42,009 7,' 692 2,04U 94732 298;9 34,317 34s317 - * 7,343 1,616 8i959990 2697 4 26,974 6o240 1#252 7 491

1991 200734 20,734 * 6,013 936 6p9511992 14s722 14.i722 5*,280 635 5P914

S~~~~~~~~ t-

* 0 Table 5.5: Debt Service on External Government Debt, 1965- 1992

(thousand U.S. dollars)

DEBT OUTSTANDI,G TRANSACTIONS DURING PERIODEtGrNNING OF PEfIO CANCEL-

LATIONS,DISBURSED INCLltDING COMMIT- DISBURSE. SERVICE PAYHINTS AOJUSTo

jYEAR ONLY UNDIs1URSED MENTS MENTS PRINCIPAL INTEREST TOTAL MENT6

, (1) 02) (3) (4) (5) (6) (7) CB)

1965 55*960 65'b64 5,350 EA072 2 762 2,531 5P293 805731966 61#?97 n9'879 2,800 10 214 2.847 2,652 5,' -i ;9

I19fi 7 6BA654 714, AI 15 2'1;4-5`7 7ffi62 2Jp 6 5U 2#90b 5P558 0172

*968 7 ;), 6i I 0 98&430 1,770 34 66 3i37 . 2o896 6274 58

19 6 ( 73,o9F.5 46,764 13,816 14'743 3s694 2,784 6P478 '481

197C& 65,o'33 1O66405 62'417 61i219 50530 3'S14 90 44 262

j971 1400745 163,554 86^435 58'635 19,536 10'110 29*646 '98

197? ( 91?9,IC0 23C;355 37 472 72'776 2,15a 1 3l1J5 41 293 151142

.¢ . w.s, @24't10- 6*7vJi3 j1` 12 2 t2t4' 2 4 I1 65s90ao 480451 2 5 . Co 1 5 1 3 (0 o19 3.

lI' g 1 7a;> 1 F ti 2 244ob10 6t 6372 dt,2'1. 22 15s645 4 ., 897

t975 2 6 322 3'072 ,7 559 4 4P55 . 300510 1>0 32 4 5A5s

$976 2.70049 247(049 - 28o3?2 1286i6 41I250 3

1977 2u8*677 298*677 - b 283524 10*924 39*448 4

1978 1tBO153 180j153 - 25P432 8.761 34*192

1979 154s721 154p721 2 _ 21* 300 6'9U1 28*201 -

t98O 133A2 1 1 A 3421 * 17*967 5'545 23*512

J981 115pt544 1 j5,4S4 - B.1-8 30 9 5Os773 24*0)12

9 82 9 7 97s14'j §7s 45 - - 15005 34)493 16P568

1983 82*070 2;u7u U , 9 427 2, 6U20 12*O'7

f9 8 4 72P642 2 2o 642 ' 5143 2*274 7 417

$985 67 499 7P499 5' 194 2a *o 7,294 -

;986 62' 305 23o 3 0 5-U97 1*924 7,0021

i917 57,o 2c. A72f 200 - 5,032 L*?JU7 5|6 7f, 1

9l86s 52*fi177 2*17 7 '' 4 t981 1 *5/6 6*563 -

9 8 9 4 7,147 190 7019 190 5 'S,04d 1J4 U2 6 450 5

lt59'0 4 42*149 2l1q 2 * 5A111 1*224 6*5 336

1991 37'o0o 7i, 030 - 4*696 XQ044 57w39

1992 32*335 - 2'335 - 3*630 887 4#516

! !~~~~~~~~~~~~

Table 4.6: DebL Service on Internal Goverwnrent Debt, 1965- 1992

(thousand U.S. dollars)

DEBT OUTSTANDING TRANSACTIONS DURING PERIODBEGINNING OF PERIOD CANCEL-

LATIONSP DISBURSED INCLOUDING COMMIT' DISBURSE& SERVICE PAYMENTS ADJUST

YEAR ONLY UNDISiBURSED MENTS NENTS PRINCIPAL INTEREST TOTAL MENTS(1) (2) (3) (4) (5) (6) (r) CO)

1965 54J563 '68*358 6A330 4&604 3*61d 2.,724 6b342 9511966 55J529 72*021 83J32 4J449 3J653 2J911 6i564 6531967 56*295 7 rE353 25*697 1660 8 3P835 SJ239 7,074 12#4931968 69J273 !96?722 7J700 7J466 3J627 3J8b4 7J511 2661969 73*468 1OI0061 44,788 45*401 4,068 5J444 9*o512 '3861970 1140435 1A41,395 8.000 14#441 5*134 6P549 11,683 3*71O1971 123,723 140 551 30,688 30,621 160164 7*013 23AI77 ?1,8791972 138J178 153J196 42P382 42,407 7J224 bJ127 15*351 4J185

'1973 172p961 1-84 169 4*509 10O686 9P908 20P5941974 1667 84 1:73.483 3*692 1OJ213- 9J474 19888 6

'1975 16OP263 163J27O - 1J893 10*470 9,078 19 548 11976 151*686 1528601 - 1,025 10*721 6P572 19#2931977 140*998 141*088 - 90 10#423 7,931 186354 -'1978 13c,,664 1:30*664 .10*843 7*321 1 8AI51979 119.821 1119*821 I 11*060 6,6bb 17*748 -198O 108*761 iV08'761 I - 11,639 6*034 17*6731981 97J1 22 ?97122 2 * 13,225 5J342 18J567 -1982 83,897 '83,897 ' 8*061 4*625 12P6871983 75*836 !75,836 6, 242 4*159 12*401 -1984 67*594 167,594 S o 8,023 3A6U8 11*7122 985 59*571 i59,571 - - 8J344 3.i21 115621966 51*2 27 '51*227 ' - 8 537 2*fi728 11 265 -1987 42*690 42*690 S o 8 156 2*235 10*391 -1988 34P533 W34,533 ' ' 6*420 1.792 6*211 -19&9 28*113 :28#113 - - 6,180 1J412 7,592 2;1990 21J933 214933 3 5J068 18067 6l1551991 16P865 1166865 U 4 933 814 5*747.1992 11*932 11,932 - 4,597 543 5,139

!~~~~~~~ ' S

Table 4X.7 Adjusted Pro,jection df rGovernment External Debt Service, 1974-1980

(million Dalboas)

Plu:s Service ProjectedPresent Minus Refinanoed on on Existing Plus new Plus Pro,ected

Schedule Debt $115 mill, Debt Sorrowir.n BDA debt . Oe,bt 3erViLe

9714 - Total =42.9 22.7 11.5 32 _7 .2.0 0. 34.6Amortization 27.3 T0- 10.3 t.1 0.7

nterest 15.A G.7 11.5 21.)! 0.9 0., 22.>

1^75 -Toa. h~45.5 26.7 11.5 31.3 2.5 1.^ 35.0Amortization 310.0 7 1.0 1

on trest 1 5.0 5.2 11. 21.3 (.9 0.2 22.1i

11:7- T tel' 41.3 21.9 11 . 30.9 3.8 . 1.2 35.9Amortization T27i - 9.9 2.0 1.0 12.9Trterest 12.9 3.4 11.5 21.0 1.8 0.2 23.0

19'T? - Total 39.14 16.6 hA __3 1.0 0Amortization 2.-5 = 1 L 0 2.0 T 1 7Interest 10.9 2.1 11.5 20.3 3.5 0.2 24.0

]978 - Total 42 1. 30-7 517A 1.2 09.9Amortisation 25.h 12.2 19.2 32.17 2.0 0.7 -337Interest 8.8 1.3 11.5 19.0 5.2 0.2 24.4

1979 - Total. 28,? 7,4 28.8 8 9 2 0.8 58.5Amortization ?1.3 19.2 33.9 0.9 0.7 77Interest 6.9 0.8 9.6 15.3 7.6 0.1 23.0

1980 - Total 23.5 26.9 46.3 12.3 0.8 59.5Amortization I .0 3.7 3.7 2-.5 0.7 36.8Tnterest 5.5 0.4 7.7 12.8 9.8 0.1 22.7

Note: Existing debt service estimated as of end of 1973. Debt service on new government debt consistent with table 5.37a;new borroving includes official and nonofficial borrowings.

Source: Tables 14.5 and 4.6 and Mission Estimates.

v

PUB.IC FINANCE

Table 5,1 CONSOLIDATED PUBLIC SECTOR ACCOUNTS 1960 and 1965-73(thousand of Balboas)

Zat.1960 1965 1966 1967 1968 1969 1970 1971 1972 1973

Current Revenues 66,795 114,621 132,708 149,368 158,448 180,998 220,318 257,227 301,945 359,593

Current Expenditures 56,603 92,724 106,476 123,058 134,872 153,546 180,905 212,478 265,100 300,707

O~urreat uavf.ng before Transfers lu i92 21,89 232 27 452 39 413 49 36 845 58,886

Net Transfers to Private Sector 5,492 5,522 6,628 8,395 9,061 10,074 16,125 13,620 17,945 7,543

Currenit Savirigs after Transfers 4,700 163 19 604 173285 14 , 2 17 378 9B 21,129 00 51,343

Carital Transfers net of CapitalRevenues - 935 1,100 1,299 -447 -5,303 -3,024 -2,944 -2,515 -1,960

Non-bozrowed Fuids for Investment 4,701 17, 10 0 4 9164 385 499 33

Capital Exoenditurea 16,236 27,161 32,057 43,314 39,908 58,039 68,699 69,273 97,393 152,583Fixed Investment ( ) (22,106) (27,480) (37,100) (36,143) (52,071) (59,612) (57,472) (90,250) 118,178Purchase of Fixed Assets ( ) ( - ) ( 20) ( 262) ( 208) ( 191) ( 645) ( 25) ( 454) ( 21,500 )Lending to Private Sector (net) ( ) ( 5,025) ( 4,519) ( 4,925) ( 2,536) ( 5,029) ( 6,177) (10,646) ( 5,248) 1.1,105Other ( ) ( 30) ( 38) ( 1 027) (1 021) ( 748) (2 265) ( 1 130) (1 441) (1,800)

Over-all SurDlus r Dficit -10,536 _-9 851 11353 24 00 -_25 740 45964 -_48 35 41088 -_103.200

Gross Exterral Borrowing 7,775 9,052 12,929 12,028 19,028 42,244 68,873 79,653 114,223 127,665AID (5,000) (5,249) (8,655) (5,616) (6,436) (5,258) (5,705) (14,361) (6,213) 20,311IDB ( - ) (1,230) (1,205) (3,472) (5,603) ( 553) (5,799) (13,146) (7,374) ( 11,056 )IBRD ( ) ( 706) (1,880) ( 289) ( 786) ( - ) ( 912) (2,187)1/ (11,747)1' ( 13,096Other (2,775) (1,867) (1,189) (2,650) (6,203) (36,433) (56,457) (49,959) (8.8,889) ( 83,202 )

Groas Internsl Borrowing 6i089 4,903 4!553 13,274 18,284 15,081 9,821 13,158 25,528 13,801

Amortization (-) 1,467 6,917 7,525 6,535 9,848 12,320 29,896 46,677 51,361 46,607

Discrepancy and Change in Assets(-increase) -1,861 2,813 1,396 5,333 -1,724 959 -362 -5,047 -7,382 8,341

Source- Tables 5.5 to 5,14

Tahle 5. 2 CONSOLIDATED PUBLIC SECTOR ACCOUNTS, 1960 and 1965-72(percent of GDP)

1960 1965 1966 1967 1968 1969 1970 1971 1972 1973

Current Revenues 16.1 17.4 18.5 18.7 18.4 19.1 21.1 22.2 23.0 24.9

Current E:xpenditures 13.6 14.1 14.8 15.4 15.7 16.2 17.3 18.4 20,2 20G8

9P 2.5 3.3 3.7 3.2 2.7 2.9 3.8 3.9 2.8 a

Net Transfers to Private Sector 1.3 0.8 0.9 1.0 1.0 1.1 1 .5 1.2 1 ,4 0.5Current Say-1s after Transfer 1,1 2.5 2.7 2.2 1.7 1.o 2.2 2.7 1.4 ,6

Capital Transfer net of Capital Revenues - 0,1 0,2 0.2 -0O1 -0.6 -0.3 -0.3 -0.2 -0.1

Non-borrowed Funds for Investment 1.1 2.6 2.9 2.4 1.6 1.3 1.° 2.4 1.2 . aCapital Expenditure 3.7 4.1 4.5 5.4 4.6 6.1 6.6 6.0 7.4 10.5Fixed Investment (..). (3.3) (3.8) (4.6) (4.2) (5.5) (5-8) (5.0) (6.9) (8.2)Purchase of Fixed Assets (...) ( -;) (') (- -) (- -) (- -) (- -) (- -) C- -)Lending to Private Sector (Net) (t ) (0.8) (0.6) (0.6) (0.3) (0.5) (0.6) (0.9) (0.4) 0Other (...) ( -3 (- ) (0.1) (0.1) (0.1) (0).2 (0.1) (0.1) (0.1)

Over-all Surplus (+) or Deficit-) -2.5 -1.5 -1.6 -3.0 -3.0 -4.8 .4.7 5 -6.1

Gross External Borrowing 1.9 1.4 1.8 1.5 2.2 4.5 6.6 6.9 8.7 8.8

Gross Internal Borrowing li5 0.7 0.6 1.7 2,1 1.6 0.9 1.1 1.9 1.0

Amortization 0.4 1.0 1.0 0.8 1 r1 1.3 2.9 4.0 3,Q 3.2(-increase)

Discrepancy and Change in Assets -0.4 0.4 0.2 (.6 -0.2 0.1 -- -0.5 -o.6 -0.6

Source: Tables 2.3, 2.8 and 5.1

Table 5. Public Investment by Sector; 19,O, 1965-1973

(thousand Balboas)

1960 2965 1966 1967 1968 1969 1970 1971 1972 1973

Ariu2tu 221 882 9JOQ 3I260 1.990 O. 62 6 2 0

Fixed 195 136 4,148 1,983 1,047 14,378 3,310 5,131 3,8(2 10,079Agricultural Credit 26 746 1,342 1,277 943 1,325 2,382 3,465 1,378 4,516Industry, Com 2erce Tourism 22 30 1.046 23 L I

Fixed 239 220 144 317 330 877 2,311 4,778 21,69(6 1,423Purchase of Land and others - - - - - 169 527 - 605 -

CZ-onn?ot - 71-38 f 1-711 A,2 30,tl 7 3K3nn n 1j7,91 F 2o4,9w

Fixed 5,907 11,438 7,000 12,713 8,292 30,607 35,399 17,691 20,009 24,198Technical Studies - - - - - 162 1,715 24 282 762

Powrer -4 2.6749 kL2 72.28 2 6 6 5Fixed 1,705 2,636 3,365 6,7'4 2,145 2,313 8,470 13,691 36,108Purchase of Assets - - -_ - - - 21,500Others - 30 38 1,027 551 504 554 1,106 8214 1,000

Health 2.769 L9 6 5 1 23 8 02 14,102

Fixed 2,769 4,595 6,095 10,047 8,765 4,7141 5,874 14,102 14,39t 25,460Other - - - - 1470 92 - - 35 38

Education 251 2ji2 3142 6, 503 9,681 10.012 7.760 294 15.23

Fixed 281 3,274 2,564 5,889 9,330 9,137 7,190 5.035 12,724 13,588Educational Credit - 47 578 614 351 875 570 919 2,511 4,967

Public Administr6tion 493 1 ,5_76 3-316 297 1381 3.328 2,4& 4a252? I5h

Fixed 669 493 1,556 3,176 2,880 4,381 3,214 2,414 4,103 1,52hPurc!-se of AsSetS - - 20 140 57 - 114 25 119 -

1a4i.JL LI }1 1.488 241 4,800 2 1.8,22 1.200Fixed 100 110 2,998 625 39 459 435 180 200 200Mortgage Financing 4,744 4,232 2,599 3,156 1,449 4,472 4,365 7,262 1,622 1,060

Local. and Re ional Development (fixed) 75 2 262 560 5 12 1567 3 4'8 _86

TOTAL C_Ja .Outlays 21237 2 6 32,250 414591 41.807 648 7j 74.080 101 186 1 58

Fixed 10,467 22,106 27,673 38,377 37,986 57,297 61,613 61,?79 93,579 116,178Credit Extension 4,770 5,025 4,519 5,047 2,743 6,672 7,317 11,646 5,711 11,105Purchase of Assets and Stuidies - 30 58 1,167 1,078 927 2,910 1,155 1,895 23,300

Soulrce: Tahls 4

Table 5. -: PUBLIC SECLM IMVEST BY S.ECT. Ninistry. and Agencies' 1960 1965-1973(thousand Balbos)

* - - g3~~~~~~~St.

7 96D 1965 1966 1967 1968 1969 1970 1971 1972 1973

Ap,riculziure 221 882 5,1& 3 2605 8.996 5.250 1Q6

HiDistry of Agriculture 56 70 3,877 i,354 411 3,J73 3,0h1 4,700 3,713 9,579IFC 165 812 1,613 1,906 1,579 2 230 2,611 3,896 1,537 5,016

(of which fixed) (139) (66) (271) (629) (636) (905) (22,9) (431) (159) 500

Lndustra' 239 220 143 3 2.838 kL01l6 22.301 1,985

Ministry of Industry and Cormerce - - - - - 59 829 3,278 18,815 35Colon Free Zone 239 219 143 311 322 48

6377 933 1,929 1,288

IPAT - 1 1 6 8 507 1,632 567 1,557 100(of woich fixed) (-) (1) (1) (6) (8) (332) (1,105) (567) (952) (100)

________rt 5.907 1 1 .438 7.~ 000 2,7723 8.292 30.769 371 11 17,715 20.291 2 .960

ministry of Public Works 5,907 11,438 7,000 12,713 8,292 30,353 33,850 16,768 18, 72 21,683DAC - - - - - 416 3,261; 947 1,579 2,715

(of which f'iXed) (_) (-3 C-) () (j (254) (1,5a9) (923) (1,297) (2,715|

Power - 1.73 2.674 43 7.285 2.649 2.867 9.7 1.515 °

(of which fixed) (-) (1,705) (2,636) (3,365) (6,734) (2,145) (2,313) (8,470) (13,691) (36,103)

ilealth 2.69 4.95 6.9 10.0a1 2a2i -4.=3 5.8741, 4 1-0l2 14,43 i&ka

M-nistry of Iealth 1,c6O 258 1,330 3,876 2,851 7144 1,540 1,836 1,301 800Mir,'stry of Labor - - - - - 275 814 39 40 40Social Scurity 1,168 88B 1,187 1,529 i,9914 1,258 1,377 3,759 69,73 8,656rDAAE - 3,449 3,578 4,682 14,390 2,556 2,913 8,468 8,179 l6,0C0

(tf' which fixed) (-) (3,449) (3,576) (4,642) (3,920) (2,4614) (2,913) (8,468) (8,084) (l6,CiL8

Education _ c 9.681 10,012 2.6 2i 3 8

Hi iustry 65 2,221 2,232 4,275 7,715 8,209 5,770 4,175 11,696 11,373Vniversity 716 1,032 322 562. 572 737 1,420 731 753 2,115TRARPP - 68 588 1,666 1,394 1,066 570 1,048 2,784 5,06?

(of which fixed) C-) (21) (10) (1,052 (1,O1A3) (191) t_3 (129) (273) (100)

Public Adminstration 61.56 7.316 2.937 .381 3.326 2 11.252 1i5211

{o:,Sing

Of which fixed h8 4 2 5 5 7 3 7, 1 4.94,B 742 1 822 1__60T'71J 3,229 1,2 ,1 7'6 2866637 29T 6 i6~ ,

(of which fixed) (100) (110) (2,998) (625) (39) (459) ( 435) (180) (2000 2Q0Social security (mortgages) 1,615 2,614 1,778 2,165 -1,239 2,6'7 1,U 2,375 -2,h05 7,7W',rCentral Government 56 1 ,621 11140 1,000 8463

Local Development 307 135 732 262 269 727 3.4178

Municipalities 307 135 532 262 560 572 1,308 881 1,263 1,000Central Oovernment - - - 259 2,597 1,623 1,508

Total 15.237 27.161 32.250 44.591 41.807 58.039 71,&40 74.080 101,385 152,563

Nete: Unless otherwise specified the capital outlay of a Ministry or agency was for fixed investat.

Source: Compiled by mission from individual agency and goverment expenditure tables.

(tbo ttrQllds Of oB11130aEs?

Cerntral unmicipci. ties l!u.toncarous Total SocIAl4 TotaGovernment Agencies Excluding Security

nSocial Security

Current Revenues 57,980 861 1,364 60,205 7,780 66,79511

Cuirrent Expenditures 47,791 1,720 2,716 52,227 6,300 56,603

§ev n S10A.189 -859 -1,352 7 ,8 48, 12,92

Transfero -12,198 151 3,040S -9,007 4,249 -5,492Intrasystem (-6,706) (151) (3,040) (-3,515) (3,515)Extrasystemn (-5,492) (_) (-) (-5.492) (-) (-5,492)

Sav a atter Transfers a-.0 -708 6 1 029 5,729 4 00

capital Transfers -35 - 35Intrasystem (-35) (35) ( ) )Extrasystem () _ ( )

Capital Revenues

Funds for Investmenet 2.L44 _,7 -1029 - 700

Gross Investment 8,297 307 3,849 12,453 2,783 15,236Fixed Investment (8,297) (307) (..) (..) (1,168)Purchase of Assets (-) (-) (.,,.) (,.,) (-)Financial Investment (net) (-) ( 3 A., (.;.3 (1,615)

Over-all Surplus (+) or Defiit -10.341 -1.015 -_2 26 -13.4 2 -10 36

Social Security Financing (net) -353 1,590 1,237 -1,237

_E (nie t) ; I,LUZ 648 12_,937External 7,775 7,775 (5,00nS

AID (5,000) (-) .(-) (5000) () ( )

Other 5,366 17 2 (2,775) (-) (2,775)Internal 5,366 17 706 6,089 - 6,089Amortisation -) 1,409 - 58 1,467 1,467

(- increase)Discrepancy and Change in Asmeta -1,038 998 -112 -152 -1,709 -1,861

LI Net of $1.190 million interest paid by public sector to Social Security.L2 Net borrowing.

Table 5.6: CONSOLIDATED PUBLIC SECTOR, 1965(thousands of Balboas)

Central Municipalities Autonamous Total Social TotalGoverrment Agencies Excluding Security

Social Security

lrrent Revermies .86,540 2,485 9,151 98,176 18,108 114,621

Current.Expendttures 62,674 2,670 9,814 75,158 19,229 92,724

23866 -185 -663 23 -1.121 2 897

Tranafers -17,324 286 3,630 -13,408 7,886 -5,522Intrasystem (-12,288) (286) (4,116) (-7,886) (7,886)(-EKtrasyesten (-5,036) (-) (-486) (-5,522) (-) (-5,522)

S afteE TTraBnefoe_. 6f42 101 967 16_.6 ,3

Capital TranASferaIntraayst$")()() _ _ _1Etrayatw (-) (-) (-) (-) (-) ()

CaitaleEA* - 9P35 g

Fund. fewr Inveatoent 6542 101 261 1610 7. 70 70

Groas Inveatment 14,480 135 9,044 23,659 3,502 27,161Fixed Investment (14,480) (135) (6,603) (21,218) (888) (22,106)FPrchase of Aleets () ()- () (-) C-) (-)Finaeial Investment (net.) (-) (-) (2,411) (2,411) (2,614) (5,025)Other (-) (-) (30) (30) (-) (30)

O2er-all Surp-us{ 1 or Deficit -34 -6 OZZ -14049 498 -

Social Security Financing (net) 4,852 - -440 4,412 4,412

Botrqvin OutsidAe Public Sector 3,250 52 3 L6 _ 7,038External 5,944 - 3,108 9,052 9,052

Am (3,802) C-) (1,447) (5,249) (-) (5,249)IDB (121) (1,109) (1 230) (1,230)IBRD (154) (-) (552) 066) (706)Other (1,867) (H) (-) (10867) (-) (1,867)

Internal 2,548 52 1 2,303 4,903 4,903Amortization 5,212 - 1,675 6,917 6,917

Discrepancy and Change (-increase) -164 -8 2,781 2,599 214 2,813

/I Net of B/ 1,663 thousand of interest paid to SiaL Secufity by rest of Public Sector../2 Net borrowing,

Source: es 5. 15, 5.23 to 5034

*~'-~ -Ee.:CORIDATED PUBLIC SECTOR, 1966(thousands of Balboas)

Central Municipalities Autonomoua Total So__ _I TotalGovernmnen Agencies Excluding security

Social Security

Current Revenues 100,344 2,893 9,509 112,746 21,901 132,708L

Current Expenditures 72,639 2,717 10,234 85,590 22,825 106,47611

Savinpg, 27.705 176 -725 27 156 -924 ,232

Transfers -18,107 299 2,851 -14,957 8,329 -6,628Intrasystem (-12,481) (299) 3,853 -8,329 8,329 -Extrasyate'm (-5.626) (-) -1,002 -6,628 -6,628

S&jraLjfter Tnsfers m 8 475 2.126 12J91 7.405 119,604

Capital Transfers -2,055 - 1,863 -192 -192Intrasystem (-1,863) (-) 1,863 (-)Extrasystem (-192) (-)- -192 - -192

Capitel Revenues - 1,292 1,292

Funds for Investment _73 43.3,98 _ 8 204

Gross Investment 15,821 532 12,738 29,092 2,965 32,057Fixed Investment (15,801) (532) (9,959) (26,293) (1,187) (27,480)Purchae of Assets (20) (-) (2)Financial Investment (net) (2) () (741) (2,381 (l4'S) Other ()()(38) (38) ()(38)

Over-all Surplus () or Deficit -) -_8j278 -57 -8,749 -17,085 732 _ 53

Social Security Financing (net) 5,745 - 262 6,007. -6,007 -

Borrowirm Outside Public Sector 5A.857 59 _4..041 9.957 9L5External 8,766 4,163 12,929 12,929

AID (6,526) (-) (2,129) (8,655) (-) (8,655)IDB (121) (-) (1,084) (1,205) (-) (1,205)IBRD (930) (-) (9S0) (1,880) (-) (1,880)Other (1,189) (-) 2-) (1,189) (-) 1,189)

Internal 2,639 5 1,855 4,553 4,553Amortization 5,548 - 1,977 7,525 7,525

Discrepancy and Change in Assete (increase) -3,324 -2 4,446 1,121 275 1,396

/1 Net of $1,939 thousaxid in ixntereat paid to Social. Securcy by rest of Public Sector.12 Net borrowing.

Source: Tab-le 5. 15, 5.23 )t 53i3L

Table 5.8: CONSOLIDATED PUBLIC SECTOR, 1967(thousands of Balboas)

Central Municipalities Autonomous Total Social TotelGovernment Agencies Excluding Security

Social SecuritY - ---

Current Revenues 112,699 3,506 10,527 126,732 24,521 149,368

11iCurrnnt Expendi tures 83,752 3,579 11,336 98,667 26,276 123,058

Sa ing. .2-497- -73 -_ 2-80h5 -*7 - 26-3-

Transfers -22,019 311 3,844 -17,864 9,469 -8,395Intraystem (-14,616) (311) (4,836) (-9,469) (9,469) (-)Extrasyatern (-7,403) (-) (-992) (-8,395) (-) (-8,395)

g s after Transfer 6.928 238 3,035 10_201 7,714 7.1L

Capital Transfers -2,806 - 1,529 -1,277 - -1,277Intrasystem (-1,529) (-) (1,529) (-) (-) (-)Extrasystem (-1,277) (-) (-) (-1,277) (-) (-1,277)

Capital Revenues - 2,576 2,5.76

Funds for Investment 4 122 238 4 564 8 924 10290 19 214

Investment 24,257 262 15,101 39,620 3,694 43,314Fixed Investment (24,117) (262) (11,192) (35,571) (1,529) (37,100)Purchase of Assets (140) (-) (122) (262) (-) (262)Financial Investment (-) (-) (2,760) (2,760) (2,165) (4,925)Other (-) (-) (1,027) (1,027) (-) (1,027)

Over-all Suriltus (+) or Deficit ( ) -20,135 -24 -10.537 -30696 -6,596_ -24 100

Social Security Financing (net) 7,251 174 7,425 -7,425

BorrwSinOutside Public Sector (net) 958 41 5546. 1,267 3 500 18,767External 6,094 - 5,934 . 12,028 - 12,028

AID (3,344) C-) (2,272) (5,616) (-) (5,616)IDB (99) ) (3,373) (3,472) (-) (3,472)IBRD C-) (-) (289) (289) (-) (289)Other (2,650) ( -)( (2,650) (2,650)

Internal 9,086 411L 647 9,774 3,500 13,274Amortization 5,422 1,113 6,535 - 6,535

(-increase.)Discrepancy and Change on Assets 3,126 -17 4,895 8,004 -2,671 5,333

1/ Net of B/ 1.885 million interest paid by reat cf Public Sector to Social Security.2/ Net borrowing.

Source: ble 5.15, 5.23 to 5334

Table 5. 9 CONSOLIDATED PUBLIC SECTOR, 1968(thousands of Balboas)

Central Municipalities Autonomous Total Social TotalCovernment Agencies Excluding Security

____ _____ _._________ Social


Current Expenditures 89,263 4,098 12,837 106,204 31,087 134,87 I

S!yLnLe 30,145 -653 -1.408 28.084 -4.508 3,576

Transfers -25,583 308 4,878 -20,397 11,336 -9,061

Intrasystem (-17,539) (308) (5,895) (-11,336) (11,336)

Extrasystem (-8,044) (-) (-1,017) (-9,061) (-) (-9,061)

- STransOfs 4.562 -345 3.470 7.687 6.828 I4.515

Capital Trensfers -4,901 3,001 -1,900 - -1,900

Intrasystem (-3,001) (-) (3,001) () () ()

Extrasystem (-1,900) (_) ) (-1,900) (H) (-1,900)

Capital Revenues 1,553 1,553

Funds for Investment -339 -345 6.471 5.787 8 381 14.168

Investment 20,363 569 18,221 39,153 755 39,908

Fixed Investment (20,306) (569) (13,274 (34,149) (1,994) (36,143)

Purchase of Assets (57) (-) (151) (208) (-) (208)

Financial Investment (_) (-) (3,775) (3,775) (-1,239) (2,536)

Other (_) (-) (1,021) (1,021) C-) (1,021)

Over-all Surplus or DefictLL) -20702 -914 -11_750 -333662

Social Security Financing (net) 7,488 - -375 7,113 -7,113

liorrowi O d Scto0 r-U ne-t 13.986 396 14908 29.290 - 27.464

External 3,172 - 15,856 19,028 - 19,028

AID (2,502) C-) (3,934) (6,436) (-) (6,436)

IDB (670) (-) (4,933) (5,603) (-) (5,603)

IBRD C-) C-) (786) (786) C-) (786)

Other (-) () (6,203) (6,203) (H) (6,203)

Internal 17,009 3969 879 18,284 - 18,284

Amortization 6,195 1,827 8,022 1,826 9,848

Discrepancy and Change in Assets (-increase) -772 518 -2,783 -3,037 1,313 -1,724

1I Net oi P;/2,4l9 thousanl irterest pcid "by Kest of Public Sectc>r to S 'Scurltv./2 Net borrowing.

Source: Talbie S.15 5023 Lo ".3

Table 5.10: C0UkW'SOuI AID PUBLIC SEAiCo R,(thousand of Balboa;)

Central Municipalities Autonomous Total Soei.l. TotjclGovernment Agencies Excludirg Security

Current Revenues 133,041 4,722 16,378 154,141. 30,371 180 998

Current Eypenditures 101,556 4,203 16,311 122,070 34,990 153,546

SaviriMg~ 31,485 519 67 3 2 0 -_,619 2

Tratnsfers -26,452 323 4,193 -21,936 11,862 -10,074Intrasystem (-17,404) (323) (5,219) (-11,862) (11,862)Extrasystern (-9,048) () (-1,026) (-10,074) () (-10,074)

Savings after Trensfera 5, 03 842 4 2 7243 32373

Capital Transfers -12,048 - 5,191 -6,857 - -6,857Intrasystem (-5,191) (-) (5,191) (-) (-) (-)Extrasystemn (-6,857) t- ) (-) (-6,857) (-) (-6,857)

Capital Revenues 101 1,453 1,554

Funids for inve.tment -7,015 8:42 9,552 3 1379 6960

Investmexut 42,268 572 11,304 54,144 3,895 58,039Fixed Inve8tment (42,268) (572) (7,973) (50,813) (1,258) (52,071)Purchase of Assets (-) () (191) (191) (-) (191)Finaucial IavestmeLt (H) (_) (2,392) (2,392) (2,637) (5,029)Other (-) C-) (748) (748) H-) (748)

Over-all Suus_Qi-_o Defit 49 283 270 -1 752 -50 765 4.891 -45 964

Social Security Financing (Net) 7,016 - -3,488 3,528 -3,528

Borrowi Oatside _(Net) : 44996 127 1 556 46,679 -1 674 45 005

External 38,145 - 4,099 42,244 _ 42,244AID .(3,125) C2) (2,133) (5,258) (H) (5,258)IDB (106) (-) (447) (553) (-) (553)IBRD () C) C-) (H) C-) (-)Other (34,914) (-), (1,519' (36,433) (-) (36,433)

Internal 13,738 1272 1,216 15,081 - 15,081Amortization 6,887 - 3,759 10,646 1,674 12,320.

Discrepancy and Changes in Assets( a -. 7 29 -397 2,128 558 401 959

I Net of B/. 3.5 14 million ir.ttresct p;?id lb r. .. J &lic SI cto ts % ci.I Sec v rity.2 Net borrowinig.

Source:, Tables 5,15- 5.23 to 5.34

*0 *0:

** Table 5.11: CONSOLIDATED PUBLIC SECTOR, 1970

(thousands of Balboas)

Central Municipalities Autonomous Total Social TotalGovernment Agencies Excluding Security

Social Security

Curcent Revenues 160,147 5,892 21iO18 187,057 37,224 220,3182

Current Expenditures 117,784 5,058 20,331 143,173 41,695 180,905

Savtge _42.3 63 834 . 687 43.884 -4 471 39 413

Transfers -38,154 33 6,508 -31,613 15,488 -16,125

Intrasystem (-23,225) (33) (7,704) (-15,488) (15,488) (-)

Extrasystem (-14,929) (-) (-1,196) (-16,125) (-) (-16,125)

Svlt after Transfers 4,Z09 867 7.195 1221 11.017 23 f

Cna.tt4. Tr�nsfers -10,323 . 7,182 -3,141 - -3,141

Intras.ytem (-7,182) (-) (7,182) (-) (-) ()

El,trasystem (-3,141) (7) (-) (-3,141) (H) (-3,141)

Capital Revenues - 1,117 1,117

Funds for luvestment -6.114 867 14,377 9.130 12.134 2j,j4

Investment 46,700 1,308 17,870 65,878 2,821 68,699

Fixed Investment (46,586) (1,308) (10,341) (58,233) (1,377) (59,612)

Purchase of Assets (114) (-) (531) (645) (-) (645)

Financial Investment (-) (-) (4,733) (4,733) (1,444) (6,177)

Other (-) () (2,265) (2,265) (-) (2,265)

Overa11 Su-' (+) r Deficttt ) -52.814 -441 -3.493 -56.748 _9&313 47_443

Social Security Financing (net) 8,857 - -532 8,324 -8,325 _

Borrow utside Public Sector _,et 27 -15 4 43

External 59,456 - 9,417 68,873 - 68,873

AID (3,132) (-) (2,573) (5,705) (-) (5,705)IDB (2,185) (-) (3,614) (5,799) (-) (5,799)IBRD (-) (-) (912) (912) (-) (912)Other (54,139) (H) (2,318) (56,457) (-) (56,457)

Internal 9,389 72 9,821 - 9,821Amortization 26,766 - 3,130 29,896 - 29,896

Discrepancy and Change in Assets - r ) 1,878 456 -2,709 -374 -988 -1,362

L Net of B./3,963 thousand interest paid by rest of Publik Sector to Sooal. S2ecurity.2 Net borrowing.

Source: Tsbles5, 1,55 .5.23 tn 5.3'

Table 5.1.2, CONSOLIDATED PUBLIC SECTOR, 1971(thotisands of Balboas)

Central Municipalitiesj AuLtonomous Total Social To br

Covernment AgSicies Excluding Security

Currernt Reveniues 181,161 6,947 25,591 213,699 4.7,942 257,227

Current Expenditures 134,191 5,753 23,675 163,619 53,273 2112,478 /

Savinls 46,709119 50 OQ9 -5 33 7414

Trans fers -35,998 61 4,560 -31,377 17,757 -13,620

Intrasystent (-23,720) (61) (5,902) (-17,757) (17,757) C-

Extrasystem (-12,278) ()(-1,342) (-13,620) ()(-13,620)

Savin~gs after Transfers 10 72 1 255 6 7 18,703 1 2 12

Capital Trans fers -13,555 -8,748 -4,807 -- 4,807

Tntrasystem (-8,748) -)(8,748) H)C)(ExtrrAsys temn (-4,807) ()-)(-4,807) ()(-4,807)

Capital Reventues -- 541 541 1,322 1,863

Funds, fox, Investnent ~-. 2 12 15.765 14,437 13,748 28,15

Investment ~~~~~~ ~ ~~~~32,025 081 30,233 63,139 6,134 69,273

Fixed Investmelit (32,000) (881) (20,890) (53,771) (3,759) (57,530)

Purchase of Assets (25) -)C)(25) ()(25)

Fina.nL.Ial Inveatinent ()()(8,271) (8,211I) (2,375) (10,646)

Other ()C)(1,072) (1,072) C)(1,072)

Over-all1Suplus + o-r Deficit~) -3 0 7-4 -14 468 -48.702 7.~614 L

Social Security Financing (net) 9,785 - -567 9,21.8 -9,218

Borrowing Outside PulcSector (niot) 29045 -9 7 L999 46,135 - 46,15

Exterral 58,881 - 20,772 79,653 -79,653

AIDo (7,566) ()(6,795) (14,361) ()(14,361)

IDB (6,856) ()( 6,290), (13,146) -)(13,146)

IBRD H- - (2,187)L3 (2,187) C)(2,187)

Other (44,459) -)(5,500) (49,959) -)(49,959)

Internal 10,412 9LZ2,746 13,158 .- 13,158

Amortization 40,248 -6.,419 46..667 -. 46,667

Discrepancy and Changes in Assets(icrae -4,222 -365 -2,064 -6,651 1,604 -5,047

LI Net of B/. 4,414 thousanid interest pr-d biy rest of Public Sector to Social Security.

I~L Net borrowing./3 Includes UNflP grant of ~.S68,00O.

Source: Table 5. 3-5, 5.2.3 to 7.31j

Table 5.13: CONSOLIDATED PUBLIC SECTOR, 1972(thousanda of Balboas)

Central Mttni cipalities Autonomous Total Social TotalGovernment (Budget) Agencies Excluding Security

____Soc alSecur c r_

Curreat Revenues 197,863 7,933 45,570 251,366 55,175 301,945

Li.Current EVpenditurea 163,774 6,930 37,421 208,125 61,571 265,100

34.0 1.003 8149 3,241 -6.396 36

Transfers -42,624 71 5,032 -37,521 19,576 -17,945Intrasyetee (-26,998) (71) (7,351) (-19,576) (19.576) Hixtrasyseme (-15,626) C-) (-2,319) (-17,945) (-) (-17,945)

.~~~~~~~~~~~~~~~~~~~~8 13imi-keafter Tronotens 5713.181 5.720 13,180 . §,9.29°

capital Transfore 13,918 - 10,126 -3,7%2 - -3,792Intrasyetnm (-10,126) (-) (10,126) (-) (-) t)Ettrasystem. (-3,792) t-) (-) (-3,792) (-) (-3,792)

Capital Revenu- - . 319 958 1,277

h*un for jnesnt -22.453 1.074 23.626 2.24.7 14.1385

Inveatanet 56,822 1,263 36,737 94,825 2,568 97,393Fixed Investment (56,673) (1,263) (27,341) (85,277) (4,973) (90,250)Purchase of Assets (149) (-) (305) (454) (-) (454)Financial Investment (-) (-) (7,653) (7,653) (-2,405) (5,248)Other (-) (-) (1,441) (1,441) t-) (1,441)

Oe-all SuErlu (+ or Deficit -79,275 -189 -92578 11.57. -.0

Social Security Finarncing (net) 15,638 -705 14,933 -14,933

Borrovjegfircmu0utSidSftbIioSe~9r 56.951 74 21.511 78-.390 0.0 88.390External 68,607 - 35,616 104,223 10,000 114,223

AID (3,021) (-) (3,192) (6,213) (_) (6,213)IDB (6,459) C-) (915) (7,374) (-) (7,374)IB7D (-) C-) (11, 7 4 7 )h (11,747) (Other (59,127) (-) (19,762) (78,889) (10,QOO) (88,889)

Internal 20,853 74l2 4,749 25,528 25,528hmortiuation 32,507 - 18,854 51,361 51.361

Discrepancy and Changes in Assets (-increase) 6,684 263 -7,695 -745 -6,637 -7,382

/1 Net of B/. 4,596 thousand interest paid by rest of Public Sector to Social Security.L2 Net borrowing.L3 Includes UNDp grant of $400,000

Source, Tables 5. 15, 5.23 to 5.34

Table 5.14 CONSOIDA1D PUBLIC SECTOR BUDGET, 1973(thousand Balboas)

TotalCentral Municipalities Autonomous Excluding Social

Governlaent Agenci.es Social Security Security Total


Current Expenditures 1?ij2B6 8,000 53,754 239,040 66,231 300,707

Savings 47,914 1,000 17,617 66,531 -7,645 58,586

Transfer -38,600 90 8,967 -29,543 22,000 -7,543Intrasystem -29,256 90 7,066 -22,000 22,000 -Extrasystem -9,444 - 1, 901 -7,543 - -7,543

Savings after Transfer 9,314 1,090 26,584 36,988 14,355 51.,343

Capital Transfer -24,139 - 24179 -1,960 - -1,960Intrasystom -22,179 - 22,179Extrasystem -1, 960 - - -1, 960 - -1,960

Capital Revenues - - - - - -

Funds for Investment -14,825 1,090 48,763 35,026 14,355 49,383

Investmenit 69,734 1,000 80,931 151,665 918 152,583Fixed Investment h8,23)i 1,000 60,286 1.09,520 8,658 118,178Purchase of Assets 21,500 - 21,500 - 21,500Financial Investment 18,845 18,8)45 -7,740 11.105Other * 1,238 1,238 - 1,800

Over-all. Surplus or Oeficit -8K,559 90 -32,168 116,637 13,437 -103,200

Social Security Flnanciag (not) 12,017 - - 12,017 -12,017 -

BorrCwing Outside Public Sector 60,547 ., 35,732 96,279 -1,420 94,859External 89,879 .. 37,786 127,665 127,665

AID (9,836) (10,475) (20,311) (20,3LL)IDB (8,106) , ( 2,950) (11,056) (11,056)IBRD ( 696) *.. (12,400) (13,096) (13,096)Other (11,224) .-- (11,961) (83,202) (83,202)

Internal 4,715 ... 9,086 13,801 13,801

Amortization 34,o047 ... 11,140 45,187 1I,420 46,607

Discrepancy 11,995 -9o -3,564 8, 3;41 9?

j Excludes B/ 4,564 thousand interest paid to Social Security by Rest of Public Sector.

2/ Mission estismates of public fixed investmernt lin 1973. Therefore does not equal the total of the budgetspresented for individual agencies.

Source: Tables 5.15, 5.23 to 5.34

* w t * -~~~~~

Tcable 5. 1e5 CENTRAL GOVEMNTT OPERATIONS, 195073 Page 1 of 2(millions of balboas)

1950 1951 1952 1953 1954j 1955 1956 1957 1958 1959

Ordinary Revenes 31.8 32.7 36.4 41.4 4207 J45.3 48s8 50@7 52.9 51.6Currexxt E=enditurs 2R-2 9) 9 'lC A9 -A -A -I.n A -1.7: -7 -)_ L. rfeeSiirphli or defiit ) on cwrent account 36 5 175 532 299 3

oan .eaut ewenditures -7 1.3 -5 7

Ttg ( o) e . () lI *.4 3,2 -5,7 0.5 1 -2.4 -10.2 -1,1 -4.4 -13.2

Defiit financedb y:

Receipts from internal bond issue 6.1 1.2 2,3 1t1 2.0 3,0 6.7 1,8 2.6 4..4Minurs amorntiation of internal debt 2.0

'Net irternal borrowing 0.8 0.5 1.3 -o.1 0.7 1.5 5.0 -0,.2 0O1 3.5

Receipts from foreign loans 12,1 - 1.5 - - 0.14 2,0 1.3 11.1 1.5Ml. is; debt amortizat:Ion 8.8 0.6 0.8 0,2 0,3 0,3 0_3 0.3 0..3 0.5

Not externa1 borrowing 3.3 -0,6 -0.7 -0,2 -0.3 0.1 1.7 1.0 10,8 1e0

Change in. Asats (-increase) and Discrepancy -0.5 -1 .4 - 5.0 - - - 0.2 0.3 -

Floating Debt -2,2 -1.7 4.7 -5.2 °1.L 0.8 3.5 0.1 -6.8 8.7

Total £fincing 1.14 -3i2 5.7 -0.5 -1.1 2,14 10.2 1,1 4.4 13.2

Sos.rce- l95G. I D TPM tr I I957; ;9525, Cor - I')ral lxui72, Reor t O. t,:c ba,- 1 ,962.

Table 5. 15 CENTRL GOVERNNENT OPERATIONS, 1950-73 Page 2 of 2(thotueand of Balboas)

1560 1961 1962 1963 1.64 1965 1966 1967 1968 1969 1970 1971 1972 1973

C57,980 62,865 67,586 70,307 75,628 86,540 100,344 112,699 19,414 133;041 1S60,147 181,161 197,863 225,200

C~,tSsr:&t p&e.g;d1~~it 47,791 48,445 50,400 58,585 59,442 62,674 72,639 83,752 89,269 101,556 117,784 134,191 163,774 177,286

10,189 14,420 17,109 11,722 16,186 23,866 27,705 20,947 30,145 31,485 42,363 46 ,970 34,069 47,914

,,,-fri a) 12,198 13,099 14,218 14,036 15.706 17,324 1.8,107 22,019 25,583 26,452 38,154 35,998 42,624 38,600Initrasystemi 6,706 ... .2,288 12,481 14,616 17,539 17,404 23,225 23,720 26,9i98 29,156E7KtraeyefLem S.,492 - - ... 5,036 5,626 7,403 8,044 9,048 14,929 12,278 15,626 9,44

aavisnsf.£ter lTaoinfersi --2,809 1,321 2,971 -2,314 480 6,542 9,598 6,928 4,562 5,033 4,209 10,972 -8,535 9,314

Capital 1penditnre 8,332 12,706 11,377 28,067 11,150 14,480 17,876 .27,063 25,264 54,316 58,C09 45,580 70,740 93,873Fixed Inveotmkent 8,297 11,376 28,067 11,150 14,480 15,801 24,117 20,306 42,268 46,586 32,000 56,673 48,234.mrchgima of Aeeete - - I - - - 20 140 57 - 114 25 149 21,500

Transfers 35 - 2,055 2,806 4,901 12,048 10,323 13,;55 13,913 24,139

-1a-. Swl1us (+) ow We,Ict (-) 10.31 -11,385 -8,406 -30,i3n -10 ,6 7e. 7,933 8, 2.78 -20,135 -20,702 -49,283 -52,914 -34,608 --79.275 -884,559

Net T7ttemoal Borrotd8,excchdina Social Sa1Lt (77) 4 ,479 *-,165 2,0L0 9,,17 3,s 0 -140 -199 6,793 14,413 lI,890 6,316 -3,644 15,470 -3,108

4 2,.9 4,791 41,302 6,SG3 5,503 3, 768. 3,695 6,403 16,411 7,314 30,754 20,193 4,715RepaymSents S67 1,006 1,467 325 2,754 2,688 2,638 2,293 2,590 2,848 3,073 14,060 5,363 7,823Floating Deat 2,917 -6,930 -825 3,474 1,131 -1,220 -1,056 2,683 9,91.6 -2,673 2,25: -20,342 It 660 -

socieal See7rity vrrw7las O.we -.353 10,388 1,440 5,#19 4,695 4,852 5,745 7,251 7,488 7,016 6,857 9,785 15,638 12,017Bond lsgureq - 13,878 1,454 - - 833 754 11,480 853 28,450 7,40o - 22,2:3 300MbtiTentat 367 6,051 181 1,642 435 844 814 966 1,100 1,274 1,824 2,105 2,237 2,883Floating Debt 14 2,561 167 4,177 5,130 4,863 5,805 -3,263 7,743 -20,160 3,281 11,890 -8,812 14,600

External Borrowing (net) 7 253 2,554 4,632 15,421 823 3,390 6,056 2,965 -433 34,106 35,763 32,693 41,483 63,655Disbursenents 7,775 3,121 5,529 16,526 2,946 3,944 8,766 6,094 3,172 38,145 59,456 58,881 68,607 89,879

AMD 5,000 3,802 6,526 3,344 2,502 3,125 3,132 7,566 3,012 9,836IDB 1,905 1,790 1,024 121 121 99 670 106 2,185 6,856 6,459 8,106TBRD 667 2,401 1,972 1,076 t54 930 - - - 696 2/fxitbsi^nks 2,775 2,454 1,323. 3,590 846 1,867 1,189 2,650 - 2,333.Suppliers 12,384 13,074 609 13,877 3,908BsAok and Fin. Inst. 150 22,530 41,065 43,850 25,250 65,000Bonds 9,024

Artization 522 567 997 1,105 2,123 2,554 2,710 3,129 3,605 4,039 23,693 26,188 27,124 26,224(-Inczreaae)

Discrepaney Cbaege in Asseta -1,038 3,608 324 -576 1,272 -164 -3,324 3,126 -767 -2,729 1,878 -4,222 6,684 11,995

/ tn:ludaea decrease In overdrdft2/ Includea lNiDP grant of $472,000

Source: Controllar General Annual Reports,evxiomae yeen.

* . . * . .. . #~

Table 5.16 Central Government Current Revenues, 1960-73

(Thousands of Balboas)

1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973Budget

Total Revenues 57,980 62,865 67,586 70,307 62964 86,540 100,344 112,699 119.414 133,041 160.147 8e16L1 197,863 225 19

Taxes on income and property 13,890 14,787 18,838 20,230 20,221 27,509 35,275 39,953 43,640 49,177 64,432 71,893 72,091 79.,712Income tax.L 10,752 10,672 14,931 15,951 16,982 22,216 29,666 34,163 37,318 40,983 54,465 59,951 59,967 66,800Corporate 14.363 19.098 22,064 24,107 26,455 35,653 35,792 34,628Personal 7,700 10,568 12,099 13,211 14,528 18,812 24,159 25,339 -

Real property tax 2,682 3,257 3,471 3,783 2,988 4,262 4,363 4,750 5,226 6,450 6,947 8,642 8,960 9,500Business net worth tax 188 193 187 229 120 776 749 776 862 1,039 2,288 2,383 2,472 2,712Inhleritance and gift tax 268 665 249 267 131 255 497 264 234 705 732 1,007 692 700

Taxes on foreign trade 20,679 22,309 23,406 20,764 16,912 22,671 24,836 27,907 27,827 31,216 37,614 41,485 42,773 50,068Import duties 19,384 20,738 21,524 18,062 14,624 19,422 21,165 23,272 22,025 25,300 28,111 30,200 30,997 37,781.Import surcharge 1,073 1,353 1,681 2,480 2,099 2,889 3,231 4,143 4,631 5,231 8,837 10,593 11,013 11,510Export and re-export taxes 222 218 201 222 189 360 440 492 540 685 666 692 763 777

Taxes on domestic transactions 6,158 6,461 7,290 9,893 10,028 12,963 14,145 15,221 16,402 18,335 21,038 23,374 32,301 33,645Beer 1,567 1,724 1,856 2,172 1,784 2,288 2,437 2,790 2,445 2,762 2,914 3,093 3,731 3,700Liquor 3,082 3,102 3,212 3,291 3,259 4,542 4,625 5,003 5,419 6,162 6,705 7,011 8,820 6,048Cigarettes 862 928 963 963 1,184 1,690 1,749 1,779 1,954 2,137 2,792 3,416 4,048 4,500Gasoline 470 2,573 3,072 3,939 4,532 4,693 5,537 6,580 7,901 8,915 14,758 18,344.Other2/ 647 707 789 894 729 504 802 956 1,047 694 726 939 944 1,034

Stamp taxes 1,160 1,676 2,019 2,107 1,885 2,.864 3,348 3,832 3,944 5,248 5,653 6,571 8,013 9,500

Non-tax revenues 16,093 17,632 16,033 17,313 13,918 20,533 22,740 25,786 27,601 29,065 31,410 37,748 42,685 $2,294Canal annuity 1,930 1,930 1,930 1,930 -- 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930National lottery 5,045 5,829 6,094 7,238 6,507 8,807 9,530 11,554 12,103 13,040 14,480 16,219 18,274 19,020Race track and casinos 176 381 548 476 664 861 1,450 1,680 1,296 2,064 2,605 3,777 5,035 6,786Post Office 845 658 957 1,053 1,182 1,327 1,508 1,627 1,770 1,839 1,944 1,842 1,845 2,003Ship registry and consuls 1,288 1,160 1,222 1,369 1,070 1,593 1,563 1,773 1,395 2,547 3,275 4,201 4,980 5,752Other 6,809 7,674 5,282 5,247 4,495 6,015 6,759 7,222 9,107 7,645 7,176 9,779 10,621 16,803

As_per cent of GDP 13.9 1.J 3- 12.6 11.6 13.1 14. Q 14.1 13.9 14.1 _15.3 15.7 15.1 -Source, Controller General1/ Schedular income tax replaced in 1964 by unified income tax with different rate schedules for corporations and persons. Actual data for

corporate and personal collections for 1970-72 and estimated for 1965-69.2/ Includes taxes on insurance premiuns, exchange houses, markets, and also tourist and visitors taxes through 1968, at which time the latter

were transferred to the Civil Aviation Agency.

Table 5.17: CENTRAL GOVERNMENT CURRENT EXPENDITURES, 1960 - 73

_______ ______________________________ _ (thousands of Balboas)

1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973

Personal Serv_§ic21mes 3633 37.20i9 39 268 43 492 45.779 48,923 57.935 66.806 70!985 76.235 8766962 980735 172.848 7923667

Fixed Salaries 32,311 33,348 34,638 38,668 41,051 43,510 48,513 56,134 59,491 61,08.7 72,327 84,446 102,095 111,902Peneions 2,693 3,083 3,337 3,550 3,738 3,790 3,852 4,662 5,150 6,188 6,873 6,692 7,397 8,511Other 1,529 778 1,293 1,271 990 1,630 5,570 6,010 6,344 9,044 8,763 7,397 7,457 8,254

Non-Personal Services 3Li _35 2 8 2,637 3L

0 2 72,682 3,018 2.841 3 632 3.590 4.933 E559 6.633 S,699

Goods and Services _J_ __ 4 4.84 4.662 5.179 4.952 5 295 5,652 6 878 6 847 10,439 12 593 11,822 14,901 1J2L§5

Current T-ranfers 1AL219 1399 14.1 4036 _570 t7.324 _181_07 22.019 25,583 26S> M,1JA 35.998 42.,&24 3

To Social Security 3,497 3,310 4,201 4,177 4,130 5,863 5,805 6,736 7,744 7,839 10,282 11,890 13,188 14,000To Coumolidated Public Sector 3,209 ) ) 6,425 6,676 7,880 9j795 9,565 12,943 11,830 13,810To Other Puiblic and Private ) 9,7891' 10,017 9,859 11,576 ) - 14,556

Sectors 5,49-) ) 5,036 5,626 7,403 8,044 9,048 14,929 12,278 15,626 9,444

Interest on Public Debt _.2J9 2,539 3450 3 ,932 5,252 5.339 5,864 6.279 6.799 9.240 11.086 17.625 22.31 30,065

External 691 1,066 1,801 2,138 2,704 2,531 2,956 3,021 2,816 3,518 4,160 10,288 13,754 19,014Internal 1,605 1,473 1,649 1,794 2,548 2,808 2,908 3,258 3,983 5,543 6,645 7,030 8,219 10,691Treasury Notes - - - - - - - - - 179 281 307 345 360

Contimgefncy 287 478 416 _340 128 133 106 97 135 399 230 175 1k05

Outside the Bud&et :- 123 5 304 245 64 851 871 1,653 1141 __ 237 26_69

TOTAL CURRENTlM5 EXPENDITiJiE ~ 61. 64.618 72,621 75,148 79998 g0.746 20J5Z71 114,852 128,008 155.938 170.189 206,398 215,886

1/ Includes tax rebates in the value of B/. 2,0 million, for 1960, and B/. 2.3 million, for 1961, which are deducted from revenues for later years.

Source: Controller General,, Inforne Amial, various issues.

Table 5 18: CENTRAL GOVERNMENT CAPITAL EXPENDITURES, 1960 - 73


1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973

Temporary Workers 2,367 1,775 398 368 163 169 3,159 2,815 4,297 1,554 2,865 5,027 276 171

General Capital Expenditures 497 381 506 402 571 440 917 1,010 831 2,102 2,997 2,023 2,370 1,873

Machinery and Equipment (497) (381) (505) (402) (571) (440) (897) (870) (774) (2,102) (2,883) (1,998) (2,221) (1,873)Purchase of Fixed Assets (-) (-) (1) (-) (-) (-) (20) (140) (57) (1) (114)(( 25) (149) (-)

Construction 21 857 3,228 4,310 3,894 4,158 756 2,001 2,020 1,796 5,181 - - -

Capital Tranfers 35 - - - - - 1,297 2,806 4,617 2,736 1,041 - 540 -

Other Capital Expenditures - - - - - - 1,038 191 418 1,617 3,247 3,039 2,969 2,541

Project Loan Expenditures 5,412 9,693 7,144 21,762 5,904 7,156 9,406 17,487 12,969 21,753 41,468 35,079 63;Q95 67,788

Capital Transfers to Conso-lidated Public Sector ( - ) ( - ) ( - ) ( - ) ( - ) ( - ) (758) ( - ) (228) (3,455) (6,400) (8,748) (10,126) (22,179)

- Other Capital Tranfers ( - ) ( - ) ( - ) ( - ) ( - ) ( - ) ( - ) ( - ) ( 56) (5,857) (2,882) (4,807) ( 3,252) ( 1,960)Central Government (5,412) (9,693) (7,144) (21,762) (5,904) (7,156) (8,648) (17,487) (12,685) (12,441) (32,185) (21,525) (50.617) (43,649)

Miscellaneous Project Loans - - 101 1,225 618 2,557 1,303 753 112 461. 224 412 590 ,

Plan de Urgencia - - - - - - - - 3,253 - - -

Purchase of Heavy Equipment - - - - - - - - - 19,044 - - -

Purchase of Public Utility Co, - - - - - - - - - - - . - 21,5001/

Total Capital Expenditures 8 12,706 13 11, 150 1 17,876 27,063 25 264 54316. 57,023 45,580 70,740

1/ Although ownership was transferred in August 1972, negotiations were completed in 1973.

Source: Controller.General, Infome Anual, various issues

0. 0

Table 5.19 CENTRAL GOVIRNMT CURRhNT TRANSFM.!/l960O-l973(thousands of Balboas)

1960 1965 1966 1967 1968 1969 1970 1971 1972 1973

To Coneolidated Public Sector 3 209 6 425 7 880 9 795 9 565 12 t2 4 3 11 830 12.80 lb566Elctricit and water Resources(HI -O 900 700 9T,200 1,200 1,200 1,200Colon Free Zone 75 109 100 100 100 100 _ - _University of Panama 1,024 2,350 1,631 2,794 4,301 3,611 5,513 5,859 7,146 8,6452Housing gnd Urbanization (IVU) 984 1,144 1,208 1,168 1,168 1,168 1,200 850 1,149 1,200Water and Sewerage (]IDAAN) 234 226 140 435 362 275 221 304 35Q4W/Economic Development (IFE) 1,050 850 849 849 849 850 850 650 650 -

Human Reeources (iAREu) - 836 1,207 i;33 1,426 1.861 3,023 2,762 2,765 2,497Tourism (IPAT) 200 247 295 308 390 649 227 525 5B4Kni.cipalities 151 286 299 311 308 323 33 61 71 90W

To Cther fublic Sector 235 930 815 b50 JJ8Q 2,307 8754 8 899 11 )

Sports (INCUDE) .300 360 1,000 5,173 3,298 4,490 )Special Training (1PHE) . 97 803 1,095 )Agrarian Reform 1i,45$b 42146 2,040 )San lBiguelito District 25 150 1?9Regional Corporation ... 10 300 789)Conferences . 50 250 140 )Sugar Mii , . . 772. )U.N. ?rograw 4 4 6 36 36 - 70 70)Insured Mortgages (D;HA) 100 33 - 31 92 - )Cattle Institute 133 100 107 160 132 158 57 - )Other / 793 7It 995 1,191 1,019 1,570 1,493 1,853 )

Unallocated ( origLnating Minist ) 3 257 4 106 4,811 5 895 6 214 6 741 6 175 3,379 4,008 )_Goi,-=n and Justic * r* *4~ )72oerationd470 538 519 544 638 697 773 594 . . )

Public Works 30 30 101 40 - 65 35 30 ... )Health 1,807 2,141 2,370 2,911 3,129 2,728 3,001 556 ... )Labor 741 678 728 ... )Agricu3ture 295 759 1,068 1,289 1,359 1,330 285 203 ..Other 135 135 430 349 377 49 148 ... )

TOTAL TRAN~SMES21/ 6,701 11 465 123211,39 ~ 2,7 410 29,36 n009~~~~~~~~~~~~~~~~~~L,,0 165 .2. . i27L8.72

I/ acluing eil scaurlty X2;/ Includee Sbhscr 4ption to Jnteznf.tt.on6. Age.is e

31 A&xuounlt BhoWLn i« not of t rFSers to nLnSicip2iitiec incK&<+od iA Conac sdstc<. ~FihL.ic iect,oiaX/ r;,))t,,0.tas (

Table 52: CWITiUI GOVXM T CAPIrAL MAISFMS, 1960-1L973(t,3ousands of Ba2lboas)

1965 1966 1967 1968 1969 1970 1977 1972 7973(udgLet)

Total. from Borrowed Funds - 758 - 284i 9A312 _928 13,5L5 13.378 2kl.39

To Consol idated Plublic Sector - 7.58 - 228 3,4~55 6,1400 8,74~8 10,126 22,179)C-vil Aviat-on (DAC) -)( )C-)(-1 589) ( 999) (1,Ol') ( 651 1,0

amdin U rbardsatd.on (IVU) 7-- 5( - ,135- (1,280) (23200) c 600) .450tar and Szarage (IDAAK)(- ) (- )(1420) ( 655) (2,976) (3,699) 6,397

S,zanReoDurceas(I?ARHU) -)(25 80 0) -jiaectricity and ~kter Resourcea(l1M) C-)(-)C-)(- (891) (2,827) 1,1449) (3,852) (9,242)Lmaversity of Panamaa 228,(-(2 8(- 1) ( 116) ( 2W) ( 69 482)iTourism Clk~AT) ( ) C- ) (- )C- 112) ( 175) (258)Colon Free Zme (- (-)C- (- (400) (68) ( -)( C )GOIOnIh2niCipal ity C- ( ) ) (- 40) (190) (- ) (-~izOnolic Development:Institute (HE) C ) ( ) C-) (- C-) - C- C -( )

To other Plubl.ic Sector - - 56 5,857 2,882 4,807 3,252 1,960Agrarian Reform Co~iaaion ( ) C- ) C 5714) (3147) (838) (878) - 21

Cm( -)i(y-DevelopC t D RGEC - (1,652) (921) (1,207)Lured. Mortgages (MFIA) (-)C-) -) 56) (631, (1,140) (1,000) C 463) ( -)

-orts C~IUfl) ) D) ) ) (4,652) (1,395)( 372)( 288) ( 362),,WonaJ Davelopment Corp. ( ) (- ) (- ) C ) (- 338) (391"

Totali From Badgetary ReSoUrCes - JL298 2,806 14,616 2,736 1.- 540 -

To Consolidated Public Sector - 1,105 1,529 2,773 1,736 782 - -Housing sd Urbarnisation(NVU) ( ) (- ) (85) ( 520) ( 340) C- ) (-'Water and Sewerage (IDAA) ( -) .) ) ) 680) (278)( ) Electricity and Wkater Resourcee(flM) C )() (689) ( 462) ( - ) ( -J C- - ( )University of Panana ( (I 005)260) (890) ( - )( 164)( -( - ~ -Tourism (IAT) C ) C- ) ( 72) ( - ) ( -) ) (-Colon Free Zone ( 1)C- C- 64) f% -) C) ( - ) )(-Human Resources (IFA3f) ( ) C100) (580) (1,100) (536)( ) (- (- C')

To Other Pablic Sector - ,000 259 --

San Maguelito SecisalDistriot (- )C )(- - ) ( 259) -) C- C-)lnaured Mortgages (UFlA) ( - ) C- ) (1,000) ( -) )~- -

v,allooated- 193 ~,,277 I,83 - - 540~ CAPIAL ~ASFIY 2,0(56 6,8 44,900 ,204 _10,323 13555

"li Co=e±sslon wa8 abolished in 1973 andi its ft-motia~n traraferred. to thie ministry of Agriculture and Livestock

~.Cor.troller General.

** Table 5. 21 CENTRAL GOVERNMENT REGIONAI,

REVENUE EFFECT, 1970

Proportion Paid by from Amount Per CapiteRevenue Terminal Terminal From Terminal Amount

Cities Cities (thousand balboas) Cities (Balboas) from rest (Balboas)

Direct Taxes 90 57,990 105 7(excluding Corporate Incone Tax) (90) / (25,900) (47) (3)

Indirect Taxes 814' 57,667 1014 13

Non Taxes 7/ 17,803 32 7

Per C20ta Terminal Cities Rest Ratio(Balboas)

Income 884 268 3.3

Minus: rion taxes andnoncoroorate direct taxes 805 258 3.1

Plus Goverrment directexpenditures 102 78 1.3

Tncome after Governimentoperations 907 336 2.7

Note: Ratio of Government direct expenditures "romii Technical Annex in Volume Illamount of direct expenditures equal to revenues except corporate income tax.

1/ Based on 95.2 percent of collections made in Panama and Colon provinces. Since most personal incometaxes are paid by Canal Zone workers, public officials, and employees of large urban firms, the urbanproperty tax and 93.6 of property taxes are paid in Panama City, the 90 percent ratio was retained fornoncorporate taxes.

2/ Based on 89.6 of collections from Panama and Colon Provinces.

3/ Excludes Canal Annuity and ship registry and consular fees.

T Tncludes expendatures oni nor) taxes and non corporate direct taxes.

Table 5.22 HYPOTHETICAL PUBLIC CObT5 OF EDUCATION

Grade 8nd Year Public btudents Public students Hpotheticel Historic cost Extra Public Cost(Actual) (Hypothetical) 1/ minus Actual per student of Retention

-- _________________________________Balboas) __(thousand BalboasJ

1 1962 47,292 4;7,292 0 0

2 1963 37,995 44,927 6,932 60.50 419

3 1964 35,207 142,681 7,1474 61.60 460

4 1965 30,100. 40,547 10,447 62.81 656

5 1966 26,232 38,520 12,288 64.27 790

6 1967 22,757 36,594 13,837 74.96 1,037

7 1k968 12,966 34,764 21,310 192.20i/ 4,096 j/

8 1969 10,468 33,026 22,558 190.80 4,304

9 1970 9,494 31,374 21,880 188.47 4,124

2 Assuwing 5% dropouts per year# The 3uzp in costs reflects the higher average costs of educating secondary students.

bource: Calculated by mission from Ministry of Education's 1Estadisticas de Educacion, 1959-1968" and supplements

0 *S

**

/1Table 5.23: SUNMARY ACCOUNTS OF SELECTD MUJNICIPALITIES


1960 1965 1966 1967 1968 1969 1970 1971 1972

1-012 2.771 3.192 3,817 3,753 5,0l4 5,925 7,008 8,0014Municipal Services (409) (1,8814) (1,937) (2,738) (2,642) (30399) (3,856) (5,175) t5,870)it.10eipa3 Pro *rties (452) (601) (956) (768) (803) (1,323) (2,036) (1,772) (2,063)

Gov3arment Transters (151) (286) (299) (311) (308) (323) (33) (61) (71)

CurTent 1xperditiwes 1,720 2,670 2,717 3,579 4,098 4,203 5,058 5,753 6,930Gene al AdnIinistration (1,167) (1,767) (1,801) (2,136) (2,494) (2,L,69) (3,101) (3,536) (4,817)Social Services (395) (848) (837) (1,119) (1,507) (1,472) (1,631) (1 656) (1,976)Other (158) (55) (79) (324) (97) (262) (326) (561) (137)

5avims -78101 4523 -3h 842 867 1.255 1 7

~Th. Governrnt Transfers) (45) (-¶j) (4*7Z) (4i) (w) (3j) ( ;) ( (j)

PubLic Work Expendituzea 307 135 532 262 569 572 1,308 881 1,263

Net Fx_.n 17 52 59 41 396 127 -15 -9 -7kRe{ipts L2 (29) (73) (72) (74) (461) (223) (65) (70) (37)Pants 2 (12 (21) (13) (33) (65) (96) (80) (79) (ill1

Short-Ters Assets (-increase) andl Discrepancy. 998 -18 -2 -17 518 -397 456 -365 263

/ Including Panama, Colon, La Chorrera and David, which in 1971 collected approximately 75% of all municipal revenues.2 Includes capital transfers and disbursements of loans.3 Includen interest p%qwntse.

Sources Controller General, Aiinual Reports.

Table 5.24: SUMMARY ACCOUNTS OF SOCIAL SECURITY SYSTEM , 1960 and 1965-73(thousands of Balboas)

1960 1965 1966 1967 1968 1969 1970 1971 1972 1973

Current Revenues 12 i 25,994 33,990 37 915 42,233 52,712 5 699 74,751 890586.(of which cash) (11,043) (21,448) (23,581) (26,622) (29,064) (34,218) (40,719) (48,501) (62,193) (.)

Private Sector Contributions for Employees 5,336 12,105 13,971 16,034 17,763 20,152 24,627 29,838 33,779 63,053 1/Professional Risk Contributions - - - - - 1,609 6,113 7,284 8,641Public Sector Contributions, Total 4,249 10,390 12,373 13,889 15,549 16,260 19,777 22,513 25,773 ., 1/

(of which cash) 6/ (1,634) (3,960) (3,573) (4,018) (3,894) (4,020) (5,324) (5,807) (6,710) (.)Governrment Employees 2,899 5,922 7,187 8,114 8,622 8,552 10,167 11,564 13,508Special Quotas 194 642 599 748 834 942 1,143 1,323 1,485 ...Taxes 310 456 483 501 502 560 602 631 846Government Counterpart 827 1,347 1,580 1,793 1,999 2,183 2,659 3,128 3,546 ...Other Public Entities 19 2,023 2,524 2,733 3,592 4,023 5,206 5,867 6,388 ...

Interest on Loans to Ptivate Sectox 2/ 1,212 1,736 1,843 2,071 2,057 2,111 2,381 2,541 2,908)Interest on Loans to Public Sector 2 1,190 1,663 1,939 1,885 2,419 3,514 3,963 4,414 4,596) 8,891Other 42 100 104 111 127 196 355 280 411)

Current Ex2penditurea 6,300 19,229 22.825 76 31,087 34.990 41.695 53.273 61,571 66.231General Administration 759 2,084 2,469 2,628 2,978 2,918 3,189 3,439 4,303 ..Social Security Payments 2,357 6,499 7,734 9,576 10,767 12,717 15,461 17,058 19,249 ,Medical Assistance 3,184 9,829 11,690 12,969 16,135 18,022 21,792 26,239 32,288 ...Portfolio Administration - 817 932 1,103 1,207 1,333 1,253 1,709 1,654 .Professional Risk Expenditures . - - 4,828 4,077 ...

Current Savings 5,729 §765 L,jL 5 7 .714 6,828 7.243 12,426 13.180 3(of which cash) (4,743) (2,219) (756) (342) (-2,023) (-772) -_9-5) (-4,772) (622) (.)

Capital Reven_ues 3,891 3,922 4,733 5,914 4,966 5417 6.158 65936 7 2152 _Loan Repayments 2/ 3,891 2,987 3,441 3,338 3,413 3,964 5,041 5,614 6,194Public Bonds and Loans V ,,. 1,151 1,691 1,357 1,429 1,797 2,366 2,787 2,961 ...Private 2 ,, 1,836 1,750 1,981 1,984 2 167 2,675 2,827 3,233 ..

Other 935 1,292 2,576 1,553 1,453 1,117 1,322 958 .,

Captal ~editure 7L,87 64038 6,608 17 720 8 31.5-47 0~~6 9,Z 32,507 _1296Gross Landing 6,729 5,150 5,421 16,191 1,544 T0,289 11,529 5,317 27,534 4,278 5/

Loans (net) 3 2,050 1,740 2,795 1,814 -1,123 -1,067 710 1,850 1,576 .Bonds (net) 3/ 788 423 -815 11,039 -746 27.392 5,778 -2 147 19,764Reinvestment of Repaywents 3,891 2,987 3,441 3,338 3,413 3,964 5,041 5,614 6,194 ...

Buildings and Equipment I/ 1,168 888 1,187 1,529 1,994 1,258 1,377 3,759 4,973 8,658

Medium and LonR-Term BorrowiR (Net) - - 3_500 1,826 . 674 10.000 -1, 420Disbursements - - - 3,500 - - 10,000 -Amortization ~- - 1,826 1,674 - - - 1,420

Chanme in Net Short-Term Assets (increase -'4/ -1 7 -243 _4649 -5,530 592 - 6,430 20561 -4,269 10286 2,175 -(Change in Liquidity) (-737) (-103) (1,119) (7,960) (2,421) (28,576) (7,724) (6,912) (14,733) (.)

1/ Public Sector Contributioas included in Private Sector Contributions.2/ Actual Receipts.

/ From changes in Balance Sheets.4/ Mostly increases and decreases in Central Goverwuent short--term obligations which are periodically funded by bonds.5/ Net Lending; includes changes in short-term assets,6/ Central Government only.

Source: Social Security Accounting Reports end 1973 Budget.

0

Table 5.25 : SOCIAL SECURITY COVERAGE, 1960-1971

Economicaljy Actual Wor- % of Econo- Pensioners Depen- Total % of

Population Active Pop'n kers Insured mically active dents Covered PopulationNo. No. No. No.

1960 999,270 330,000 7h,370 22.5 2,891 - 77,261 7.7

1961 1,030,390 348,000 80,601 23.2 3,h16 - 8h,017 8.2

1962 1,062,h480 356,000 86,938 24.4 3,804 1,474 92,216 8.7

1963 1,095,550 360,000 90,697 25.2 4,299 16,209 111,205 10.2

19614 1,129,6040 365,000 94,612 25.9 4,993 26,606 126,211 11.2

1965 1,164,780 379,000 101,928 26.9 6,271 35,975 114h,174 12.4

1966 1,201,010 391,000 109,676 28.1 7,104 51,663 168,443 14.0

1967 1,238,360 409,000 123,610 30,2 8,044 66,386 198,040 16.0

1968 1,276,840 435,000 132,431 30.4 8,908 79,880 221,219 17.3

1969 1,316,530 450,000 142,162 31.6 9,908 94,702 246,772 18.7

1970 ?i 1,357,430 466,000 169,874 36.5 13,131 144,256 327,261 24.1

1971 2/ 1,399,260 471,000 187,349 39.8 16,064 183,143 388,556 27.6

1/ Excludes aboriginal population; as of July 12/ Some figures in these years estimated by Social Security System

Source: Social Security System and Cintroller General

Table 5.26 SUMMARY ACCOUNTS OF COLON FREE ZONE, 1960 and 1965-73(thousands of Balboas)

1960 1965 1966 1967 1968 1969 1970 1971 1972 1973

5EjDj2£ticomeS 304 557 738 798 855 959 *3071 1,079 1 868Rents 255 456 506 592 648 733 806 895 1,081 1,618Storage Fees 38 15 20 23 17 25 41 59 96 90Document Fees - - 100 80 84 91 101 107 121 115Other 11 11 3 3 6 10 23 18 39 45Government Transfer - 75 109 100 100 100 100 - - -

Current Expenditure 271 431 582 459 548 542 564 641 791 1,075Personaf Services 143 218 297 231 272 300 315 360 384 435Non-Personal Services 29 45 89 72 76 79 62 74 78 102Commercial Promotion 65 52 51 53 61 52 88 71 76 86Other Administrative Coats 11 11 14 15 18 11 22 25 38 47Maintenance 14 37 35 29 56 48 35 50 37 57Interest 1/ 3 41 40 36 36 23 11 30 109 200Contingency - 8 30 8 10 11 9 1 25 34Transfers 6 19 26 15 19 18 22 30 44 114Social Security (5) (18) (19) (14) (15) (16) (17) (19) (26) (31)IVU (-) (-) (6) (-) (3) (1) (2) (2) ( 2) ( 3)Othe.r (1 )(1) (1) 1) (1) (3) 9) (16) (80)

CurrentL_Savins 33 126 155 339 307 .417 507 438 546 793(without Government Transfer) (33) (51) (47) (239) (207) (317) (407) (438) (546) (793)

Capital Expenditures 239 219 143 311 322 486 377 933 1.929 1 288Buildings 230 207 137 287 311 204 328 890. 1,865 1,260Streets and Infrastructure 6 5 1 13 - 276 26 20 25 -Machinery and Equipment 3 7 5 11 11 6 23 23 39 28

CapRital Transfers from Government - - - - 164 480 68 - -Capital Financing, net 1/ 206 2/ 70 37 -16 -145 __58 -T7 425 1,604 988Loans 94 135 147 - - - 500 1,800 1,200Amiortization ... 24 98 163 145 158 75 75 196 212

Change in Short Tem Assets (increase -) ... 23 -49 -12 -4 -173 -123 70 -221 -493

1/ Includes overdraft on the National Bank.2/ Includes changes in net short term assets.

Source: Colon Free Zone Accounting Reports.

w . * -~~~~~~

Table 5.27- SUMb(ARY ACCOUJNTS OF CIVIL AVIATION DIRECTORATE, 1969-73 1/(Tho…sands of Balboas)

1969 1970 1971 1972 1973 1973(B-Ld&et) (%Stimetes)

Current Income 1,642 1,834 2,261 2,932 3,717 3,717Landing Fees 657 761 713 1,222) 2,962 2,962Vendor Fees 459 563 981: 1,031)Rent 391 431 477 547 525 525Other 135 79 87 132 230 230

Current E,enAiAture 1.688 1.692 1.820 2.091 2.962 2,962Personal Services 527 786 1,039 1,072 1,287 1,287Non-Peraonal Services 138 270 331 496 590 590Other Aeministrative Costs 38 157 305 349 493 493Traualer 14 455 87 96 124 124

Social Security 14 52 74 83 .Central Government 378 - - ...Other - 25 13 13

Interest - 24 58 78 468 / 468 /

Current Savings -46 142 441 841 755 755

Capital Transfers Received from Government i/ 589 999 1,011 651 3,322 1,100

Capital Expenditure 416 3,264 947 1,579 9,024 2,715Land 10 4 386 -Machinery and Equipment 179 1,214 273 258 ...Construction 75 335 650 1,039Technical Studies 152 1,711 24 282

Financing (Net) - 2,318 -1,830 944 4,797 860Disbursals - 768 - 1,084 4,937 1,000

IBRO ( - ) ( ) ( - ) (1,084) (4,937) (1 000)Other (-) 2,318 (- ) (-) (-_ ) C_)

Amortization _ - 1,830 140 140 f 140 V/

Change in Short Terin Assets (- increase) -127 -195 1,325 -857 150 -

1/ Created in 1969.2 Includes non-interest bearing goverment loan.

B Breakdown estimated by mission.

Rrniire-p r Nuil Avrin!-,rtin WrrtcrPtc'R Anmi)li Acctounti no' Rpnorts.

Table 5.28: SUMMARY ACCOUNTS OF NATIONAL WATER AND SEWERAGE INSTITUTE, 1965 - 73


1965 1966 1967 1968 1969 1970 1971 1972 1973(Estimate)

Current Revenues 4,099 4 5,018 5. 5738 6 M 8 2

Sale of Water 3,520 3,768 4,223 4,354 4,819 5,280 5,779 6,211 6,607National Government- ( 234) ( 226) ( 140) ( 435) ( 362) ( 375) ( 221) ( 304)Other (3,286) (3,542) (4,083) (3,919) (4,457) (4,905) (5,558) (5,907)

Valorization Tariff 450 490 635 667 718 708 753 2,119 1,770Instalation Fees and Other 129 147 160 170 201 250 279 332 205

Currengt Epndtures 3,109 3,414 3,764 4,078 4,400 5,056 5,194 5,602 7,923

Operational Costs 2,711 2,992 3,282 3,505 3,752 4,400 4,434 4,702 6 773Interest 398 422 482 573 648 656 760 900 1,150-

Curreiit Saxims- 990 22 1.254 1,113 1,338 L.i2_ L2 L 3760 659

Capital Expenditure 3,449 3578 4. 4390 2,556 2,913 468 8,14 19 lC,00'-

Fixed Investment 3,449 3,578 4,642 3,920 2,464 2,953 8,526 8,084Technical Studies - - - 470 92 ( 40) ( 58) 35

Capital Transfers from Government - 933 2,976 3,699 6,397

Net Borrowit 2,138 2,211 1,149 4, 787 1,407 1,207 4,209 3,527 8 244

Gross Disbursals 2,347 2,526 1,599 5,357 2,097 1,964 5,134 4,465 10,225IDB ( 901) ( 197) ( 64) (1,792) ( 245). ( 277) ( 477) ( 347) (1,750)AID (1,447) (1,929) (1,535) (2,795) (1,502) (1,688) (4,598) (2,618) (8,475)Local Bonds - ) -) ( - ) ( 621) (229) ( - ( - ) ( - ) -Social Security (-) (400) (-) (150) (121) (-) ( 60) ( - ) -Local Banks (- ) () - ) (- ) -) (-) 1,500 -

Amortization 209 315 450 570 690 757 925 938 1,28111

Chames in Net Short Term Assets 321 376 2,239 -1,510 -1,269 -409 -334 - -167(-increase) and Discrepancy

1/ The Comptroller's Reports consider these payments as transfers, and th eymay not reflect actual sales to the Governnent.2/ Breakdown of interest and amortization by Mission.

Source: Annual Accounting Reports of IDAAN and Comptroller General, Iiforme Anual, various issues,

a * ^~~~~~~~

Table 5.29: SUMMARY ACCOUNTS OF THE ECONOMIC DEVELOPMENT INSTITUTE

(thousanids of Balboas)

1960 1965 1966 1967 1968 1969 1970 1971 1972 1973

Current Revenues 1,400 1,982 2270 2.244 2,781 3.136 3,596 4.591 4,443 5988

Interest 173 336 364 443 506 645 781 946 1,252 2,504Rents 743 587 690 60i 534 541 501 486 444 441Profits from Sale of Products -66 123 114 99 230 236 463 1,742 1,137 )

Gross Sales (2,854) (1,209) (2,080) (1,549) (1,711) (1,931) (4,028) (10,309) (11,046) )Purchase Cost (2,920) (1,086) (1,966) (1,450) (1,481) (1,695) (3,565) ( 8,567) ( 9,909) )

Profits from Sales of Real Estate 33 13 -69 -130 5 -117 -11 108 73 ) 3,043Gross Sales ( 137) ( 72) ( 450) (1,344) ( 624) ( 984) ( 839) ( 565) ( 316) )Purchase Cost l '"'' / 9 ' 51 1 a19 fl,l01' ( 850) ( /5A% t 243) )

Other 136 73 322 373 657 981 1,012 659 887 )Current Transfers from Government 1,050 850 849 849 849 850 850 650 650 -

Current Expenditure 873 1b5 1 1, 846 2 :139 23599 %066 3 11 _3,322 36

Personal Services 486 813 982 1,131 1,354 1,575 1,774 2,251 2,034 2,378Non-Personal Services 210 362 397 455 492 707 969 870 845 825Transfers 3 4 3 14 17 26 23 39 29 ...Interest 174 246 257 246 276 291 300 351 414 425

Current Savinqs 527 557 631 398 642 537 530 1 080 1 121 2,360(Without Government Transfer) ( -523) ( -293) C218) C3T) C7) 32) ( 30) ( )) (2,360)

Cital Expenditures 165 812 1,613 1,906 1.579 2,230 2,611 3.,896 1.537 5,016

Net Lending 26 746 1,342 1,277 943 1,325 2,382 3,465 1,378 4,516Disbursements ( 600) (2,668) (3,569) (3,725) (3,893) (4,883) (7,117) (9,219) (7,935) 12,166Recoveries ( 574) (1,922) (2,227) (2,498) (2,950) (3,558) (4,735) (5,754) (6,557) 7,650

Machinery and Equipment 86 57 167 102 88 337 140 232 91 ) 500Construction and Improvements 53 9 104 527 548 568 89 199 68 )

Net Borroing -110 -258 226 1,481 629 -238 1,275 2?872 -110 2,656

Gross Disbursals _ 103 648 1,903 1,130 1,075 2,641 5,086 1,675 4,356IDB ( - ) ( 103) ( 648) ( 903) (1,030) ( 48) (2,024) (3,037) ( 568) 700Social Security ( -) (-) -) ( 500) (- ) (150) (170) ( 160) ( 180) (.. )Local Banks ( - ) ( - ) ( - ) ( - ) ( 100) ( 777) ( '447) ( 852) ( 700) (3,656)Local Bonds ( -) (-) (-) ( I) (^) C-) ( - ) ( - ) ( - ) ( .. )Other C _) (-) (-) (.-) (-) (100) - ) (1,039) ( 227) 830)

Amortization 110 361 422 422 501 1,313 1,366 2,214 1,785 1,700

ChageiShr-em ss.~mra)and pEL UDcepany -252 513 756 27 308 1931, 806 -56 526 530

1/ Includes transfer from Central Government of 8/ 1.8 million from proceeds of USAID sector loan.

Source: Accounting Reports of Economnic Development Inst -iiite (IFC).

Table 5.30 SUN"1AR.Y ACCOUNTS OF THE INSTITUTE FOR DEVELOPMINT AND USE OF HUMAN RE SOURCES (IPHAFRU)(thousands of Balboas)

1965 1966 1967 1968 1969 1970 1971 1972 1973Budget

Current Revenues 486 2320 2375 1,43 1895 3 080 2,990 4h559 7,536Interest on Loans - - - 1 1 40 6T 7 .Government Transfers 486 1,207 1,323 1,426 1,861 3,023 2,762 2,765 2,497Oth E - 13 52 16 20 17 167 1,718 5,039

Current Expenditures 665 1,225 1,315 1 534 1 903 2,325 2,691 4,192 2,659Scholarships 4W T ,02 992 ,E7 T7WM D4T r,xbW T-,Personal Services 135 178 219 243 631 741 948 1,367)Other Administrative Expenses 34 33 92 226 194 314 325 I4.00) 958Transfers 10 12 12 48 52 74 76 106)

Savings -179 -5 60 -91 -8 755 299 367 4 677Savings excluding Gvt. Transfers) ( ) (-1 ) (1, ) (-1,) (-1,) (-278) (-2,) (-2,W)

Capital Expenditures 68 588 1,666 1 394 1 066 570 1 048 2 784 5,067~Loans net T ' 12 50 563 570 919 730TFixed Investment 21 10 1,052 1,043 191 - 129 273Land - - 122 151 12 - - -

Capital Transfers from Government - 100 580 1,100 536 265 800 5001/

Changes in Assets (- increase) 247 493 1,026 385 538 -450 -51 1,917 390

1/ IFHARU debt is included in Central Goverrnient debt operations.

Source: IFHARU Accounting Reports.

R , , * . -~~~~

41.

Taule 5,31 SbAUI'AifA AcCOU1NTS OF TOURISM INSTTUTit (IkAT), 1965-73(thousands of r;alboas )

1965 1966 1967 1i66 1969 197G 1971 1972 1973 -/

Current Revenue 215 265 341 340 1 254 1 556 1 458 1 981 2 303

Transfers fromi Government 200 247 295 308 390 649 227 525 5B4other Current Revenues 15 18 44 32 24 8 4 36 75

Current enditures 265 304 2B8 340 897 1 359 2 019 1 8C3 1 7Me`o-rSevces_1_2i~ 15 Z 7

Other Administrative Costs 98 152 123 105 500 694 1,170 788 738Traiter ex-s L,i n~ 1? 93 159 27 3 189 281 2L6

Sociral Seurity 6) ( 6) ( 7) ( 7) ( 15) ( 24) ( 34) ( 38) ( *.* Other ( 37) ( 21) ( 30) ( 86) ( 90) ( 135) ( 155) ( 243) ( .. )

Interest - - - - - - - 28 125Contingency - - - 6 - 46 92 69 81

current bavin a -50 -39 53 _ 37 1599 -561 176 328vFTJ hout GovernmTnt Transfers) F--) T T) TZ ) T75) F-33) T ) T 7T) T MY) T )

v~itval rte~dI.~~re 1 6 a 501 1 632 507 1.557 ____

K.achinery and iquipment - - 5 f 14 7Construction and :iiirovements 1 1 1 6 161 81 475 939Land - _ _ _ 165 527 - 305 ...Other Non-fixed - - - 300

capital Revenues - 72 7-3 49 4 256U1e5Asets -- - - 541T ' -

Capital Transfers from Government - - - 72 _ - 112 175 258

ncin - -g _ -7 __5 994 _

Disbursals 1,547 500 994AlD(Supplier Credits) ()()()(-J(-)(-)( )Local danks ( _) ) ( ) ( -) _) ( -) ( 500) ( 15) -)Other ( 318)Loans from Public Sector?' ( -)(-)( _) ( )(_)( _)(_)(526)(-)

As r'i;ati.3n - - - - -575 -

Shor; Term Assets (-increase) and 51 _0 144 14 500 = 486

Diserepancy~ ~ ~ ~ ~ ~ ~ ~ ~~~~~~~~~~4.,.d nrm~=es )m oe=Wn,t

d for other years are ncluded isn tEranTX~ie~t7heClsand in the same amount, as transfers from IPAT to the Cosimission,

In 1972 the Govenunent canceled B1. 727,000 of IF4'Ps debt. Tlhds transaction is excluded from transfers receivedand amortization paid for 1972 but is included in disburselents in 1970s

Source - Ar, inns.al A DtcinTnA , ,.

Table 5.32: SUMARY ACCOUNTS OF HYDRAULIC RESOURCES AND ELECTRICITY INSTITUTE - 1965 - 1973


1965 1966 1967 1968 1969 1970 1971

.rrent Rev y e 1,909 2 170 2329 2 606 4 43 6 523 91 913,, 23 3 5361 4831

Operating Revetue 1,065 1,250 1,415 1,683 3,523 5,299 6,671 8,673 13,585 22,258 10,868 37,753 40,521Subeidy fvor Central Government Boo 900 900 900 900 1,200 1,200 1,200 1,200 1,20 - 1,200Other Reveaaes 44 20 14 23 11 24 60 40 63 103 ,,, ... 110

CiurreWt_zex .:ure ,,1,102 12 1545 1,593 2,791 3863 0 7036 9358 16394 a 2093 j

Operational Costs 525 675 701 746 1,517 2,198 3,234 4,049 7,110 11,159 )Naintenatce 299 306 452 318 278 444 580 763 1,309 2,072 ) 7,160 22,143 25,418Other Administrative Costs 170 182 194 272 448 559 626 734 65 799 )Interest V 108 159 198 257 548 662 750 1,490 874 2,364 1,830 1,950 3,668

Current SaVLirt 807 848 784 1,013 1.643 2.660 2.41 2.877 4290 -72167 _ 1 3; 6 60O I.745

Cpial? lt Extp~,3ura e 7 3 5 2 674 3 92 852649 2 _ 867 5a76 63 2 2 0 3!,2 8 4, 657 B 6 1

Fixed Investmientas 1,705 2,636 3,365 6,734. 2,145 2,313 8,470 11,339 ,., 1.3,691Technical Studies 30 38 1,027 551 5G4 554 1,106 824 ,.. 824

Capital TrDansfers from Govrnment 689 462 891 2.827 -_ 49 52 2 42 9 642

Net Borroving.and Grants 552 950 289 7, 619 D11 -776 5 1254 4,1121

Gross Disbursals 552 950 289 7,619 1,629 144 7,187 13,655 16,229 29,884 20,377 3,400 20,981IBRD (552) (950) (289) ( 786) ( - ) (144) (1,819) (10,263) ( - ) (10,263) (14,406) ( - ) 11,400Suppliers' Credits ( _ ) ( _ ) ( - ) (6,203) (1,519) ( - ) (5,000) ( 2,076) ( 886) ( 2,962) ( - )Local Bonds (-) (-3 (-) (630) (110) ( - ) (-)( - ) ( 343) ( 343) ( -) (-)( _ )Other ( ^ ) ( -. ) ( -) ( - ) ( - ) ( - ) ( - ) (1,316) (15,000) (16,316) ( 5,855) (3,400) 9,581)Grants (-) (-) (-) (-) (-) (-) (368)( 400) ( - ) ( 400) ( 116) ( - ) 116

Amortization 1,519 920 1,260 1,601 13,872 15,473 2,035 4,455 7,260

ahee in Short Term Assets and2Dicxo i r_-_ 376 87_6 _,630 844_54 - 1 -6,620- -4,29S-! -10,915 3,795 3537

1/ Five months only for 1972. For 1972 and 1973 Includes telephone and gas operations.2/ Mostly advance payments to suppliers.3/ Includes reduction of B/.3.0 million in short-term debit with local barns.4/ Vor 1973 breakdown of interest and anortization is estb ated.

Source: IRHE Annual Accounting Reports and Informe Anual, Comptroller General

* ,

Table .3: bUARY&u0I!Tui ni:iuliG TD UP ^ANIZATIOi^, TITUTE (iVU), t960 AND 1 _65-70 P 1 of 2

1960 1965 1966 .1967 1968 1969 1970 1971 1972 1973 1973

Current Revenues i,L416 3 21L 2A664 2L584 _ 71 27 3,180 58 71 3 769

Sale of Houses (Net) 117 1,122 -13 -84 -3 80 273 682 21 )Gross Sales , 1,772 2,572 1,692 2,946 1,490 2,020 5,299 10,668 ) 2/Costs , 6249 2,585 1,776 2,9249 1,,410 1,747 4,617 10,647 ) 5,666;-

Sale of Land (Net) ... ... 248 229 186 .43 73 -78 *. )Gross Sales .* ... 1,393 950 629 636 641 ... *Costs .. .* 1,1144 721 442 593 533 925 ... )

SaIe of Building Iqaterials - - - 12 21 -32 8 - - )Gross Sales - - 4 194 143 27 10 - - )Costz ° 4 182 122 59 2 - - )

Rents 251 536 591 617 623 648 687 707 779 )Interest 94 412 630 642 756 671 939 1t,197 1,422 )Current Transfers froz Govt. 984 1,1,44 1,208 1,168 1,168 1,168 1,200 850 1,149 I.,200 1,200

Ourr _t s 266 2572 2 229 2 7305809 23 2 27240 3-22 '

Adndnistrative Costs 442 2,2224 1,520 1,941 1,659 2,210 2,189 2,115 2,147 1,501 2,500Iterest 24 3248 709 759 899 890 820 820. 880 1,344 1,344

Current Savils 980 642 435 -116 193 -322 17 1 423 3 55 1:ngonr otTransfers) C( ) ( ) ( -733) (_-1,W) 77) ( ) ( ) ( ) () (391

C iLtal &enditures 22a 1,728 3,.819 _1,616 2,671 562 2,216 2,6 2,0 ,0,gg~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~6.- 20 !L-90 unoaM2

liortgages (Net) -.. 1,618 821 991 2,632 204 .1,781 3,887 ... *eConstruction 100 2,973 544 - 459 180 67 0.. .4.

Maohinery and kquipment * 10 25 81 39 ( -101) 255 113 6.* a..

784 2E00 hCapital TransCeis fro~~~i Govt.- -~758 -1&65 1,A620 62_ J00 A 24100

f1242 862 53 2,,29 2,188 _ i 4396 62 4.1o

Gross lAsbursals 2,200 2,314 2,359 3,143 3,250 785 2,2248 5,223 574 10,262IDB( ) ( 105) ( 239) (2,2406) (2,111) ( 1524) (1,313) (2,776) ( - ) ( - )AID ( -) ( ) ( 200) ( 737) (1,139) ( 631) ( 885) (2,197) ( 5724) (5,862) (2,000)Bonds (1,700) ( -) (1,600) ( ) ( -) ( ) ( ) ( ) ( -) ( _Local Banks (500) (2,209) (120) ( ) (-) ( ) (-) _ (-) (-)

Table . SU1MARY ACCOIUNTS OF HOUSING AND U.RBIZATION INSTITUTE (IVU), 1960 AND 1565-70 Page 2 of 2

1960 i965 1966 1967 1968 1969 1970 1971 1972 1973

other ( ) ( - ) ( 2020 ( 4 ) ( ),40) (3,300)

Amortization 58 1%452 1,5o6 904 1,062 776 602 827 1,127 1,200 1,200

Change in .hort TermAssets (increaseo) andDlscra:ancy/ 107 224 1,773 507 205 -780 -1,221 -2,952 39573 -168 5 191?/

2/ includes sale of land e.part from current operations.Revenue jump and cash surplus caused by 13th :nionth contribution from workers not expected to be spent in 1973.Social Security

Source: Accounting Reports of IVU, various years and Mission Estimates.

E , . *0.0

* 0 Tab .e L4 : STJRY ACCOUNTS OF THE UNIVSITY OF PANAMA, 1960 AND 1965-73

(h"ousnt' of Ln^ 1as I

1960 1965 1966 1967 1968 t969 1970 1971 (stits Bu et.

Current Income 1,271 2 828 2 154 3 4 4 . 412I4 648 6 8,463 e25

University Fees 151 183 210 231 446 311 1,075 777 1,002 )Other income 97 295 313 387 206 226 326 273 315 ) 1,608Current Transfers from Govt. 1,023 2,350 1,631 2,794 4,301 3,611 5,513 5,859 7,146 8,645

Clircev4t Vw.%yA44.,-.. I I'Y1 ') 7cf 1 2 i Atf a 11.1. 1. hlt( 2 1. 1. r c! '7on n^lr L-!J I='4 OS'"4.d .dj :1444 4I"d' .:'s'44" 4

L " J1

:7. _A__

Wagos and Salaries 865 2,099 2,348 2,408 3,258 2,520 4,217 5,276 7,074 7,254Goods and Services 126 443 527 664 90921 653 1,070 1,071 1,153 1,438Transfers 53 106 69 72 273 159 408 410 558 831nterest 79 106 101 216 108 14. 126 121 130

Current saviu s 148 74 -891 263 293 704 1 049 -2 43 600TA o0UT r _Tr a n,f.s ~r T (72,22 (-,5317 2(-)(-) (-K)&-'t)6T (-_7,569) (-,764)

Ca ital nditu_e8 216 I,032 322 562 572 .7 !. 7315

GovemmentCapital Transf era 35 - 5 260 18 - 28 0 200 6

Net EBorrowin - -69 26 150 -74 -67 -71 25 1 1,

Gross fisbursals - - 100 1u50 - _ -u 195 1,150:LDB H) ( ( - ) ( )-) (_() ( (, ) t_ : ( 500)Social Security ( ) (-) (100) (i0S) () (i) ) - ) ( -LWeal Barks () (-) ( -) ( - ) (-) (-) () (105) (195)

Amortization - 69 74 - 74 67. 71 75 80 117

Cha n Other Amsets (-5ncrease)33 27/ 182 111 _6 1 26.

3] Reflects use of 500 mllion of Social Security Loan disbursed in latter half of 1964,/ Includes expenditures of previous fiscal periods, not available searately

Source: Armual Accounting Reports of the University of kPanama and Informe Anual, Comptroller General, various issuese

Table 5.35a: 1960-72 Elasticity and Buoyancy of Government Revenues

Revenue E R B R

Total revenue 1.07 0.98 1.16 0.96

Taxes on income and property 1.19 0.98 1.61 0.98

Income tax 1.24 0.97 1.70 0.97

Corporate 1.89 0.87 1.32 0.88Personal 1.24 0.97 1.71 0.97

Real property tax 0.93 0.92 1.05 0.93

Business net worth 1.02 0.74 2.75 0.85

Inheritance and gift 0.97 0.26 0.97 0.26

Taxes on foreign trade 0.52 0.62 0.70 0.77

Import duties 0.38 0.27 0.47 0.59import surcharge 1.60 0.98 2.08 0.98Ex and re-ex taxes 1.40 0.87 1.40 0.87

Taxes on domestic transactions 0.86 0.92 1.40 0.98

Beer 0.49 0.82 0.68 0.92Liquor 0.91 0.95 0.97 0.95Cigarettes 1.11 0.93 1.31 0.95Gasoline 0.67 0.04 2.55 0.76Other 0.24 0.12 0.24 0.12

Stamp taxes 1.60 0.97 1.61 0.97

Nontax revenues 0.92 0.88 0.92 0.88

Canal annuityNational lottery 1.16 0.98 1.16 0.98Race track and casinos 2.63 0.96 2.63 0.96Post Office 0.90 0.85 0.90 0.85Ship registry and consuls 1.26 0.77 1.26 0.77Other 0.47 0.40 0.47 0.40

Table 5 35b 1960-68 Elasticity and Buoyancy of Government Revenues

Revenue E R B R2

Total revenue 1.08 0.93 1.04 0.87


Income tax 1.46 0.97 1.87 0.96

Corporate 1.35 0.99 1.87 0.91Personal 1.54 0.96 1.93 0.88



Inheritance and gift -0.35 0.00 -0.35 0.00


Import duties -0.04 0.00 0.17 0.00Import surcharge 1.84 0.98 1.97 0.97Ex and re-ex taxes same 1.48 0.72


Beer 0.41 0.48 0.71 0.80Liquor 0.87 0.85 0.87 0.85Cigarettes 1.26 0.86 1.26 0.86Gasoline 0.67 0.04 2.56 0.76Other 0.43 0.13

Stamp taxes 1.61 0.92 1.61 0.92


Canal annuity -- -- --National lottery 1.23 0.95 1.23 0.95Race track and casinos 2.77 0.88 2.77 0.88Post Office 1.25 0.89 1.25 0.89Ship registry and consuls 0.42 0.31 0.42 0.31Other 0.29 0.00 0.29 0.00

Table 5.35c : 1968-72 Elasticity and Buoyancy of Government Revenues

Revenue E R B RZ

Total revenue 0.86 o. 25 1.20 0.93


Income tax 0.67 0.77 1.17 0.74

CorporatePersonal-



Inheritance and gift, 1.79 0.00 1.79 0.00


Import duties 0.62 0.86 0.62 0.86Import surcharge 1.25 0.96 2.18 0.69Ex and re-ex 0.35 0.51


0 Beer 0.63 0.99 0.90 0.89Liquor 0.60 0.98 1.05 0.88Cigarettes 1.17 0.93 1.94 0.96

GasolineOther 1.07 0.76

Stamp taxes 1.32 0.97 1.32 0.97


Canal annuityNational lottery 1.04 0.99 1.04 0.99Race track and casinos 2.81 0.99 2.81 0.99Post Office -0.43 0.00 -0.43 0.00Ship registry and consuls 2.07 0.97 2.07 0.97Other 1.20 0.68 1.20 0.68

.

of 2 pages

rab:Le 5,36a : First Government Revenue Projection from Existing Taxes, 1974-75(tihou3and Balboas)

1972 1973 1974i 1975Estimate

Total revenue 197563 225,200 251,064 278,180

Taxes in income and property 72,091 82,420 92,596 103,615

Income tax 59,967 69,520 78,320 87,857Corporate 34, 628Personal 25,339

Real property tax 8,960 9,500 10,565 11,715Business net worth 2,472 2,700 2,975 3,270Inheritance and gift 692 700. 736 773

Taxes on foreign trade 42,773 47,270 50,865 54,625

import dutues 30,997 35,000 37,500 40,100Import surcharge 11,013 11,500 12,535 13,675Export and re-export taxes 763 770 810 850

Taxes on domestic transactions 32,301 33,530 37,655 41 375

Beer 3,731 4,000 4,205 4,415Liquor 8,820 7,000 7,715 8,480Cigarettes 4,048 5,000 5,500 8,480Gasoline 14,758 17,000 19,100 21,180Other 944 1,030 1,135 1,250

Stamp taxes 8,013 9,500 10,955 12,580

Nontax revenues 42,685 522480 58,993 695

Canal annuity 1,930 1,930 2,095 2,095National lottery 18,274 19,220 21,573 24,135Race track and casinos 5,035 6,780 7,820 8,980Post Office 1,845 2,000 2,205 2,425Ship registry and consuls 4,980 5,750 6,785¢ 8,000Other 1 0, 621 16,800 18,515 20,350

Source: Mission Estimates based on following page

of 2 pages

Assmptions for Tax Projections, 1974-76

Growth in nominal GDP assumed to be 10.2 and 9.9 percent during1974 and 1975 respectively

Income tax: 1.1 elasticity, plus B/ 1 million more yearly frommore effective collection techniques

Real property: 1.1 elasticity

Business net worth: 1.0 elasitcity

Inheritance and gift: 0.5 elasticity

Import duties: 0.7 elasticity

Import surcharge: 0.9 elasticity

Export and re-export: 0.5 elasitcity

Beer excise: 0.5 elasticity

Liquor excise: 1.0 elasticity

Cigarettes: 1 .0 elasticity

Gasoline: 1.2 elasticity

Other: 1 .0 elasticity

Stamp taxes: 1.5 elasticity

Non-tax revenues

Canal annuity: adjusted for dollar devaluatiorn

National lottery: 1.2 elasticity

Race track and casinos: 1.5 elasticity

Post Office; 1.0 elasticity

Ship registry and consuls: 15 percent annual growth rate

Other: 1.0 elasticity

of 2

,Table 5,36b Second Government Revenue Projection from Existing Taxes, 1974-76(thousand Balboas)

1972 1973 1974 1975 1976E6timate

Total revenue 197,863 225,000 253,269 284,675 320,214

Taxes on income and property 72,091 82,420 93,217 105,433 119,252

Income tax 59,967 69,520 78,697 89,085 100,844Corporate 34,628Personal 25,339

Real property tax 8,960 9,500 10,754 12,174 13,781Business net worth 2,472 2,700 3,024 3,387 3,793Inheritance and gift 692 700 742 787 834

Taxes on foreign trade 42,773 47,270 51,222 55,505 60,147

Import duties 30,997 35,000 37,940 41,127 44,582Import surcharge 11,013 11,500 12,466 13,513 14,648Export and re-export taxes 763 770 816 865 9S.

Taxes on domestic transactions 32,301 33,530 38,198 42,901 48,211

Beer 3,731 4,000 4,240 4,494 4T, 764Liquor 8,820 7,000 7,756 8,594 9,522Cigarettes 4,048 5,000 5,600 6,272 7,025Gasoline 14,758 17,000 19,448 22,249 25,453Other 944 1,030 1,154 1,292 1,447

Stamp taxes 8,013 9,500 11,210 13,228 15,609

Nontax revenues 42,685 52,280 59,422 67,608 76,995

Canal annuity 1,930 1,930 1,930 1j,930 l,930National lottery 18,274 19,020 21,531 24,373 27,590Race track and casinos 5,035 6,780 8,000 9,440 11,139Post Office 1,845 2,000 2,360 2,785 3,286Ship registry and consuls 4,980 5,750 6,785 8,006 9,447Other 10,621 16,800 18,816 21,074 23,603

Source: Mission Estirmates based on following page.

of 2

Assumptions for Tax Projections, 1974-76

12 per cent growth in GDP (nominal)

Total revenue

Income tax: 1.1 elasticity, 13.2 growth rate

Real property: 1.1 elasticity, 13.2 growth rate

Business net worth: 1.0 elasticity, 12.0 growth rate

Inheritance and gift: 0.5 elasticity, 6.0 growth rate

Import duties: 0.7 elasticity, 8.4 growth rate

Import surcharge: 0.7 elasticity, 8..4 growth rate

Export and re-export: 0.5 elasticity, 6.0 growth rate

Beer excise: 0.5 elasticity, 6.0 growth rate

Liquor excise: 0.9 elasticity, 10.8 growth rate

Cigarettes: 1.0 elasticity, 12.0 growth rate

Gasoline: 1.2 elasticity, 14.4 growth rate

Other: 1.0 elasticity, 12.0 growth rate

Stamp taxes: 1.5 elasticity, 18.0 growth rate

Non-tax revenues

Canal annuity: 0.0 elasticity

National lottery: 1.1 elasticity, 13.2 growth rate

Race track and casinos: 1.5 elasticity., 18.0 growth rate

Post Office: 1.0 elasticity, 18.0 growth rate

Ship registry and consuls: 1.5 elasticity, 18.0 growth rate

Other: 1.0 elasticity, 12.0 growth rate

Table 5.37: Projection of Government Expenditures, 1974-1980(Million current Balboas)

AmnualGrowth Rate

1974 1975 1976 1977 1978 1979 1980 %

Ministerial Current Expenditures 1I1.9 6l8.l'. 184.9 203.4 223 7 9266. 270.7 9.0

Transfers to Consolidated Public Sector 31.6 32.4 33.2 34.0 38.5 42.3 46.4 6.6

(Social Security) (15.7) (16.3) (17.9) (19.7) (21.7) (23.9) (26.3)

2/Transfers to rest of Public and Private Sector 9.0 9.0 9.9 10.9 12.0 13.2 14.5 8.3

Interest 32.0 36.0 37.9 38.2 38.2 36.5 35.7 1.8

(Internal debt) (9.5) (13.6) (14.9) (14.2) (13.8) (13.5) (13.0)

(External debt) (22.5) (22.4) (23.0) (24.0) (24.4) (23.0) (22.7)

Total Curren Exp, nditures. 234.5 245.5 265.9 286.5 312.4 338.1 365.0 7.7

Direct Capital Expenditures 41.4 42.9 62.6 77.1 83.9 86,6 91.7 14.2

Capital Transfers 25.6 35.7 25.0 23.5 20.9 18.5 18.3 5.5

_t 67.0 78.6 87.6 100.6 104.8 105.1 110.0 8.6

Amortization 22.3 25.4 27.5 32.0 51.0 52.5 55.1 16.3

(Internal debt) (10.2) (12.8) (14.6) (15.2) (15.9) (17.0) (18.3)

(External debt) (12.1) (12.6) (12.9) (16.8) (35.1) (35.5) (36,8)

1/ Asoumes Ministry of Health hospitals turned over to Social Security System, and savings to Government of about B/10 million.

2/ Agricultural Bank (BDA) transfers which rise from B/ 1 million to B1 1.75 million not included in consolidated, so placed with other transfers.

Source: Mission Estimates.

Table 5.38: CENTRAL GOVERNM*iNT INVESTMENTS, 1974-80

(millions of Balboas)

1974 1975 1976 1977 1978 1979 1980

Agric-lture. Total

Transfer to BN 0.3 0.3Transfer to BDA 4.0 4.0 4.0 5.0 5.0 5.0 6 0Irrigation schemes 2.5 2.5 2.0Ministerial equipment and support 0.5 1.0 1.0 1.0 2.0 2.0 2.0

Tourism, Total 0.1 2.9 2.5 3.8 3.2 0.7 0.5

Transfer to IPAT 0.1 2.9 2.5 3.8 3,2 0.7 0,5

Transport, Total 29.7 39.8 45.5 51.3 51,6 51.4 43.6

RoadsDarien project 111.1 90.0 8.7 10.6 14.2 14.7 16.9 14.3 16.2AM'-BID TII 3.5 2.1 0.5 1.0 1.0 1.0

CAM-BID II 5.0C&M-BID regional 3.0 4.0 6.0 6,0 1.0Panamna-Colon highway 1.4 3.3 8.0 12.0 18.8 13.0CAM-CRA 0.5 0.3 0.2 0.1Maintenance equipment 2.5 2.5 1.0 5.0 5.0Work brigade 3.0 3.0 3.0 3.0 2.0 2.0 2.0Road rehabilitation 5.0 5.0 5.5 6.0 6.5 7.5 8.0

portsFish port 3.0 3.0 3.0Other ports 3.0 7.0 9.0 9.0 4 0

Airports (transfers to DAC) 7.0 7.0 1.8 -0.5 -0.8 -1.2 -1.6

Utilities, Total 9.0 13.0 5.0 3.0

Capital transfers to IRHECapital transfers for telephones 5.0 5.0 3.0

Education, Total 9.0 4.3 4.7 8.0 8.5 8.0 8.4

Ministry of Education/AID sector loans 6.8 1.7Ministry of Education/AID II 2.0 5.0 5.0 3.0Other ministry 1.0 1.5 2.0 2.0 2.0 3.0 6.0Capital transfers to Union of Panama 1.2 1.1 0.7 1.0 1.5 2.0 2.4

Health, Total 8.6 4.8 4.9 6.5 6.5 6.0 6.5

Rural nutrition I 3.1 1.2 0.7Rural nutrition II 0.5 1.5 1.5 2.0 1.0Rural health program 0.5 0.6 0.7 1.0 1.0 1.0 1.5Capital transfers to IDAAN 5.0 3.0 3.0 4.0 4.0 4.0 4.0

Multisectoral 4.8 4.0 9.5 11.0 12.5 13 5 12 0

Preinvestment 0.8 - 0.5 1.0 0.5 0.5 -Regional development (Darien) 3.0 3.5 5.0 5.0 50Capital transfers to municipalities 4.0 4.0 6.0 6.5 7.0 8.0 7.0

General 1.0 2.5 4.0 3.0 3.5 2,5 3.0Transfer to Industrial Bank 1.0 2.0 1.0 1.0Other; mostly Government buildings 1.0 1.5 2.0 2.0 2.5 2.5 3.0

Unknown projects 3.0 5.0 12.0 20.0

TOTAL 67.0 78.6 87.6 100.6 104.8 105.1 110.0

Expected official disbursals 19.7 19.6 31.2 38.6 43.4 30.5 13.7

U.S. grant 5.8 7.1 9.5 9.8 11.3 9.5Eximnbank 2.9 3.5 4.7 0.5 - 2.5 2.5AT) 6.1 3.0 4.0 1.5 1.5 4.5IDB 4.9 2.2 3.4 8.5 8.0DBRO 3.8 7.8 11.4 15.0 12.0 7.7

Unknown 1.8 1.9 2.6 2.0 3.5

Remainder (counterpart) 47.3 59.0 56.4 62.0 61.4 74.6 96.3

Source: Xission Estimates

lable 5.39: SU1-RARY PROJECTION OF SOCIAL SECURITY SYSTEM>1974-1980(Million Current Balboas)

197 1975 1976 1977 1978 1979 1980

Current Revenues -4--102.9 1-11. 127-- 1-37. 1. 161.

Current E.epdit,ures 72.8 90.1 99.2 109.1 119.9 131.2 145.2

uUrrent Savin. E1.6. 4,8 3.1 2.6 7.3 6.3 3.4

apIta Revenues 7.4 i.9 9.8 9.7 10.1 10.9 11.7Pubiic bonds 75 70 72 7.2 . .7 9.7Private loans 3.1 2.9 2.7 2.5 2.3 2.2 2.0

Fixed Investnments 2.5 2,5 3.5 4.0 5.0 5.0 5.0

Available for Lending 19.5 11.2 9.4 8.3 12.4 12.2 10.1to Public Sector -

Assumptions: Current revenues increase at 9% yearly; 6% from work force expansion and. coverage, 3% from wageincreases. New SS..^increase in 1978 provides B6 million yearly. Current expenditures jump to ab-sorb about B/10 million in hospital costs in 1975, then grow at 2/3 1968-1972 rate of 15%.Portfolio lending only to public sector institutionsHospital program slows after recent major works completed, then expands after 1975.Capital revenues; No private loans made so mortgage payments decline by 1/15 yearly; public loansmade from "1available for lending" have 15 year terms.


Table 5 5.I0: SUMMARY PRJECTION OF CIVIL AVIAT[ION DITECTORATE,197Li-1.980

(Thousand current Balboas)

19714 1975 1976 1977 1978 1979 1980

Current Revenues 43143 586 6Ai78 7112 87115 8 5

Current Expenditures 2 947 4 040 14 485 4 799 14 922 5 057 5,193Of which: Non Interest 2 T 38 ,Interest 353 958 1,239 1,386 1,331 1,272 1,208

Current Savie 1,396 1,546 1,993 2,213 2,616 3,058 3,562

Capital Transfers from 7,010 6 6 8 -468 -811 - -1,637Government

Ca ital Expenditures 16 600 16,800 3 500 1,000 1,000 1,0002 L

Financing (Netj 8,194 8,294 -295 -745 -805 -860 -925Disbursals 5 ,300 75,400 40IBRD 8,300 8,400 400Other - _ _Amortization 106 106 695 7145 805 860 925

Memorandurn Itemn: Loan Coromitments

#/ Negative transfers are repayment of prior Government transfers totalling B/ 18.5 million between 1970 and 1976

Assumptions: Revenue growth 6.6% higher than IBRD Tocumenappraisal report, reflecting 1973 performance; currentexpenditures 3.7% higher t.han appraised;Tocumen airport cormpleted in 1976; Government capitaltransfers about B/ ).7 ,nillion higher than earlier estimated, and DAC continues program of aboutB/ 1 million yearly afteer 1.977. Government transfers repaid after 1976,

Source: Mission Estimates and IBh) Tocurmen iopraisal Repo.rt.

Table 5.-41: SUMHARY PROJECTION OF COT&.N FREE ZONE, 1974-1980(Thousand Current Balboas)

1974 1975 1976 1977, 1978 1.979 1980

uurrent Revenues 2 000 2 -65 2 33q0 2 00 2,900

t1urrenEedtu 1M1 L7 h 1&886 2 039 2 231Transfers to Social 33 37 40 4

SecurityInterest . 511 557 603 669 684 759 868IT-nlnUerest 900 1 t1P.0 1 160 1 915 1,1

Current Savings 556 613 670 706 814 861 889

gitalExpgg 2 ni28ures 40 4 200 62 200 2 L8

.borro 'ig Net 445 533 573 747 81 1 230Uisbursals 1,200 1,350 1,WOO 1,700 1,000 1,iii 1,900Amortization 755 817 827 853 919 562 676

2Gp 1,199 1,654 2,957 147 1,305 701 -213

Assumptions: Livsey, Henderson "worst case" has been chosen by Colon Free Zone for expansion, since France Fieldwill not be available in near future, so move to France Field delayed to 1978. Livsey, Hendersonconstruction costs have been doubled based on 1971-1973 experience, but their administrative costgrowth rate has been used. Tariffs were raised about one third in 1973, so Livsey, Henderson'srevenue estirmlates adjusted accordingly.

Source: Livsey, Henderson and Partners, ItEstudio Para el. Desarollo de la Zona Libre de Colon", 1971 andmission estimates,

Table 5 4 2: SlUMMARY PROJECTrION OF NATIONAL WATER ANiD SEtWERA(?`oINSTITUTE, 1974-1980

(Thousand Current Balboas)

197h 1975 1976 1977 1978 1979 1980

Current Revenues 9,350 10,310 12 390 13,430 14190 14 950 36 060TSale o.f - L-e-r 7,00 9,8w 10,700 11,300 1-1,900 CO)(National Government) (400) (410) (4~20) (430) QdiO) (45o) (4W6o)Valorization Tariff 2,000 2,100 2,200 2,350 2,500 2,650 2,800Other 350 360 370 380 390 )400 410

Current Expenditures 7,762 8,692 1],770 12 200 12,610 13,150 13,700Cperation.al Costs ,700 7,900 10,100 1- 11,100 11,700 12,300Interest 1,062 1,192 1,670 1,600 1,510 1,450 1,400

Current Savings 1,588 1 618 620 1 230 1,580 1 0 2 360

CEyLt.a.l_ ExornditLure i2X00 7,000 I22 7i&° -7,fOOi00 9,000 10,000

Capital Transfers 5,000 0OO -3Ot0ooo 4 oo from Gov'tt

Net Borrcw:in 3 386 1 718 685 1 855 596 2 184 12Gross Disbursals 4 2,1j5 24000 !,000 3,000IDB 1,805 2,160 2,150 2,385AID 3,000 1,000Other 1,000 2,000 L4,OOO 3,000Amortization 1,419 1,hh2 i,465 1,530 1,40LL 1,816 1,740

26 66l4 695 -85 82L 17016 2,380

Memorandumn Item: New External Loan Commitments

Assumptions: Panaa City aJ ater project ends in 3974; IDB rural project beg-ins in 17/-/; .20 million ProviincialCity project begins in 1977 wi ,h external assistance.

S>,o IrIe: IDB and mission est rmat,es.

TAI3i-., 4h3; SIG4AR1Y PROJECTION OF VOCATIOQiAL TMINING INSTITUT13 (IFMiTU),197-1 980

(million Current Balboas)

1974 1975 1976 1977 1978 1979 1980

Current Revenues 6.1 7.7 , 8.0 9.2 10.3

Educational Insurance 1/ 5.0 5.5 5.9 6.5 7.1 7.7 8.4Other .1 ., .2Governne:t Transfer 2.0 2.1 1.3 .7 .7 1.3 1.6

Current enditures _.~ 59_2 _.6 6.0

SThol artship~. 2,5 2.8 3.0 3.2 3.4 3.7 3.9Operational . 2.0 2.1 2.2 2.3 2,th 2.6 2.7In:t; -res- t- - - .1 .2 .2 .3

Sav wngs

2.6 2.8 2.2 1.8 2.0 2.7 3.6

9a~it~i.Exp ures 2.8 _.2 3.8 3.5 3.2 3A4

Net Loans 2.5 2.6 2.7 2.8 2.9 3.0 3.1Fixed .1 .2 .5 1.0 *.6 .2 .3

Borrowi.n , net 3/ 1.0 2.0 1v5 * 5

1/ Expands at 9 percent yearly; same as Social Security.2/ Expaads &;1 only 5 perrer t yearly because of swAT.gs ini scale,3/ Assuxes soft loano (5 percent interest, 15 years term, 5 years grace) of $5.0 x.il.1ion directly to

IFAR}H{ in Iate 19750

Assuipptiono P DRHIH retair-s operation of training centers and expands their capacity daring 1976-1978;Go~tc>;;r2>rue3x1 co ~tirw.: -xe$ to pay ab' . l.fi. Jit,XlUe$ prioe:>r loans,^ but so.ft 1oas: xnad6 by- len:dinPsgagv,r.i,c- dI t-cl1y to IJ,ARiNU in 1975e

Sour-cel 7.$s .ion Estjl iatoa

TabiDlD SUMARY PROJECTION OF ELECTRHU4TY AND E YDRAULLICRESOURCES INS ITUTE, 1974-1980

(thousarnd current Balboas)

1974 1975 1976 1977 1978 1979 1980

CurreX1t Reveni.1es 33,522 38,204 414,590 8,584 53,9956 60,9oo 67,300Operating revenues 32,202 36,066 42,900 46,9959 52,136GoVern:n .eit Current transfer 1,200 1,200 450 45C) 500Other iXIcone 120 130 1140 16C 170Reven11. Increase 1/ 808 1,100 980 750

Curreat Expenditures 25,381 29,495 31,119 33,599 38,356 44,300 $1,000No}J Interest 2/ 20,022 22,269 22,513 224,01C 27,406Interest 5,359 7,226 8,606 9,5&5 10,950

S?.Vigs 8,11L1 8,709 13,471 14,985 15,200 16,6OO 16,300

Capital Transfers fromGovernment 9,000 8,000 - - -

Capital. Expenditure 49,359 35,323 26,972 28,361 35,533 40,000 t140,000

Borrming, net 35,475 .1e,157 I." 14148 13,080 19,233 24,000 214,000Gross 3Isb-argals 35,2146 22,372 24,887 21,7841 30,261 314,000 314,000

IBRD 28,687 1o,867 8,562 672 - - -Suppliers and Eximbank 2,059 1,003Fature Foreign Loans - 2,002 8,825 13,612 20,261 24,000 24,000Local Banks 14,500 8,500BondS 7,500 7,500 . 10,00W 10,000 10,000

Axortization 3,771 14,215. 11,1439 8,7014 9,838 10,000 10,000

Change in Cash Assets= increase) 743 457 53 296 -90 -600 -300

1/ 3 percent tariff increase in 1975 to make 8-3/4 percent return in 1975,/ Minus depreciation.

Assumptions: Until 1978, I1RD Power III Appraisal Report, After 1978 only gross estimvtes n,ade, withforeign loans being 60 percent of B/ 40 nillion invrestmenlt level required for completionof Fortuna project.

Source: Mission estimates.

TgaBg 545j6 SUKKALiY PROJECTIONS OF IPAY 5, 1974-1980\ ,woAr =4, current. Balboa r

197h4 i975 1976 1977 1978 1979 1980

Current Revenues 2,475 2,770 3,110 3,600 4,O00 )4,500 5,100

(Governmrent Transfer) (500) (5uo) (500) -

fThrrent Expenditure 2,170 2,390 2,630 3,400 3,740 4,115 4,525

Savings 305 380 480 200 260 385 575

Capital Transfer5 from Government 100 2,920 2,520 3,800 3,24.O 665 475

Capital. :i wp1n t re 1,300 8,700 9,000 10,000 7,00C) 750 750

Financing, net 900 5, N00 6,ooo 6,ooo 3,50o 300 W300Disburesalss 900 5, 400 6,000 6,000 3,,500 - -

AID 900 3,000 1,000 -

IDB 2,000 33000 3,000 2,000 - -

Other lboo 2,000 3.,000 l500

Amortization 300 300

Assumptions: $7.5 million convelntion Center is built by 1976 and operatiorn is profitable for IPAT;

Revenue growth abou.t 15 percet, yearly and cuarerlt expenciture groKt,h rises to 10

percent yearly; profit from Convention Center about B/ 100,000 yearl.y.

Sourcet Mission estimates.

Table 5.146: SUMMARY PROJECTION OF NATIONAL .)RZTGAkE BANK,19714-198o ( Million Current Balboas)

1974 :1975 1976 1977 1978 1979. 1980

Current Revenues 10.72 ii.54 12,40 1 3-3 14.33 l5b3 :16.62Net Rents, In j 737 3- ,3 -To '7-i i. 7oterests & SalesFromn 2/9 of 13th Month 6.20 6.76 7,37 8.03 8.75 9.54 10,1,2Current Transfer 1.20 1._20 1.20 1.20 1.20 .2 0 1.20

Current 1endi tures 3.88 3.88 3.88 4.65 4.6o 4,69 4,75NOD Interes-t- 9o, T09S 3.00 3,10 3.20Interest 1.08 1.03 .98 1.70 1.60 1.59 1.55

Current SavTin 6.84 7.66 8.52 8.68 9.73 10.74 11G87

Ca itaJ.l. nd3it4VUres O11.00 12.10 15.21 15-33 ,17.21 16.1to 17.00Mortgages, Net 10.00 11d0 TO 7OO 1 5 15,00 iTbdConstraction 1.00 1.10 1 '21 1.33 1 .11o 1.00

Boro ne 5.75 4 .73 7.96 4.50 5Gross Disbursals 7.00 -.00 7.00 9,00 7*00 7.00 8.00AID 7.00 6.OO 200 4.00 5e,OO 4.00U.iS. Banks (AID 5X00 4.00Guarantee)Other 1.00 2.00 3e00 8.00Amorti zati on -1. 25 1 .2 7 1.4l1 2 .04 2 .15 2 .50 2 .65

C in Assets -159 -0.29 1.10 -0.31 2,63 0.86 -. 22

;/ Rents from IFE's holdings asstimed mlnir,al; sAles of homes assumed at cost3 hence revenues frorm rents andinterest projected at present, the construction and rnortgage expension rate.

t/ Excludes investmnernt in homes constructed for saleNote: $9 niillion borrowed in 1976 with 15 year terns,9 8 1/2% interest; other borrowi.ng from official lendingagencies and local bonds.

Srce: Mission estimrates.

Tabla 5.47: Sb DMA?RY P2>TKI -DN OF' DrftYI OF ?M-AN % 197Li-1980(Thousand Current Balboas)

1974 1975 1976 1977 1978 1979 1980

Current Revenues 10,285 12 250 13,025 13 800 14,750 i6,100 i7,51o

Old Fee 17te 20 2,•50 200 2,700 3,600 3&3T6Dou.bled Fees - 1,250 1,275 1,300 1,350 1,500 1,670Govtt. Transfer 8,500 8,500 9,200 9,900 10,700 11,60o 12,500 (8%

growth yearly)

Current Ex enditures 10 1o0 12v2I3 12,690 14,105 15 605 17380 19 270Nloninterest 10,000 12,000 12L 1,0 17;200 i9,10

Tnterest 190 210 210 205 205 180 170

Current Savings 95 40 335 -305 -855 -18o -2860

C,aEtal i:xsnchtuires ~,200 32100 22300 LOOQ9 1LOQ0 -900 1O000

eite1Tran ers 1/ 1150 1 070 740 2 1000from Gov Tlt .520

Net Borrowing 1 885 1jt825 )285 270 .250 290 290Oross tasbursals WE-. 500 7IDB 2,000- 2,000 1,500Other (from Local 500 500 50Q 50o

bonds yearly)Amortization 115 175 215 230 250 210 210

70 165 -6o 35 105 -10 70

Aosstnytt .ons - Govit. repays AID constrc,.ctLion loan for new University Centers, stuIdeDt fees increased 50-`percentin 1iq7 ith Iittile impact on student body growth; IDB exxpansion project delayed one year; TIJnivers-ityregionafl centers open in January 1975i, buta tcor.>e *oJt la,-,god s t1b'l:.l, and la. requS.rP.g professors

to geo1 15% aunriaal vge increase is ahol.s'hned.2 / ®Kuara;we½ed tby I i.can4

S,' c; e's TD. r8 K1r , 5 jg. .t8I9.1{1 1 ' ' ; * '-

______ 6~CGRT x_Wral IT ki U 1ls~ 90221972

(t&e-asine at11f 0

7lnos ofMinietry n Ottyo

C- l Ois.t.c Otoos,rr Woi try Agrtieslcr. Ministry oflerarrallar cr4 Cur~~~~~~~~~yriga Kfniocoy of liuLntsy of ed of SnOut and iIty I8 a

MA1. 54.5- U512.9 197.4 511.0a 870.6 153.2 2,275.2 448.2 4,652.9 426.0 19.7

1965 ToalL2A .. LZL 11.111.7 5611 2._2- .1 21.3012.3 477.5 3,3_79.3 2._531.4 12,198,8 8411.8 031.3

lareensi Services 5~~~, 2. 0 ,I'S 0 349.59 1425.5 20,27 29,2557 320.5 1,89.3. 1,419.1 7,287.2 353, 1 go8. 6Othor Current 12.~~LIY 15. 2C5.4115 2115.11 C44. 1,156 1311.6 1,4184.5 1,14-0.4 4,931.6 490.7 22.7

196 &cs 1,210. 5 c I _11915.1 21_6. 9 2ZQ2 636.14Q .7511 lIJ AaLa WLI 9 uLl2

?eeozaal leveler. I 54 ~~~~~~1_~.2 2,44,.4 190512 2,52:.4, 21,3550.6 416.5 5,2911.0 1,095.9 8,451. 3 42,2.41 981.0los-oronlInec 1a 579. 161.95 a4c. 5 557. 9,8 1,257.7 138.0 509.2 120 9.11

Tranofors ~~ ~~~~~~~ ~~~~~~4 ,5.1 101.1 15.11 07.8 - 101.1 1,0167.3 2,624.1 -1.

G- sts 7 221 27 61 261.0 1.4 5108,2 179.3 2,984.9 3. 40.8

1947 1ctl 4 5_.61 fKlBc AA,L,- ZLZkiL aLA LInil iiLML. 1ZL U lL~,

Pere-o Ivie, 1,172.4 1,234.5 12,223.2 2145,1 2,444,4A 24,038.0 4941.6 0,250.1 1,971.1 9,904.2 314.5 5,181.7lloe-peroecel See-noes ~151.1 l14.0 559.3 1512,3 566.1 399.4 19.5 725.1 119.4 193. 8 20,1 11.01~~~rnoeters a...~~~~2~ - 995.2 113. 3 117,51 544.4 0.3 411." 1.291,7 2,255.0 467.4 -

leneral ASolIle tentreraces 51~~~~~~9.5 154.9 1,560.7 155,2 1225 811.9 -23.0 5,212.1 29.1 3,237.9 31.2 13. 3

5940rs, I ,~7l 17411.~9 15.1_9s1 53,, aQ. 1 2L±973 2 641.7 I .14.0 4.1118. 10.4701.2 15.311.9 1 _540,11

PesnlSrices 1,955.2 1,522.4 12,744,4 1199.11 2,94.2.2 28,207.5 392.3 4.7801.4 2,243.3 10,338 0 681.7 1,296.0Soe-prronoel los-vices 226.0 90.2 471~~~ ~ ~~18.5 198.6 432,0 34, 31 719 130.3 298.0 24.2 54.0

Tranfers 2.1 11.4 5,047.2 539.1 1 ... 03 7. 1,320.2 2,310.1 012.0uesoea,4~~nic5otr15tee ~197.1 113.2 5,205.0 171.2 12.1, 50Ci 21.6 30.5 . 8712 316.7 3,478.5 0,5 50.0

14119 Total 2.1011 -_26 .5 19_.171, 2257. 32 Q_$2 6 659,7 7,012.7 4.6(62,11 17.1_12.7 1,571.1 1,7_495.

etroncal Secelses 2,31' ' ~~~~~~' 54.5 11,212,0 1611.46 3,56n.Y 50,040.5 309.9 4,217.7 2,677.2 10,498.3 771,.2 1,1192.6Nan-personol ServIces ~24. .125 742,1 243.2 292. ~7 391.1 23.4 041.1 14.315 2.112

Tr efor-. 4 4. ,1251. 232.1 217.4 801.7 190.4 133.3 1,339.3 2.728,6 740.3

rIots ~~~~~ ~~200 2 1768.2 2,295.0 226.0 273.7 3817.5 16.0 2,681.6 4101.0 3,616.8 51.7 21.7

1970 Total L ' 15.5 j2! 91" 2156.1 4.210,5 511,311.2 365.7 jaQ .a 5,9794 1 9,101.- 1 7jj7.9 1,156.6

Pereresl loreteos ~~~2.722.5 2,053.7 111,314.3 2573.1 3,192.3 2,4,302.0 1.142.,4 6,200.9 2.913,2 111,725.4 911.4 1,760.2Ooe-p-reoa Serice 2642 1 '4 .3 1,0351.1 215.4 513.0 442.1 96.3 920.4 175.0 510.2. 51.8 54.4

Teano4e4 .408 1,307.4 223.4 180.5 773.5 226.3 25.4 284.6 2,99.8. 700.0

cets 251. 30. 3,1115.6 272.1 147.7 5, 014.6 16.7 2,397.1 540.0 3.925, 4.1 51. 3.2

1971 mini 2,251.8 ~~~~~~~~~~~~~~~~~~ Z4L_2. 52L1.4 £&a 2 717j.l ,74 _Z4 11 .739.6 LA4,.6 19,_354. 5,062.2 2,0-16.9

snrs 2,745,5 2,3524.1 59,36262 1511,1 2 s,7 40,145 7 1,4106.3 0,326:0 5,400,5. 14,153.1 1,725.2 1,5. aNe,-pee-1n Service 195.2 2.1 1,154.7 .3110.2 5,, 1 401 3 124.7 1.1157.2 237.1 800.2 61.5 41.8l rs-sfe 204 203.9 1,555.2 330.9 1-5543 145,2 54.0 2115.4 622I.5 .728,5 96, W

aseco 144.0 391.4 ~~~~~~~~~ ~~~2,1155.4 2.11.7 9e3 00.4 2,123.2 542.2 3,907.1 47.3 26,1,

P-soes 1a 2evc ,599.4 1,900.0 213,991,9 29144,1 4, a.,. 1 4'727.7 1,310,0 10,3112.3 5131 17,751.0 1,294.5 2,0111.1c-eeelSeriecs 711,0 345.0 1,024,Z 62,173 64j S7Ir 3 177.1 1,104. 30;4.9 4711.0 05.1 41.1Transfers ~~~~ ~~~~~4.2 245.6 1, 2112.4I 297.3 2 020.2 39.2 542.9 657.7 745,4

tests 2~~~~ ~~106.1 510.5 2,262.6 251.9 221.11 1,022.1 12.0.3 1,621.3 053.3 4,920.4 65,2 14.4

1972 _ral3278. 79 2.111 2.223 6 4422 §j,j~ a 15.121, 2.411,9 2.77 1.934 1,40.

feesoosi Sorvices ~~~2,743.4 2,154.2 20,5711 4 2735 0 2 5. 4501 1,556.3 10,045,5 4, 49,7 16,232.3 1,0352.0 1,675.2Se,s-par,nool 'ervlaca 2~40.1 .210.4 1,442 0 217.0 73_. 1 3 .7 575.6 1,477.4 336.3 170.1 01.41 31.9Irsenfece 2~~ ~ ~~~~~~.0 26.2 1,552.0 204.2 12. 391 .0 113.11 20.1 129.5 664.9 737.1 -

ceoto ~~~~~~195.0 970.0 4,452.1 14. 1 5229. 5,494.0 55,3 1,767.3 760.4 1,047.4 64.6 29.0

1973 _1LotnO(Od0o) 2,252,0 4,274.4 19,463.4 4,114.5 ,4. 3320,L,F5 atIlSO 142640,.0 0,973.0 22,94.2 52,035.7 2,1138.0

F. nel-.e Notional A-anly, SOtfiseo.. l, D- e bltt, Iet I S olsssl d 34510.e Hioiee oi enoot, .podui tors balm 92 L45i0o. in 19725The br-adew tail1- ts .e. .s.pts n.4. i. ble5.2, boat ceetol sessicyet7 eto, n oevs,ooo ls snten yaalsbeloloesy, end t.Wesey -sssaen (i1w 0025 r 1.1uISd ince sfot If Lo. tfo#oros-v wsoeero On ths Miniostry of Public Vorte -oe stpernast io 1972. SuansfOro ceteldo cich oetie beanh 4ed public Sobt p555eeto aee -s,alsdd

2/IS Ministry of C-asrte od loSestry .se 7545 n2 the H00-siory af 4aslsc a LOas,-taa .ansI sI lt 51.cs .sO Ab oc isoocialWel fare v- pet of tho, MIlicry ef Heoltissot 1-969. floe eS h=e a ossoldlesod their dept oeotI o94sosStuxoo to hoe ne LO.estxies,Sot so perlss hvebes Itt b-n kept silO the parent oleiotey,

SoresMsioei so -loOcs .l teen Anoso te-oto ef CcpallrO o ons 5972 bofgtt.

VI

BANKING

Table 6.1 ACCOUNTS OF THE BANKING SYSTEM, 1960-72

(US$ millions

1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972

Total Foreign Assets 38.9 34.6 39.5 46.1 30.0 49.5 90.4 74.0 91.7 190.9 320.1 493.7 964.9Licuid Foreign Assets 24.0 16.8 20.3 25.0 18.3 32.5 38.3 40.9 48.0 84.7 65.9 104.5 ,333.

Foreign Loa-os and Credjts 14.7 17.7 19.2 21.0 11.6 14,0 45.9 30.0 43.4 104.9 246.6 376.2 610.3

Other Foreign Assets 0.2 0.1 - 0.1 0.1 3.0 6.2 3.1 0.3 1.3 7.6 13.0 21.3

Total, ioregn Liabilities . 42 A5._ A5A AL4 14A 1~ D_9, 4 266.7 4408 58 _ L921

Depo its from Non-Residents 38.2 41.2 47.3 46.6 42.9 71.5 107.7 110.1 124.8 234.3 411.0 579.2 1,106.7

Dematnd 31.7 (35.5) 37.2 35.0 (30.3) (40.9) (57.4) (51.4) (46.7) (83.0) (213.0) (53.2) (60.1)Time and savings (6.3) (5.5) (9.8) (11.3.) (12.2) (30,3) (48.2) (54.9) (74.0) (149.8) (194.4) (521.8)(1,032.1)

Other restricted (0.2) (0.2) (0.3) (0.5) (0.4) (0,3) (2.1) (3.8) (4.1) (1.5) (3.6) (4.2) (14.5)

Othc-r Foreign Liabilities -1.4 -1.1 -1.4 -1.1 3.6 3.1 10.7 6.4 14.6 32.4 29.8 78.8 85.4

NET FOREIGN LIABILITIES -2.1 -5.6 6.3 -0.7 16,5 25.1 28.0 42.5 47.7 75.8 120.7 164.3 227.2

Total Dome6tic Assets 88.5 100.3 115.2 129.4 150.7 176.4 214.7 25, 8 299.0 367.7 505.3 534.3 863.6Liquid Doraes.ic Assets 6.9 8.2 13.1 14.2 10.3 '3.3 21.9 23.2 33,9 29.4 61.5 66.4 106.4Dome.estic Credit 75.6 b6.7 95.8 109.0 129.8 156.8 181.0 219.7 24,0R 31R.9 414.1 545.4 718.2

Loans and Discounts -- (90.9) (96.2) (106.1) (123.1) (142.0) ('70.7) (195.2) (233.3) (261.1) (331.6) (419.8) (562.9) (764.2)PubilSc Sector Bonds (0.6) (0.7) (1.3) (1.3) (1.2) (1.1) (1.6) (3.5) (2.8) (3.5) (6.6) (7.0) (9.3)Private Sector Stocks and Bonds (0.8) (0.7) (0.5) (0.4). (0.8) (0.9) (1.2) (1.5) (2.1) (2.5) (2.7) (4.1) (3.9)Pvblic Sector Deposits (.) (16.7) (11.0) (12.1) (15.8) (14.2) (15.9) (17.0) (18.6) (16.1) (19.1) (15.0) (28.6) (59.2)

Other Assets 6.0 5.4 6.3 6.2 10.6 6.3 11.8 13.9 15.3 19.8 29.7 32.8 39,0

Total Domestie Liabilities 90.6 94.7 108.8 130,1 134.2 151.3 186.7 214.3 251 .3 291.9 384.6 480.3 636,4Money and Quasi-money 66.3 73.2 87.0 105.8 107.2 122,2 150.8 179.9 213.3 236.1 312.9 379.9 514.3Demand Depnsits (38.1) (41.7) (48.8) (55.7) (49.2) (51.0) (57.3) (65.4) (75.0) (83.2) (99.1) (103.8) (142.4)

* Time and Savings Deposits (27.6) (30.9) (37.6) (50.5) (57.5) (69.7) (92.2) (112.3) (135.7) (150.1) (209.8) (270.9) (365.9)

Other Restricted Deposits (0.6) (0.6) (0.6) (0.6) (0.5) (1.5) (1.3) (2.2) (2.9) (2.8) (4.0) (5.2) (6.2)

Other Short-termnLiabilities 8.4 6.7 4.4 4.4 6.2 10.2 15.4 14.2 16.5 26.2 37.3 35.2 47.1

Other Liabilities 15.9 14.8 17.5. 19.0 20.8 18.9 20.5 20.2 21.2 29.6 34.4 65.2 75.0

NET DOMESTIC ASSETS -2.1 -5.7 6.3 -0.7 16.5 25.1 28.0 42.5 47.7 75.8 120.7 164.3 227.2

TOTAL ASSSI1 144. 1 145.9 166.8 191.3 194.9 242.8 32'11 349.4 406 9 577.7 840.4 1166.9 1 ,

/1 includes loans and credits to Public sector75 Public Sector Deposits included in liabilities

Source: Controller General's office.

Table 6.2: ANNUAL BANK LOANS MAOE BY SECTOR, 1958-197Z(thousand Balboas) Page 1 of 4 pages

1958 1959 1960 1961 1962 1963 1964 1965

TOTAL 79.418 955 102091.9 0 136,551.3 L2 2t L 9.9 144 552.8 198 6.4

Crops 2,230.0 3,708.6 5,464.8 7,232.6 8,866.6 9.541.3 1.3,004.7 3,250.4Livestuck = - - - - - - 8, 960. 6Poultry _ _ _ _ _ - 309.4Fishing - - - - - - 325.3Fores try - 328.3CoumiarciAl 23,485.9 36,920.8 34,017.8 42,632.6 49,068.1 55,936.8 67,859.3 .101,638.1IndlAztrial 6,724.6 8,502.6 8,680,.6 10,648.0 12,766.1 20,125.8 22,419.9 21,584.3Housinig 1,802.0 3,415.9 3,651,2 5,250.0 4,641.7 10,582.7 lOj67l.3 14,373.2Other CortaLruction - - - - - 596.4 4,218.8 3,812.2Person.1 Consumption 4,390.5 7,270.1 8,243.8 7,021.2 11,073.9 15,416.4 12,71.5 27,471.7ForeiAr. Loans - 4,312.4 6,335.3 13,613.6Other 6,547.1 h 31R q 3,957,9 6,613,6 5,490.7 5,353.2 7,325.0 2,549.3Overdrafts 34,761.7 31,132.2 36,785.8 39,669.1 44,644.2 854.9 - -

From Official Banks 20.204.5 30,17..2 27,042.9 2l,27.5 26 38,7914 4 4

Crops 788.6 1,514.2 1,700.6 1,359.4 3,284.6 3,082.5 3,340.4 1,080.9Cattle - -- - 3,431.7Poultry -- - - 12.6Fishing - -- - 29.4Forestry - - - - - - 23.2Couercia1 8,374.5 14,123.6 12,716.4 9,527.8 9,129,0 14,831.1 18,147.0 16,310.8Industrial 925,1 1,107.1 568.4 310.0 397.2 1,377.7 1,154.1 1,772.5Housing 1,341.2 3,226.7 2,799.7 2,277.9 3,862.1 7,202.5 8,269.3 8,147.3Otner Construction - - - - 358.3 3,369.6 2,712.1Personal Consumption 3,409.5 6,173.0 6,558.8 4,858.3 8,605.9 7,889.2 6,790.2 10,707.1Other 4,830.0 2,701.2 1,625.5 1,982.1 2,533.4 3,195.2 3,957.3 806.9Overdraft 535.6 1,271.4 1,073.5 912.0 874.1 854.9 - -

Table 6.2: 'ANNUAL BANEC LOANS MADE BY SECTOR, 1958 1972 Page 2 of 4 pages(thouaand Balboas)

1958 1959 1960 1961 1962 1963 1964 1965

Frw(T Prlv&ae Banks 59,737 3 65,451 5 73,759.0 97,839.6 107,865.0 83,928.5 99,524 9 153,181 9

Crops 1,441.4 2,194.4 3,764.2 5,873.2 5, 582,0 6,458 8 9,664.3 2,169.5Livestock - - - - 5,52, 9Poultry - 296.8FiBhin8g 2 9- - 9

Forestry 305.1Commercial 15,111.4 22,797.2 21,301.4 33,104.8 39,939.1 41,10507 49,712.3 85,327.3Industrial 5,799.5 7,395.5 8,112,2 10,338.0 12,368.9 18,748.1 21,265.8 19,811.8Housing 460.8 189.2 851.5 2,972.1 779.6 3,380.2 2,408.0 6,225.9Other Constructtion - - - 238.1 849.2 1,100.1Personal Consumption 981.0 1,097.1 1,685.0 2,162.9 2,468.0 7,527.2 5,922.3 16,764.6Foreign Loans - - - - - 4,312.4 6,335.3 13,613.6Other 1,717.1 1,917.3 2,332.4 4,631.5 2,957.3 2,158.0 3,367.7 1,742.4Overdrafts 34,226.1 29,860.8 35,712.3 38,757.1 43,770.1 - -

- - not available


* *

Table 6.2 ANNUAL BANK LOANS MADE BY SECTOR, 1958-1972 Page 3 of 4 pages(thousand Balboas)

1966 1967 1968 1969 1970 1971 1972

TOTAL 2879749 7 32,9 131.6 368s809 6 565,5385 _941,594. 2 12_2,8O1.Q

Crops 2,945.5 9,871 3 8,133.2 9,403.4 15,992 8 23,377.4 30,636.6Livestock 9,341.7 11,058.8 15,341.0 17,369.8 19,918.1 32,846.4 42,642.6Poultry 379.7 357.1 190.4 167.7 117.3 411.6 598.0Fishing 316.9 593.9 130.4 713.9 300.9 896.2 2,062.6Foes t.y 26.2 13.8 19.0 4.1 5.0 918.7 217.9Commercial 154,968.2 193,718.9 209,252.3 246,811.8 380,284.0 513,075.4 627,346.9Industrial 22,519.8 27,753.7 32,955.1 36,784.6 35,501.7 88,148.2 89,313.9HouRing 13,260.8 11,007.3 11,078.7 17,981.7 18,560.9 48,293.6 55,854.9Other Construction 5,224.7 7,256.2 12,449.3 13,813.7 17,6i8.3 23,589.2 25,947.2Personal Consumption 30,331.9 44,236.5 30,316.6 51,546.5 54,076.8 82,599.7 102;443.8Foreigrn Loans 47,141.6 19,871.2 40.960.3 140,540.3 391,967.4 646,812,3 1,228,086.5Other 1,292.7 3,392.9 7,983.3 30,401.0 7,251.0 50,079.8 27,650.1Overdrafts _ _ _ _

From Official Banks 47X717 5 52 869.4 4817.6 85 279.6 79,978.9 138.288.6 143.742,4

Crops 1,813.5 1,319.7 1,319.1 898,5 1,040,4 1,502,9 2,552.5Cattle 4,481.6 3,814.9 5,514.9 5,337.1 5,302.6 9,659.0 11,627.3Poultry 36.0 72.4 23.-8 13.8 5.3 76.6 64.6Fishing 48.0 44.7 13.2 7.1 15.8 1.2 5.2Forestry - - 4.5 - 5.0 - -9,0

Commercial 17,237.3 21,095.3 21,003.8 18,105,3 33,001.2 36,721.0 43,538.2Industrial 2.931.9 1.892.4 2,096.0 1 142.4 1,004.1 2,340.5 1,482.2Housing 6,822.3 5,998.4 3,158.9 9,619.6 10,254.2 16,689.6 25,266.6Other Construction 2,061 6 3,790.4 3,052,8 2,339.8 2,237.0 4$905.6 8.930.4Personal Consumption 11,998 2 14,269 1 9,872.2 21 221.2 23,682.8 28,699.2 25.045.4Otros o Indeterminados 287 1 572 1 2,658 4 26 594 8 3.430.5 37.693.0 25,021.0

Table 6.2: ANNUAL BANK LOANS MADE BY SECTOR, 1958-1972 Page 4 of 4 pages(thousand Balboas)

1966 1967 1968 1969 1970 1971 1972

From Private Banks 240 032 2 276262 2 320,92.0 A4012?89 861,6L5 3 1,372,759 9 2 089 058 6

Crops 1,132 0 8,551 6 6,814.1 8,504.9 14,952.4 21,874.5 28.084 1Livestock 4,860 1 7,243,9 9,826.1 12,032 7 14,615 5 23,187.4 31,015.3Poultry 343.7 284.7 166.6 153 9 1.12.0 335.0 533.4Fishing 268 9 549.2 117.2 706.8 285.1 895 0 2,057.4Fore3atry . 26. 2 13.8 14z.5 .4.1 . 918.7 208.9Commercial 137,730.9 172,623.6 188,248.5 228,706.5 347,282.8 476 354.4 583,808.7Industrial 19,587.9 25,861.3 30,859.1 35,642.2 34,497.6 85,807.7 87,831.7Housing 6,438.5 5,008.9 7,91.9.8 8,362.1 8,306.7 31,604.0 30,588.3Other Construction 3,163.1 3,465.8 9,396.5 11,473,9 15,381.3 18,683.6 17,016.8Personal Consumption 18,333.7 29,967,4 20,444.4 30,325.3 30,394.0 53,900.5 77,398.4Foreign Loans 47,141.6 19,871-2 40,960.3 140,540.3 391,967.4 646,812.3 1,228,086.5Otros o indeterminados 1,005.6 2,820.8 5,324.9 3,806.2 3,820.5 12,386.8 2,429.1


0

VII

AuRT CUITTRE

L.bOo 7 1 0510 LND USeD CW9WNRG TO. -AAST,0AT ANS PRO IIONIA- AE]RWA SURVEY DATA. AY PIROODROU A-A -ILDCA RUS 000 FROORADS

TVYUPOLAD C.ROPS UASUITE PEFSSOTAL CROPS RNR1CFRA-TUAT -R.SPSUR AL0 S0 AND P FASTIUE MR""'55 OUNR VSAS IDAl. Al AREA!'

0UA105110 AD 100.010 DOD O 0S OFS0 1000 h., PLOCES= DO 1000 D CCOSO_____ .0 Nooo FI,CENI' Df ____ 1000 h-l PRCUOD OF I ORROOSETCF or 0000 OI 000 F RO a 01C1r

ALL LODE COOED PASSOTOSS ALLINSt CROPS N ANSTISOR DLI LAD CRAPS & ONSUORS ALLLTANLL ROPSI 1,IO ASUPAA-ALLLLARDDOOPS PNTOA EUCALLA LA.ANDLAL AATD ALL LAN

- - - - - - 1.7 a! S ,51.N N AT 50.0 A ODD 0,530.5 ND 47.0 5 T,ODN.', bRL 0.8 4 6.1 1

CAIN 10.0 4 5 100.0 ND 00 / ./ 0~~~~~~~~3 1.1 4 4 D. NOD RNS CR. U639SO.4 00

U..3 110.7 TN UNA U 35.8 2 ON 190.5 4N IDO 294.4 93 RO.6 0 3,030.3 RDO

NO.SADN0c 1.0 A 3 ~~~~~~ ~~~ ~~~~~ ~ ~~394. 5 30 NI 10 0L 9.5 U A7~ 4N2.0 A AO 10. 570 50 ,D513.3 1000

000ID 0A0,AO 0.J A 0 0,01.15 3N DAN 31 0 000.4 0 N 1,400,6 ND AN. 2,O3A.5 5R 33.4 0 3A94.5 1000

OUS 13.2 N 91SDN SOS of - 150.36N 10D0 6NU3 .2 3DS.00

LOS SNObS 00.4 A 0 700,0 50 NO~~~~~~~~~~~~~~~~~~~~~~~~9 1 . -01.0 7O 000 00.3N 3.0 U385D.0 t00

NONO .I A-00-a 29, ~ 5 0 3135. SN S1 3A3 I - - 367.S 15 000 1042.2 39 10.1 2 6ID.. ODD

TOnA 053.02 2 0 1,5D4D.3 CT 00 314 171.0 0 9 1,918.3 26 000 5 DOS. D70 023.0 U 7,206.0 LOD

0 Soc. cC~~~~~~~~~~~~"-. .T, 0,5.II1d..Il -i

NANC~R. 005.LRN. US. PSA.I cONSONy Sdc.-SAc, ... O AN ,a-Ad, --SN , Colao00,.SOOAA ..O .,--,D Oge--Fi,i- d. 1. NO O d. D _05 D00 O'D NU", 1900. TAAlA 2.

* * ~~~~~~~~~

'fibIO 1. 2 LAND CAPA-RLTLY OF ALL LAND ACCORDING TO CADASTNAL AND PRIMIN.MARY AERIA:L SUPVEY DATA, BY PROVINCES AND ECOLOGICAL GROUPS OF PMOVINCES

____ ___________ ______ Lari esiiyGes _________ ____________________ _____

Class II ClassClass lass IV Class V Snb- total Perin, Crops, Parm. Crops Forost Other Total

province asud uEologics _ nual_ ais P ero Pasture Foreat _ lacs II-V Pa6ture,Forest Forest Uses Land 1/

Group ~ ,102~sXiO00 has % LOOOhs%_has0 1000 has 2 _000 h5s % 1000 Ia ..... t_Z a.. 1000 has5. _% L lOOO has 1 _1 0 00 has X

Docas de Toer 15.4 95.1 40.2 _ 150.6 104.5 331,7 245,8 33.5 866.1 100

Color & S3. BIas 13.5 21.0 38.5 0.4 73.5 162.2 241.6 150M0 12.5 639,4 100

Darien 519._ 206,o6 24Q,0 -4:55.j,26 ,3 100

GROUP I Sub-total _ 1 _ 318,, . a, 21 22Lg 25 1 9,A 4 3,131.91100

Cocle 26,6 44.5 47.6 2.2 120.g 114.6 46.8 t62 8 57.R 502.9 100

Cidriqi i 64.5 80,8 62.2 28.5 236.0 117,7 207.4 297.4 6.9 865.4 100

Param.a 9.4 99.1 159.6 1,1 269.1 427.5 261.4 87.2 27.7 1,072.9 100

veras 2_,21 _ _6&S8______10241854

15. 356.5 228.7 1.053_3 100

GROOY II Sub-total 122_ 8 3,8 10 3,S 1 1.4 235 87. _4

Herraea 8.9 28.6 37.3 - 74.8 47.5 79.7 29.8 3.3 235.2 100

Los Santos 8,3 1.

9 18.3 264 850 100

GROUP III Sub-total _,5 48 8 92.4 1 119.4 19 265.0 43 j,62(2 1

TAL 189. 33 6 2 1

1/ Excludes Canal Zoce, lakes and small islands.h/ Less than 0.57.

Sourco: Dfreccion de Planificaciou y Adiadstracioo de la Presidencia, Evaluscion Preltilnar de los Recur os Azro-lisicos Panam City, 1971, Table 3

* 0

Tab1 . 7. * LAND CAPABLITY OF AREAS SOilVEY E) BY CASTER,2!-l P-t0Vr-iNCE AND ECOIOGICAI GZ1UPS OF PROVINC&S

Provlnce and Class II Class III Class IV Class V Class VI Class VII Class VIII TotalFoologicea. Group 100has % 1000has % 0has Z lQOhs % hQOOh(15 % 1-00(jila. % rodbhais % lO0hns g

Colon - - 6.8 15 14.4 10 - 1.1 3 30.5 70 10 2 143.6 100

Coale 27.3 45.0 43.14 3.3 149.6 120.5 55.8 345.0

Chiriqui 54.1 63.0 46.6 30.1 96a1 134.9 26.3 451.2

Panama 4.0 45.7 58.0 1.0 8,7 1697 23.5 390.6

Veraguas 21.14 147.9 85.8 a! 99G1 516,7 39.5 810,9

Grou IISub-tota1 10698 5 201.6 10 233.8 12 33.4 2 333. 1? 9141.8 47 1145.1 7' 1997.7 100

Herrera 9.3 40,5 314.5 2601 75-5 4,2 190o5

Los Santos 23.3 21.8 56.9 _ 65,5 204.1 3.2 374.9

2 jIT Sub-total 32.6 6 62.3 111 91.h 16 -- 9 91.6 16 280o0 50 7.4 1 565.4 100

TOTAT 139,14 5 270,9 11 329,7 13 34.5 1 1426,5 16 1252.4 148 153.14 6 2,606.7 10-

1/ Comprises 36% of total land area. Excludes most of Atlantic watershed and Darien Province.

a/ Less than 500 has,

NOTE: Coluam arid lini: itemi, may rot add exBctly owing to r tn-dixig.

Source. Miniiste,eo de H anLenda, V-'eccion de Caallcra Mea'L uapubalkshod da{,-a

Table 7.4 LAND IN FARMS ACCORDING TO MAJOR LAND USES, BY PROVINCES AND Page 1 of 3ECOLOGICAL GROUPS OF PROVINCES, 1950, 1960 AND 1971

A L L L A N D I N A R M S T E M P 0R ARY C R 0 P S-/ PE R M AN NT C R O p S-11950 1960 1970 Percent ChanRe 1960 lS70 1970 60 1970

PU0VINCE AND 1000 7. 1000 .% 1000 7. 1000 7% 1000 % Percent 1000 % 1000 % PercentGROUP hus. has. has. 1950 1960 i950 hLWaa. has. Cnange uau . hnat. Ciauge

-60 -70 -70 1960-70 1960-70

BOCAS DEL TORO 30.3 58.1 49.5 1.5 2,2 11.1 14.8

COLON 35.7 72.1 84.0 7.8 7.6 9.2 8.6DARIENT 11 . 27.5 4.7 6.5 6>,52,1.

GROUP I Sub-tota1 83,1 100 166.0 100 161.0 100 +100 - 3 +94 14.0 7 16,3 10 +16 26,8 16 25,5 16 - 5

COCLE 123.8 184.0 235.6 24.3. 39.4 15.7 14.6CHIEIQuI3 343.9 434.7 477,2 46.7 50.9 30.9 29.8PANAP1A 135.3 252,9 294.0 24.8 20.4 17,.3 14,8VERAGUAS , O 356-.2 479.2 50.7 47.2 1.4 15.9

GROUP II Sub-total 795.2 100 1,227.8 100 1,486,0 100 + 54 +21 +87 146.5 12 157.9 11 + 8 81.3 7 75.1 5 - 8

HERRFRA 122.5 165.5 167.3 18.4 19.2 8.8 5.7LOS SAlTOS 168.2 247.0 283.6 26.2 20.1 8.5 4.4

GROUP III Sub-total 290,7 100 412G5 100 450.9 100 + 42 + 9 +55 44.6 11 39.3 9 -12 17.3 4 10.1 2 -42

T O T A L 1,159,1 100 1,806.5 100 2,098,1 100 + 55 +16 +81 205.0 11 213,6 10 + 4 125.4 7 110.8 5 -12

1/ 1950 Census lists only "all cropland".

Source: Agricultural Censuses of 1950, 1961 and 1971.

T_ble 7.4 LAND IN FARMS ACCORDING TO MAJOR LAND USES, BY PROVINCES AND Page 2 of 3ECOLOGICAL GROUPS OF PROVINCES, 1950, 1960 AND 1971

I M P R O V E D P A S T U R E _$ MQaAND PsTRE1950 1960 1970 Percent Change 1950 1960 1970 Percenta&e Chax;s

PROVINCE AND 1000 -% 1000 Z 1 00 1950 960 190 X 1000 % 1000 100 % 1950 1960 1950GROUP has, has. has. -60 -70 -70 has. has. has. -60 -70 -70

BOCAS DEL TORO 2.3 12.2 9.4 14.4 24,9 26.5COION 6.1 12.5 23.1 20.0 29,5 39.3DARlEN 1l1 4,4 __ _6,8 9.5 15.6 15_ _15.4

GROUP I Sub-total 9.5 11 29.1 18 39,3 25 +206 +35 +314 43.9 53 70r0 42 81,1 51 +59 +16 +85

COCLE 39L0 56.1 77.9 64.8 964. 132e0CHIRIQUI 167.1 219,9 262,7 221.5 297,5 343.4PANAMA 29.7 60.7 125.5 59.2 102,8 160.7VERAGUAS _572 116_5 1819, 103.7 184.6 245.0

GROUP II Sub-total 293.0 37 453.2 37 648,0 44 + 55 +43 +121 449.2 56 681.0 55 881.1 59 +52 +29 +96

HERRERA 50.9 72.4 88.9 69.6 99.6 113.8LOS SANTOS .74,1 128,9 188.6 101.4 163.5 213.0 __

GROUP III Sub-total. 125,0 43 201.3 49 277,5 62 + 61 +38 +122 171.0 59 263,1 64 326.8 72 +54 +24 +91

T O T A L 427.6 37 683.6 38 964.8 46 + 60 +41 +125 664.2 57 1,014.0 56 1,290,1 61 +53 +27 +94

Tablc 7.4 LA*D IN FABMS ACCORDING TO MAJOR LAND USES, BY PROVINCES AND Page 3 of 3ECOLOGICAL GROUPS OF PROVINCES, 1950, 1960 AND 1971

NATURAL PASTURE AND FALLOW FOREST AND WOODMID AND OTHER1950 W 1960 _ 1970 _ Percent Chanze 1950 M9e _ Percee t ;e

l±U} 7. 1060 % 1000 % 1950 1960 1950 1000 % 1000 % 1000 % 1950 1960 1950sa .has~_ t h em, _ -p______ ... 70W,. hasDw ¢= ......6..0.70 ha. havs. ,haa 60 -70 -70

BOCli DF.L TORO 12,2 4,4 8.6 3.6 28.8 14.4COLON 8.4 14.1 15.3 7.2 28,5 29.4DM1 EN Q.§~0 . ... 9. . .............6.6 2.6 12.3 5.5_____

GROUP I Sub-total 256 31 26.5 16 30,5 19 + 4 +15 +19 13.4 16 69.6 42 49.3 30 4419 -29 +28

"OCYI,} 38.7 49.4 58.0 20.3 38.6 45,8CHIRIQIX 81.6 67.4 78,2 40.9 69.9 55.6PAINMNA 49.9 70.2 59.0 26.3 79.9 74.0VERAGUAS 584_ __,4 81 06.6 2 -1 90.3 1276 . 6

GROUP II Sub-total 228.6 29 268.4 22 301,8 20 +17 +12 +32 107.6 14 278.7 23 303.0 20 +159 + 9 +182

tWRRYRA 39.7 33.0 32,0 13.2 33.0 21.5LOS SAMTOS 4, 2_9,9 9.22253.6 _14 _

GROUP III Sub-total 83.9 29 62.9 15 61.2 14 -25 - 1 -27 35.7 12 '86.6 21 62.9 14 +143 -27 _+76

T 0 T A L 338.1 29 357.7 20 393.5 19 + 6 +10 +16 156.8 13 434.7 24 415.5 20 +177 - 4 +165

of 5

Table 7.5 GROSS VALUE OF PRODUCTION FROM AGRICULTURE, FORESTRY AND FISHINGBY THREE-YEAR HDVING AVERAGES, 1950-1972 AND ANNUAL, 1967-72 (1960 DOLLARS)

1950-52 Avere,e 1951-53 Averg& 1952-5 verae.! 1953-55 &veKMe 1954-56 Average 1955-57 AveraxeMillion Percent of Million Percent Million Percent Million Percent Million Percent Milliona Percent

Class of Products Dollars Total Do1lars Change Dollars Change. Dollars Change Dollars Change Dollars Change.ARic-ulture __ _

CROPS,

Domestic Consumption 46.6 59 47.4 +2 48.3 +2 50.4 44 50.8 +1 51,5 +1F-cport _13,5 17 _12,8 -5 14.2 +11 17,3 +22 &, +7 20,2 +9

Total 0 76 6 62.5 67 7

LIVESTOCK: 3/

Cattle 7.5 9 7.6 +1 7.6 - 7.9 +4 8.1 +7 8.6 +6Other 11.6 15 12A +7 13.1 +6 14.0 +11 w3 _,_ -2 15?.2 +11

Total 19.1 24 20.0 +10 20.7 +3 21.9 +6 7L.o aL 23.8 +9

TOTAL AGRICULTURE 79.2 100 80.2 +1 83.2 14 89.6 +8 91.1 +2 95,5 +5

FORESTRY 0.5 - 0.7 +40 0.6 -14 0.6 - 0,4 -33 0.4 -

FISHING _.4 - 4.0 +18 4.4 +10 4.8 +9 5.1 +6 6.0 +18

GRAND TOTAL 83.1 .94. +2 +4 5.0 +8 966 +2 101*.9 +

Table 7.5: GROSS VALJ,E OF PRODUCTION FROM AGRICULTURE, FORESTRY AND FISHING Page 2 of 5BY TEIREE-YEAR MOVING AVERAGES, 1950-1972 AND ANNUAL, 1967-72 (1960 DOL,LARS)

Averge 1957-59Ava 1958-60n Feera, 1959-61 Average 1960-62 Aver. ,e 1961-63 AveraeMIlion Percent Miio Percent Million Percent Million Percent Million Percent of Percent Milliem Pnraent

Class of Plroducts Dollars Change Dollars Change Dollars Change Dollars Chiange Dollars Total Change Dollars Change_________A}U rture

CROPS:

Damestic ConIstinption 52.0 +1 54.3 +4 56.0 +3 59.0 +5 61.4 54 +4 65.4 +7Export 20.1 a/ 21.3 +6 20.4 -4 20,8 +2 21,3 19 +2 21.1 -1

Total 72.1 +1 75.6 +5 76.4 +1 79.8 +4 82.7 73 +4 86.5 +5

LIVESTOCK: 3!Cattle 9.0 +5 9.5 +46 9.7 +2 10.1 +4 11.3 10 +12 12.6 +12Otlier -16.8 +10 18,3 +9 18.7 +2 19.2 +3 19.9 17 -+4 _21. 4 +8

Total 25.8 4-8 27,8 +8 28.4 +2 29.3 +3 31.2 27 46 34.0 +9

TO'TA, ACRICULTURE 97.9 +3 103.4 +6 1!04.8 +1 108.1 +3 113.9 100 +5 120.5 46

FORESTRY 0.4 - 0.4 - 0.6 450 0.7 +17 0,9 - +29 1.0 +11

FISHING 6.9 +15 8.2 +19 8.8 +7 9.2 +5 9.1 - -1 9.3 +2

GRAND TOTAL 105.2 +3 112.0 +6 114.2 +2 118,0 +3 123.9 +5 130.8 +6

*~~~~ .= * .- -

0*~~~~~~~~~~~~~~~~~~~~~~~

Page 3 of 5Table 7.5: GROSS VALUE OF PRODUCTION FROM1 AGRCULTURE, IVRESTRY AND FISHING

BY THREE-YEAR MOVING AVERAGES, 1950-1972 AND ANNUAL, 1967-72 (1960 DOLLARS)

1962-64 Avera&t 1963-65 Average 1964-66 Avera6e 1965-67 Aver- 6-68 raClass of Products Million Percent Million Percent Million Percent Million Percent Million Percent Million Percent

__Dollars Change Dollars h Dollars C_= Dolars Chan2___ollars_C Dollars an

CROPS:

Duie-sLic Con5um.ption 67.9 +4 72.3 +6 76.0 +5 78.9 +4 81.3 +3 84.7 +4Export 21.3 +1 24.8 +16 28.7 +16 33.3 +16 36.9 +4 40.5 +10

Total 88.2 +2 96.1 +9 104.7 +9 112.2 +7 117.2 +4 124.2 46

LflISTC(.K,K3

Cattle 13,5 +-7 13.9 +3 14.7 +6 15,6 +6 16.3 +4 16,9 -14Othor 21.5 a/ 21.9 +2 22.7 +4 24.3 +7 26,0 +7 27.3 +5

Total 35.0 +3 35.8 +2 37.4 +4 39.9 +7 42.3 +6 44.2 44

TOTAL AGRICULTURE 123.2 +2 131.9 +7 142.1 +8 152.1 +7 159.5 +5 168.4 +6

FO1QRSTRY 1.1 +10 1.2 +9 1.1, -8 1.1 - 1.1 - 1.2 +10

FISHING _(: +10 10.6 +4 1.3 7 .6 +3 _ +3 -3

.GRAI TOTAL 34, 5 +3 143.7 +7 154.5 +8 1 +7 172.6 +5 181.2 +5

of 5Table 7.5 GR0S? VALUE OF PRODUCTION FROM AGRICULTURE3 FORE.TRY P ,D) 215H.1IPT

BY TIEE-YL&a tOYING AVERAGES, 1950-1972 AN ANNUAL, 1967-72 (1960 DOLLARS)

1968-70 1969-74 Averaze 197072/ AverzRe ...L...7...:(hi' sit yyo1'J4 Mms I lon Per t.-. m illion Pes'ti of F^e:evta e Mi! . ion M4fl1-oI perce-ft Wil..vl pet

Dnl)ars Change Dol.lars Change Dollare Total GChage Dollars Dollars Change Dollarr Change

CROPS.

DonMtatic ComŽjwnption 86.3 +2 88.7 +3 91.3 49 +3 81.4 84.1 +3 88,4 +5FE ort 43,7 +8 45,,6 47,5 26 35.8 41,2 +15 44,6 +8

Total 130.0 +5 134.3 138,8 75 117,2 125,3 +7 133,0 +6

LIV1STC: 3/

Catt-e 17.5 44 1.3,/ 8 190 10 +-3 3>3 lFS.9 -4 17.5 +4Other 3AD 4 +2 27 0 -3 27,9 15. +3 256 26.9 +5 9 +9

Total 45.3 ¾i-2S 54 a! 469 25 +3 41D9 43e8 +5 46.9 +7;=r.as .. .. _ z= s~~~~~~~4t = o :=w x:,

TOTAL AGRICULTURE 175,3 +4 179,7 +3 185.7 100 +3 159,.1 169.1 +6 179.9 +6

FORESTRY 1,1 -8 1,2 +10 103 - +8 1.3 1.1 -7 1l1 -

FISHING 11.5 -1 12e3 +7 12.0 -2 12,5 J3JLQ -4 10,3 -14

GRAND TOTAL 187.9 44 193.2 +3 198.0 +2 172,9 182,2 +5 19g +5

0,. 0 0

of 5Table 7.5 : GROSS VALUE OF PRODUCTION FROM AGRICULTURE, FORESTRY ANiD FISHING

V TRIREE-YEAR MOVING AVERAGES, 195041972 _D A..NNAL 19 67-72 (1960 DOLLARS)

1970 1971 19721'Class of Products Million Percent Million Percent Million Percentu Growth Rates

Dollars Change Dollars Change Dollars Change 1950/52-u960/62 1960/62-1970172 1950/52-1970/727T?5 y_e_ars10yrss)_--- ------- i(20year~s)

------------------- Percent-CROPS:

Dorestic Consumption 86.5 -2 91.1 +5 96.2 +-6 2.8 4.0 3.4Export 45.3 + 4. 13 5, c7 4.7 L6.5

Total 131.8 -1 137.9 +5 146.5 +6 3.2 5.3 4*3

LIVESTOCK: 3/

CatLie 18.2 44 19.6 +8 19.2 -1 4.2 5.3 4,8Other 27.6 -8 25.4 -6 3 +23 5.5 3.4 4.5

Total 45.2 -4 45.0 a/ 50.4 +12 5.0 4.2 4.6

TOTAL AGRICULTURE 177.0 -2 184.9 +4 216.9 +17 3.7 5.0 4.3

FORESTRY 1.2 +10 1.4 +17 1.4 - 6.1 3.7 4.9

FISHING 12.2 +18 12.3 +1 11.5 -6 10.3 2.8 6.5

GRAND TOTAL 190.4 a/ 198.6 44 229.8 +16 4.1 4.8 4.4

1/ 1972 based on preliminary data.2/ Based on three-year averages.3/ For cattle and pigs, includes changes in stock.a/ Less than 0.5%.


**

Page 1 of 2

Table 7.6 PRINCIPAI. STAPLE CROPS AREA, PRODUCTION AND YIELD TRENDS, 1950-721/(Three-year moving averages)

Composnd.

Crop A W M. AVERAGES Average Annual2 if

1950-52 1951-53 1952-54 1953-55 1954-56 1955-57 195C-58 1957-59 1958-60 1959-61 1960-62 _ Q5-9@,

RICE (1o years)

Area (1000 has) 66.8 70.9 76.5 83.0 84.8 86.9 89.8 93.9 93.8 95.5 96.3 3,7%

Percent change - +6 +8 +8 +2 +5 +3 +5 - +2 +1

Produutlioi (10oo cwt) 1,907.9 2,096.2 2,1" 8.8i 9 997 A 9,13,R 2;.O138 2,179.6 2,330.3 2,400.5 2.366.6 2.333.4 2.3%

PercenWt change - +10 +4 +2 -4 -4 +6 +7 +3 -I -1

Average yield per ha (cwt) 28.6 29.6 28.6 26.8 25.2 23,6 24,2 24.8 25.6 24.8 24.2 -0.8%

Percent change - +3 -3 -6 -6 -8 +2 +2 +3 -3 -2

CORN

Area (1000 has) 71,1 76.6 81.5 76.1 84.3 84.4 86.4 87.1 84.1 84.9 84.1 1.7%

Percent change - +7 +6 -7 +11 - +2 +1 -3 +-1 -1

Production (1000 cwt) 1,471.1 1,571.5 1,628.0 1,693.0 1,668.0 1,683,0 1,667.1 1,701.0 1,569.7 1,543.5 1,503.7 0.2%

Percent change - +7 +4 +4 -1 +1 -1 +2 -8 -2 -3

Average yicld per ha (cwt) 20.7 20.5 20.0 22.2 19,8 19.9 19.3 19.5 18.7 18.2 17.9 -0.7%

Percent change - -1 - +11 -11 +1 -3 +1 -4 -3 -2

DRY BEANS 3/

Area (1000 has) 13,6 17.6 18.5 20.5 17.3 16.7 15.4 16.7 17.6 21.2 23.3 5.5%

Percent change - +29 +5 +10 -16 -3 -8 +8 +5 +20 +10

Production (1000 cwt) 150.5 142.1 123.0 133.8 125.4 116.3 98.1 105,5 115.9 131.1 140.9 -0.7%

Percent change - -6 -13 +9 -6 -7 -16 +8 +10 +13 +7

Average yield per ha (cwt) 11.1 8.1 6.6 6.5 7.2 7.0 6.4 6.3 6,6 6.2 6.0 -3.0%

Percent change - -27 -19 -1 T;1 -3 -9 -2 +5 -6 -3

1/ Crop-years 1950/51 to 1972/73,/ Based on three-year moving averages.

/ "Frijol de Bejuco".

Table 7.6 I1NCIPAI STAPLE CROPS AREA, PRODUCTION AND YIELD TRFNDS, 1950-721./(Three-year moving averages) Page 2 of 2

Compound Average AnnualCrop -- . .- - - - . .ANNUAL AVERAGS _Rate of Change 2/

1961-63 1962-64 1963-65 1964-66 1965-67 1966-68 1967-69 1968-70 1969%71 1970-72 1961/ 31 /0/72 1950/52-197 /72(10 years) (20 years)

RICE

Area (1000 hbs) 101.1 107.9 122.4 128,5 131,4 129.9 127.9 115.8 104.8 98.0 0.2% 2,0%

Percent chanige +7 +5 +13 +5 +2 -1 -2 -9 -9 -6

Production (1000 cwt) 2,423.2 2,561.7 2,868,6 3,081,5 3,251.8 3,336,8 3,521.6 3,376.3 3,178.9 2,884.7 2.1% 2.1%

Percent change -4 +6 +12 +4 46 +3 +6 -4 -6 -9

Average yield per ha (cwt) 24.0 23,7 23,4 24,0 24.7 25.7 27.5 29.2 30,3 29.4 2.0% 0.1%

Percent change -1 -1 -1 +3 +3 -4 t7 +6 +4 -3

CORN

Area (1000 has) 89,7 92.0 99.4 104,2 108.9 107.2 105.2 89,2 76.8 64,6 -2.6% -0.5%

Percent change +7 +3 +8 +5 +5 -2 -2 -15 -14 -16

Production (1000 cwt) 1,629,3 1,787.5 1,779.3 1,841.9 1,893.2 1,888.5 1,911,5 1,673.0 1,455.0 1,137,9 -2.7% -1.37

Percent change +8 +10 - +4 +3 - +1 -12 -13 -22

Average yield per ha (cwt) 18,2 19.4 17.9 17.7 17.4 17.6 18.2 18,8 18.9 17.6 -0.2% -0.8%

Percent change +2 +7 -8 -1 -2 +1 +3 +3 +1 -7

DRY BEANS 3/

Area (1000 has) 23.5 19,9 18.8 19.5 20,7 19.1 17.7 16.1 14.4 12.0 -6.5% -0.6%

Percent change +1 -15 -6 +4 +6 -8 -7 -9 -11 -17

Production (1000 cwt) 137.9 118.3 116.1 135,9 151,7 140.8 124.4 102.7 87.2 71.5 -6.5% -3.7%

Percent change -2 -14 -2 +17 -f12 -7 -12 -17 -15 -18

Average yield per ha (cwt) 5.9 5,9 6.2 7.0 7.3 7.4 7.0 6.4 6.1 6.0 - -1.5%

Percent change -2 - +5 +13 +4 +1 -1 -9 -5 -2

1/ Crop years 1950/51 to 1972/73.2/ Based on three-year moving averages.3/ "Prijol de Bejuco".

Source: Calculnted from data provided by Controller General.

* . . * . -

of 3

Table 7.7 : I4l4C.IPA EX(rtLTS OF PMODVI7S 0 AGCt5CJT-E ANn FtST{WRIESs AV1EAcE FORSECEZ T YFTS L1 195(1'q ANI 196019723 IN VOL ANID VALUE

E X P 0 R T S

Product and Years Covered 1950'sAve e 196o 1 96 1963Physical Unit in 1950's yolume Value Volme Value Volume Value Volume Value Vo).ume V WY re

Average (000) (000$) (000) (000$) (000) (000$) (000) (000$) (000) (000$)

Bnana s(bunches) 1955-59 7,010 12,279 6,652 11,G6L0 7,655 13,394 6,680 11,685 7,791 13,634

Shrimp(kilos, net) 1955-59 3,212 4s,807 3,780 h,990 14,336 5,8 51i 4,6148 7,941 14,325 6,173

Sugar(kilos, net) 1957-59 a! 3,9314 547 2,535 403 j.71i) 0 780 3,314 534 10,026 1,5614

Meat(kilos, net) 1958-59 163 129 2 3 97 59 156 85 1472 155

Coffee 1955, 1958,(kilos, net) 1959 b/ 824 802 1,260 1,106 312 258 1,713 1,1412 458 392

Fish Flour(kilos, net) 1956-59 c/ 673 77 - - 1,196 128 854 100 7014 82

Cacao

(kilos, net) 1950-59 1,332 1,023 1,4149 770 1,195 507 1,103 1483 893 1455

COMBINED VALLW; 19,664a/ 18,912 20,?80 22,2140 22,455

WITHOUT BANANA5 7,385 7,272 7,586 10,555 8,821

AND FISH FloR 2,501. 2,282 1,60{4 2,514 2,566

of 3

Tabh >' 7.7 PRINCXPAL EXPORTS OF PRODUCTS OF AGRIULTURE AND FI&RERIES, AVERAGE FORSLLEOTED YEARS 1N 195ols AND 1960-1972, 1N VOTM;L ffAND YAIQU

E X P O R T S*wc~~E P R T S_ _ _ _ _ _ _ .z_ Product and Years Covered 19614 965 _1966 7 1968 1969Phyoical Unit in 1950'e l olme Value Volume Value Volume Value Volume Value Voluz.e -Vale Volume Value

Average (000) (000$) (000) (000$) (000) (000$) (000) (000$) (000) (000$) (000) (000$)

(bunches) 1955-59 9,581 20,459 12,281 30,532 13,955 34,748 15,074 42,006 17,423 53,046 21,239 1,241

Shrimp(kilos, net) 1955-59 5,583 7,105 4,766 7,782 4,560 8,972 5,057 9,185 4,769 9,727 4,411 9,741

Sugar(kilos, net) 1957-59 a/ 16,999 2,488 15,531 2,116 11,689 1,561 28,833 3,913 32,647 14,623 36,406 5,414

Meat(kilos, net) 1958-59 e/ fl 30 23 1,364 1,052 1,441 1,280 1,796 1,678 1,337 1,297

Coffee 1955, 1958,(kilos, net) i959 b/ 1,472 1,448 745 700 636 605 1,651 1,397 672 561 1,287 1,101

Fish Flour(kilos, net) 1956-59 c/ 2,1145 235 4,460 612 10,211 1,399 9,040 1,123 8,940 954 2,032 276

Cacao(kilos, net) 1950-59 827 382 649 244 436 208 396 210 379 232 426 369

OO"BINND VALUE 32,417 42,009 48,545 59,114 70,821 79,469

WITHOWT BANANAS 11,958 11,477 13,797 17,108 17,775 18,228

wmirnT BANANAS, SHRIMPAND FISH FIOUR 4,318 3,083 3,426 6,800 7,094 8,211

., . _ -. ,... __ ,,,. _B

* *

Page 3 of 3

- le -,7 :PRINCIPAL EXPORTS OF PRODUCTS OF AGRICULTURE AND FISHl!;R1S, AVERAGE FORSELECTEL lERS 1 SC !s AM) 1 9wC-1972, I l0 7 OrhTJ , TI TTUA

1972 -A A 1972 as Percent ofProduct and Years Covered _1970 1971 primiiary) _1960 67 1968-72 1l20sAverae 1960-67Physical Unit in 1950's Volu-ie Value Volume V.lue Volume Value Volume Value Volume Value Volume Value Volume Value

Average (000) (OGO$) (000) (000$) (000) (000$) (000) (000$) (000) (000$) (000) (000$) (000) (000$)

Bananas(bunches) 1955-59 20,972 6O,831 22,216 62,907 23,603 64s,705 8,584 22,262 21,231 60,546 337 527 275 291

Shrimp(kilos, net) 1955=59 5,047 10,168 4,976 11,953 4,492 14,584 4,632 7,288 4,739 11,235 140 303 97 200

Sugar(kilos, net) 1957-59 a! 32,028 4t,96 6 40,4L61. 6,330 35,658 5,791 10,583 1,669 35,440 5,4311 906 1,059 337 347

Meat(kilos, net) i958-59 2,138 2,189 1,200 1,381. 2,432 170 L4h 332 1,781 1,943 1,492 2,4a57 546 954

Coffee 1955, 1958,(kilos, not) 1959 b/ 1,558 1,705 1,787 1,553 2,540 2,594 1,031. 915 1,569 1,503 308 323 2146 283

Fish Flour(kilos, net) 1956-59 c/ 4,626 789 5,839 982 7,314 1,032 3,576 1460 5,750 887 1,087 1,860 205 311

Cacao(kilos, net) 1950-59 19 12 - - 461 250 965 407 257 173 35 24 46 61

COMBINE.D VALUE 80,660 85,106 92,526 33,333 81,718 470 278

'WITHOYIr BANANAS 19,829 22,199 27,821 11,071 21,172 377 251

WID'1T0LT B.Ni YNIAS 9, qUTtUPAND FI'ISH FoDil 8,872 9,264 11,805 3,323 9,050 472 355

a/ No ex torts in 1955 and 1965. e/ Less than 500 kgoW/ Exports i:a 3956 and 1957 wore vJnil or negligible. f/ Less than $500.0/ No exportls prior to 1956.I/ ndicative only, as bascc? on nin-urziform, arnual averages.

Source. Contraloria General de la Republica, Direccion de Estf-distica y Cen-uo.

TaJ]..e 7.8 : SUJPLY OF RICE AND FEED GRAIJS (CORN/SM010M),f ANNUAL AND AVERAGE, 1968-72 AND PROJECTE) 1973

Y E A R ProjectedSUPPLY DISTIBUTIDN 1

CATEGORY 1968 1969 1970 1971 1972 1968-72 1973 11

- T H O U S A N D METRIC T ONS -RIC (milled basis)

PRODUCTION AND STOCKS 112.1 t23.9 125.8 97.4 102.8 112.4 94.3

IMEORTS 22.5 V/6.7 5.8 25.7

TOTAL SUPPLY 112.1 123.9 125.8 119.9 109.5 118.2 120.0

CORN/SOGHUJM

PROIUCTION AND STOCKS 88.9 83.9 88.5 56.5 56.2 74.8 46.o

DPORTS 2.3 5.1 14.2 bJ18.9 8.1 39.0

TOTAL SUPPLY 88.9 86.2 93.6 70.7 75.1 82.9 85.0

/ Official preliminary estimate of production; assumed requirements for supply based on 1968-72 average;inport. represent difference between assumed requirements and domestic availabilitiesa

g/ Stocks in IFE inventory only.

^/NegligiblePrelimnary

Sources Ccupiled from data of Controller General and USAID Mission.

0 0

Table 7.9 : Land Acquisition of Agrarian Reform Commission, by Province, 1969-72.

PROVINCE NMBER OF REISTERED ARA ACQUI R E BYOWNR FARMS 1RE1A OF TAX NlYiBR OF

E ROPERTIES AUCTICN EXPROPRI- DONATION TOTAL SQUATTERSCONCERNED ATION OUIND ON

' R4~~~~~~~~~~ABM:ER E 0 T A R E S

Bocas delToro 2 6 3,031 3,031 3,031 6o-

Colon 41 45 ].4,927 -- 13,926 -- 13,826 1, 808

Darien 4 5 :33,727 11,276 22,451 -- 33,727 372

Coele 10 11 1 ,303 66 10,184 658 10,842 1,19(

Chiriqui 2/ 10 9 1,952 -- 1,690 -- 1,690 596

Panama 52 70 a/77,639 33,176 46,580 / 217 79,973 5,466

Veraguas 2/ 30 58 .36,810 4,091 24,933 10,225 J39,2h9 1,996

Herrera 13 14 32730 d/ 3,317 353 31670 33L

TOTAI 162 218 11332119 51,574 122,981 11,453 186 008 11 822

j Estimated partly by inference from lists. Corporations and properties held proindi:viso are counted as one.

j In addition to 4,000 hectares sold, and 3Ž000 donated, by banana company (see text).j In addition to 15h,000 hectares acquired from Panama Boston Corp. (see text).

E Excludes three properties which were not registered and from which 2179 has,wereconfiscated, as well as 656 has.of public land.

/ Purchase4 Including one where expropriated area was double the registered area of 2062 has./ Of which 758 through cancellation of title.

SOURCE: Records of former Agrarian Reform Comission.

Table 7.10 : Commercial Crop Production and Credit, 1972/73, of Campesino Groupsunder Sectorial Production Plan, by Regions

Number Area harvested Valae -of -pirod ution- Credit Credit asof Chectares) - Advanced percent ofgroups Total Per ha. (1000 balboas) value of

(1000 balboas production-balboas)

Region 1(ChiriquI) 31 5,169 935 180 951 102

AsentamientoFederation (1) 100 18 180 1 l56

Region 2(Veraguas) 32 992 211 213 326 155

Region 3(Azuero) 10 468 68 145 94 138

Region 4(Cocle ) 17 1,45o 236 163 258 109

Region 5(East Panama) 9 287 45 157 53 118

Region 6(West Panama

and Colon) 7 422 61 145 81 133

TOTAL-. 106 8,888 1,574 177 / 1,773 113

/ Does not include B/ 168,000 for rice mill and combines,

SOURCE: Unpublished data of the Agricultural Development Bank

Table 7.11 : NAB3ER AND AREA OF FARES BY SIZE CLASS, PROPORTION OF NUMBE AND AREAIN EACH CLASS, AND REATIVE INTR-CENSUS CHANGES, 1950, 1960 AND 1970

_______ 1970 Percent e hne 19716 1970'; P7-erent-age ChaniSIZE CLASS 1T 10 9 i > 101 0 oTT 11 1 7(Hectares) farms farms farms -6o -70 -70 has. has has. -60 -70 -70

-. _._(10 yea)(10 yrs.)(2o y)

Less than1 1/5.0 520.0 19 / 3b0 - bJ3,02/ 5e2 ./ / #/

1 to 4,9 44,4 52 38.7 40 34.4 33 - 13 -11 - 23 95.9 8 92.7 5 71.9 3 - 3 -22 - 25

5 to 9.9 16.8 20 18cl 19 13.9 13 + 8 -23 - 17 1O6e5 9 117.8 7 90.0 4 +11 -24 - 16

10 to 19.9 12,2 14 14.9 16 14,2 14 + 22 - 5 + 16 152e6 13 192e2 11 182.5 9 +26 - 5 + 20

20 to 49.9 8.2 10 12.0 13 14.1 13 + 46 +17 + 72 236,8 21 354,7 20 415.0 20 +50 +17 + 75

50 to 99,9 2.4 3 4,3 e .5 5 + 80 +28 +130 i56.i 13 284,4 16 363s4 17 +82 +93 +133

100 to 499,9 1.2 1 2,4 3 2e8 3 +109 +15 +139 203c5 18 390.9 21 490.5 24 +92, +25 +141

500 and more 0@2 2/ 0.? 0.3 s/ + 45 +42 +107 207,8 18 371,8 20 479.5 23 +79 +29 +131

TOTAL 856 100 95e5 100 105,3 100 / J _ 1,i159.1 100 i,8o6.5 100 2.,098.1 100 W Ž/ -

TOTAL FARMSof 1 hectareor more 85.5 90e5 - 85.3 + 6 6 - 1,159.1 - 1,803.5 - 2,092.9 - +56 +16 + 81

a] Faxrv of less t.Rn 1 heotare not reported in 1950 census./ Farms of lees thzm 1/2 hec-tare nut efortued in 1960 census,

/ Less than 0,5%,

Source: Agricultur.1. Cin as s of 1950, 1961 avd 1971,

Vill

OTHER SECTORS

* * I

Table 8.1 Manufacturing Statistics, 1961 - 1971

(Value in thousands of Balboas)

1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971Prel,

1r2eo118 12,643 16639 181591 19.623 20 613 _ j n._

aers, F=ily and other 294 250 226 245 221 173 253 218 210 171 n.a.nonsalaried

Employees 11,824 12,393 12,973 13,983 14,837 16,466 18,338 19,405 20,403 22,010 n.a.(Administrators,clerks

and technicians) ( 2,280) ( 2,325) ( 2,611) ( 2,677) ( 2,830) ( 3,194) ( 3,626) ( 3,925) (4,131) (4,482) n.a,(Wokrkev) ( 9,544) (10,068) (10,362) (11,306) (12,007) (13,272) (14,712) (15,480) (16,272) (17,528) (20,683)

Man-hours of workers (thousands) 22,298 24,498 25,145 26,213 26,833 29,458 31,938 34,443 36,743 38,552 46,947

Employee Retmuleration 18 249 20t675 2L399 26i276 22835 33,281 3.34? j2 145 452132

Wages and salaries 16,794 18,965 22,184 23,647 25,809 29,785 34,495 37,725 41,590 46,483Bonuses and othei non-wages 669 753 863 846 978 1,121 1,357 1,531 1,787 2,009Social Security taxes 786 957 1,352 1,783 2,048 2,375 2,490 2,889 3,218 3,640

Investment 8.355 1138 14,526 961 12630 17411 31 ,593 7iI 18181 28 9

New Investment 6,707 7,789 8,555 8,361 9,424 15,547 25,080 12,529 13,382 21,327Stock changes 1,648 3,593 5,971 1,251 3,206 1,864 6,505 4,086 4,799 7,402

Value of Sales 100,55S 110,939 160,763 182,478 201,481 228,582 259,855 285,618 312,554 354,977

Value of Prod'~tnPmA 102,235 113,070 166,392 183,376 204,031 229,161 264,089 287,099 314,010 356,529

Value of Inte W.ate PiSSeS 53,182 62,521 105,897 111,462 125,292 139,679 164,539 178,032 199,036 209,788

Value AtddecA 49,053 50,549 60,495 71,914 78,739 89,482 99,550 109,062 114,974 146,74J1 166,838

Note: For firms with, 5 cr more eunployees; hence D.ot. comparable to tables with national output estimates,

Source: Selected copies of Serles F.1, "'lndustria y Comercio Interior", Controller Geaeral.

** Table 8.2 REAL vALUE ADDED IN I4J^AnMA.CTtXJNG, 1950-1972 Page 1 of 2

(millions of 1960 Balboas)

bite Name 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960

20 Ebod Products 6.14 7.5 8.8 9.5 10.5 10.7 11.7 14.8 15.1 16.8 17.0

21 Beverages 6.5 6.7 7.5 7.1 6.7 6.7 7.1 7.8 7.5 7.6 8.4

22 Tobacco 0 0 0 0 0.3 1.0 1.2 1.6 2.3 2.3 2.6

23 Textiles 0 0 0 0 0 0 0 0 0 0 0

214 CLothing and shoes 2.7 2.2 3.1 3.0 3.1. 3.14 3.6 3.8 4.1 4.2 5.4

25 Wood 0.8 1,3 1.9 2.1 0.9 1.3 0.9 10.1 1.1 1.3 1.6

26 Furniture 03 0,5 0.5 o0.6 O.6 0.7 1.4 1.9 2.2 2.1 2.6

27 Paper and Products 0 0 0.1 0.2 3.3 0.3 0.3 0.4 C.5 0.6 0.8

28 Publishing 2.9 2^9 2.8 2.6 2.4 2.6 2.9 3.1 3.1 3.8 3.6

29 Leather and Products 0.1 0.1 0.2 0.2 0.3 0.3 0.3 Oe4 0.5 05 0.6

30 Rubber and Products 0.1 0.1 0.2 0.1 0.1 0.1 0.2 0.2 0.2 0.2

31 Chei. <.6, o.6 0.6 0.9 0.8 0.8 0.9 1.2 1.14 I.cl 1.8 1.9

33f 1f3} h;i:t.½2

.Aff ~ixt<.Ylbmht'3. 1.8 2.3 2.7 2.6 2.6 2.6 2.9 3.8 3.6 4.5 5.2

35 Metal Products 0 0 0.2 0.5 0.5 0.7 0.8 l,8 1.4 .1e4 2.0

3 ) Ot,; ir ct< 1, 1 1.14 .. ,5 1.9 2.c. 2 ;() 2..1 22 2.539 4 3 1. 14- 5Tot<J3, 2:i 25.5 30.2 3(.7 {J.6 9%? 36< 213 .11 9,14 _4

Table 8. 2 R&a WWLUE ADDED IN MiNUFACTURING, 1950-1972 Page 2 of 2(rdllions of 1960 Balboas)

cie Name 1.961 1962 196.3 196b 1965 1966 1967 1968 1969 1970 1q71 PelNo. 1972

20 Food Products 19.3 20.6 24.8 25.8 29.1 29.3 33.7 37.6 39.- 4 42.0 48.3 51.3

21 Beverages 9.4. 10.0 10.8 11.4 13.0 13.9 14.9 15.4 17.1 18.0 19.5 18.2

22 Tobacco 3.0 3.1 3.0 3.3 3.3 3.3 3.6 3.7 3.8 3.9 4.0 3.6

23 Textiles 0 0 0 0 0 0 0 0 0 0 0 0

244 Clothing and shoes 5.2 5.5 5.5 5.4 6.5 7.4 7.8 9.9 9.6 8.9 9.1 10.14

25 Wood 2.0 2.3 2.7 2.4 2.4' 2.1 2.9 2.5 2.5 2.6 3.2 3.1

26 Furniture 2.4 4.0 4.4 4.8 4.6 5.6 6.8 8.2 8.5 9.1 9.2 9.7

27 Paper and Products 1.7 2.3 2.8 3.2 3.8 5.8 5.2 5.3 6.3 7.2 7.8 8.1

28 `ublishing 4.2 4.6 5.2 5.6 6.0 7.0 7.9 8.5 12.9 10.9 8.6 11.9

29 Leather and Products 0.6 0.4 0.7 0.8 0.5 0.4 o.6 o.6 0.5 0.5 o.6 0,5

30 Rubber and Products 0.3 0.2 0.3 0.2 0.2 0.3 0.2 0.3 0.3 0.3 0.3 o.6

31 Chemicals 1.8 1.9 3.0 2.9 3.3 2.7 3.6 3.4 3.5 3.5 3.1 4.1

32 Petroleum Derivatives 0 14.5 4.5 5.4 4.5 4.6 6.1 7.1 8.4 10.0 11.3 11.3

33 Non metallic minerals 5.1 6.5 7.4 6.8 7.8 8.4 9.5 10.5 11.4 13.4 16.3 18.4

34 Basic metallicminerals - 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.3 0.5 0.5

35 Metal ?roducts 4.8 5.9 6.4 8.4 8.6 11.0 11.9 12.7 13.5 16.7 17.9 19.14

36-39 Other Industries 3.2 3.4 3.9 3.9 4.3 4.9 5.1 5.6 5.8 6.3 7.0 6.3

Total 63.0 75.3 85.6 90.5 98.1 107.0 120.1 _7 144.0 153.6 166.7 17

>ource :4ntr"lIer General1

ouc .

.

Table 8.3 VATLUE ADDED TN MANUFACTURING, 1960-71(millions of Balboas)

SiteNo. Name 1960 1961 1962 1963 19614 1965 1966 1967 1968 1969 1970 1971

20 Food Products 17.0 19.3 20.9 25.7 27.0 29.6 31.1 314.9 39.8 142.6 146.5 55.021 Beverages 8.4 8.6 9.2 10.3 10.14 12.8 14.2 114.9 15.5 17.0 18.7 20.1422 Tobacco 2.6 2.8 2.9 3.0 14.2 4.0 4.1 14.5 4.6 14.8 5.7 6.323 Textt½s - -- 0.1 0.1 - -

214 Clothing and Shoes 5.14 5.2 5.7 5.7 6.1 7-5 7.7 9.3 9.1 10.3 10.4 11.525 'Wood (except furniture) 1.6 2.14 3.1 3.3 3.5 2.5 2.8 3.2 3.6 3.6 3.8 5.526 Furniture 2.6 2.14 14.2 14.7 4.7 4.7 5.8 7.3 8.7 9.0 9.9 10.327 Paper and products 0.8 0.8 1.3 1.4 2.8 3.0 3.14 3.8 4.0 4.5 5.2 5.528 Publishing 3.6 14.0 4.5 5.0 5.14 5.8 6.5 6.9 7.7 11.5 10.14 9.229 Leather 0.6 07 0.14 0.7 0,6 0.5 0.5 0.6 0.7 0.6 0.6 0.7

30 Rubber and products 042 0.3 0.? 0.3 0.2 0.3 0.3 0.3 0.h 0.4 0.h 0.5

31 Chemicals 1.9 1.7 1.I4 2,6 2.7 3.0 2.5 3.2 2.9 3.2 3.2 3.0

32 Petroleurn derivatives 0 0 14.5 14.5 5.14 4.5 4.6 6.1 7.1 8.14 10.0 11.333 Non-metallic mninerals 5.2 5.3 6.7 8.1 7.8 7.8 8.3 8.9 10.6 11.8 13.3 15.1314 Basic metallic metals 0.1 - 0,1 0.2 0.2 0.3 0.3 0.3 0.14 0.4 0.5 0.835 Metal products 2.0 14.8 5.5 6.7 9.5 10.5 12.1 14.2 16.1 15.8 21.2 22.738 Transport material 2.0 2.3 2.5 2.7 3.0 3.3 3.7 3.8 14.3 14.5 14.9 5.1436)37) Other IndustrJee 1/ 0.5 0.9 1.0 1.5 1.1 1.2 1.14 1.5 1.6 1.6 1.7 2.14

39)

TWWIL 514.5 6] .5 714.2 86.1 91.6 102.3 109.3 123,7 137.2 250.1 166.4 185.6

1/ Bc, ause thtre ib such a small electrical and non-eloctrical maclf.neryy industry, iL ha8 beaen combined with

Source8 Controller General

Table 8.4 : INDUIbTRIAL CH.RACTERISTICb, 1968 and 1970

(percent)

1968 1970~-7z5ue Ad~ded/ -Value AddeaT

Employees &mloyee .ployeeValue added Employees Establishiannts (Balboas) Value Added Raployees Ebstablishments (Balboas)

5-9 2.8 5,8 28.6 2,668 2.2 4.2 23.0 3,485

10-19 7.2 10.9 27.2 3,646 6.o 9.6 27.3 L,138

20-29 7.6 10.0 14. 4 4,231 8.2 10.1 15.9 5,389

30-09 9.7 12.5 11.6 4,341 11.5 14.9 14.8 5,10h

50-99 20.7 21.1 10.3 5,441 12.6 18.1 10.1 4.,599

0oo-1g9 25.5 23.8 6.1 5,951 25.0 25.8 6.8 6,417

200 and more 26.5 15.9 1.8 9,291 34.4 17.2 2.0 13j259

Total 100.0 100.0 100.0 5,558 100.0 100.0 100.0 6,615

1968 1970

Proportion of Value Added in ManufacturingBy Province:

Panama 68.5 6L.5

Colon 11.9 17.1

Others 19.6 18..4

Total 100.0 100.0

oource: Controller General

Tablea " .; VCTRICTTY .N5 MkTITrN, 195O-1972

Total Country IIiTJ _ _ PrcntioCapacity Prct- Co:ump- '

(KjW) (thousand (thousaxd (Kw) (thouaano ,housand (Kw) K ua (thou dK W H1) K W H1) KW K H _ _ __ _ __ _ _

1950 33,100 103,200 70,0001951 33,500 107,700 77,4001952 33,900 116,400 85,7001953 ",)v 127, 98" 9 ,, L19514 35,503 135,2214 98)3001955 38,223 1144,123 107,6001956 39,201 153,825 117,8001957 1h7,740 172,017 131,5001958 514,800 190,812 14,6001959 53,300 216,311 165,0001960 66,920 234,691 176,7001961 67,050 261,900 198,7001962 70,952 291,1421 229,691 5,389 11,744 9,1A5 7.6 4.0 4.1

.1963 72,330 326,509 257,535 6,346 13,799 11,082 8.8 4.2 4.319614 86,123 368,873 299,215 7,728 15,1462 12,276 9.0 14.2 4.11965 87,838 1451,926 378,399 7,1473 16,835 12,9148 8,5 3.7 3.141966 118,678 471,545 386,722 9,5014 19,550 15,252 8.0 4.2 3.91967 123,707 520,136 420,932 15,823 22,3149 17,634 12.8 14.3 14.21968 1214,265 604,1437 488,3114 15,329 29,153 21,072 12.3 4.8 4.31969 163,961 773,783 6214,774 53,9145 170,1431 152,796 32.9 22.0 24.51970 e66'./2 856,56 7O7,5)4 53,915 2768149 252,625 32.14 32,3 35.71971 264hQ 6 918,622 758,80o J2,275 302,141 284,386 32.2 32.9 37.51972 n/ $ na n* 1, l72,325 741414pl28 87.6 n,a. ne.a

IJ flR begAxr opr t.rnUn i.n 1962Etim ataed by ia.ion; JIRPSs poduction and consurptioxi (tessevi) for 1972 includes 5 month& qpv-AZtionx? of } heeVropriated ]k erva y Luz Coroany

Sources: Oontro11 er General and IMW#,

Table 8.6 PANAMA CITY PRIVATE RESIDENTIAL CONSTRUCTION PERMITS, 1950 - 1972

(Balboas)

Type of Housing _____

Year T o t a l Individual Houses Apartments Popular Housing /Prolects Value Units Value Projects Units Value Prolect.s Units Value

1950 339 4,077,816 304. 3,105,056 26 164 876,860 9 106 95, 001951 234 3,037,400 186 1,993,821 35 134 896,729 13 190 146,8501952 162 2,316,955 118 1,321,484 34 208 927,471 10 110 68,0001953 283 4,316,079 202 2,193,606 71 461 2,009,690 10 101 112,7831954 352 4,337,385 272 2,337,026 65 490 1,915,859 15 106 84,5001955 361 5,525,649 283 2,846,287 63 567 2,476,862 15 166 202,5001956 414 6,522,742 305 2,969,094 83 742 3,245,428 26 432 308,2201957 438 6,836,199 320 3,083,045 78 717 3,252,454 40 574 500,7001958 338 5,882,712 229 2,374,718 88 859 3,257,014 21 355 250,9801959 346 7,422,506 231 2,791,608 94 987 4,414,498 21 217 216,4001960 257 6,473,564 153 1,859,172 87 893 4,249,904 17 388 364,4881961 215 3,998,402 163 1,881,452 50 413 2,093,950 2 17 23,0001962 325 6,011,328 257 2,853,134 65 514 3,098,194 3 73 60,0001963 442 11,178,969 338 4,072,202 96 1,035 6,959,767 8 105 147,0001964 381 6,735,012 321 3,653,605 57 573 2,946,807 3 69 134,6001965 376 8,722,011 281 3,268,661 93 925 5,409,350 2 49 44,0001966 500 13,338,254 345 4,449,347 148 1,310 8,785,407 7 54 103,5001967 782 15,416,812 664 6,120,536 113 1,085 9,196,886 5 43 99,3901968 1,088 19,767,714 585 5,267,444 501 2,182 14,479,270 2 16 21,0001969 937 21,345,022 785 8,131,286 152 1,480 13,213,736 0 0 01970 866 24,203,339 720 8,085,912 146 1,551 16,117,427 0 0 01971 1,176 27,056,205 1,011 9,846,503 164 2,053 17,191,702 1 6 18,0001972 1,412 46,111,238 1,211 14,044,474 201 2,578 32,066,824 0 0 0

1/ Housing of two or more units that do not have individual plumbing facilities.


0

Table 8.7 TRAVELLERS TO PANAMA, 1950-1971

(No. of travellers)

Total Tourists and Businessmen Transit 1/ Other 2/

i95o 107,334 20,906 86,4281951 118,061 22,419 95,642L95:2 135,282 26,419 108,863 -:L953 140,049 21,135 115,467 3,447:L954 145,518 24,497 117,094 3,927L955 147,997 26,262 118,361 3,374:L956 172,304 30,765 136,544 4,995:1957 196,761 35,014 157,792 3,9551L958 214,009 33,806 176,456 3,747

S :1959 234,110 37,985 193,663 2,462L960 267,847 31,702 232,813 3,332:1961 273,501 40,681 225,512 7,3081962 296,569 42,654 247,346 6,5691963 302,653 57,563 242,011 3,0791964 309,892 48,364 256,293 5,2351965 354,064 67,469 279,139 7,4561966 369,567 77,225 279,914 12,4281967 404,937 82,302 304,804 17,8311968 427,925 76,891 334,179 16,8551969 443,432 92,340 333,811 17,1911970 498,317 116,193 367,520 14,6041971 507,639 143,948 354,759 8,932

1/ Includes travellers only changing planes and those who remained inPanama up to 48 hours.

2/ Includes Panamanians living abroad returning for temporary stay,travellers arriving for medical attention, and others.

Sorlce: Controller General

.

Table 8.8 : RURAL W.LLS AND WATER SYSTEM4SCONSTRUCTED, 1969-1972

Rural Wells 1/

Eastern Central WesternYear Total Region Region Region

Average1955-1968 166 - - -

1969 241 110 94 371970 536 313 167 561971 247 95 134 181972 195 51 132 12

Rural Water Systems 2/

1970Number 9 6 2 1Total Cost 56,586 38,580 11,932 6,074(Ministry of Health) (28,788) (23,356) (3,257) (2,175)(Community Donation (27,798) (15,224) (8,675) (3,899)

and other )Population benefitted 3,204 2,160 725 319

1971 0Number 51 17 26 8Total Cost 487,501 149,267 244,970 93,264(Ministry of Health)(286,933) (106,189) (123,968) (56,776)(Community Donation

and other) (200,568) ( 43,078) (121,002) (36,488)Population benefitted 19,562 5,635 10,393 3,534

1972Number 51 18 26 7Total Cost 439,331 143,334 232,768 63,229(Ministry of Health)(309,1474) (112,678) (16h,247) (32,549)(Comnunity Donation

and other) (129,857 ) ( 30,656) ( 68,521) (30,680)Population benefitted 16,891 5,529 8,722 2,640

Note: '~Eastern" includes provinces of Panama, Colon and Darien"Central" includes provinces of Cocle, Veraguas, Los Santos, and Hererra."Western" includes provinces of Bocas del Toro and Chiqui

1/ Drilled by Ministry of Health in communities of under 100 population7/ For conununities of between 100 and 500 people

B By year of completion; the cost to Ministry of Health is not comparable to itsbudget execution, since the budget allocated by year of initiation.

-ource: Ministry of Public Health.

Ix

WAGES MAD PRICES

Table 9.1_: COST OF LIVING INDEX. PANAIA AAND COLON CITIE:i, 1962-1972(1962 - 100)

'tear Total. LHerQd Housing Clothing _er

1L963 100.5 100.8 100.3 100.7 IOC0.3

1L964 103.1 105.8 100.7 101.2 102.1

1L965 103.6 106.a 101.5 102.0 102.7

1L966 103.9 106.0 102.1 102.8 '103.2

1L967 105.i4 107.9 103.6 1O04.2 104i.h

:1968 107.0 110.9 104. 6 104z.2 104.7

1 96,9 o108.8 113.0 105.5 105.0 107.1

197'0 111.9 116.4 105.4 105.8 113.0

197'1 114.2 119.6 107.2 108.6 114.6

* 1972 120.0 125.0 11.0 112.5 123.0

Note: Based on consumption costs of 864 families in Panama City with aontlbly irncomeUP to B 600 (i.e. low and iddle class) and 145 families in Colon City withmonthly income up to B370 (i.e. low class).

bourca: Controller General

Table 9 2: SECTED PRICE INDICES FOR PANAMA ANDTHIM UNITED STATES, 1966-1972

PANAMA. U.S.

Wholesale,Total Agricultural Industry IMports Export

1966rcharcn 100.0 300.0 100.0 100.0 100

June 100.6 102.3 100.4 100.0 99September 100.9 102.5 101.2 100.2 99December 100.7 101.7 100.7 100.5 101

1967March 101.4 102.6 101.0 101.2 106June 101.4 103.1 100.9 101.5 104September 101.5 103.2 100.5 102.0 104December 102.1 104.9 100.9 102.5 105

1968March 102.3 104.8 101.2 102.7 105June 103.6 108.9 102.3 102.9 107September 104.0 108.9 102.7 103.3 106December 103.9 107.7 102.5 103.9 107

1969March 104.1 106.8 102.7 104.6 108.5June 104.9 109.4 103.5 104.7 107.5September 105.0 109.0 103.6 105.1 109.4December 106.0 111.0 103.9 106.5 113.2

1970

March 106.7 110.3 104.2 108.0 113.3June 108.0 112.9 105.1 109.4 115.4September 108.4 112.3 105.3 110.6 114.9December 110.0 115.6 106.2 112.1 117.0



Source: Larry A. Sjawwtad, "Prices and Wages in Panama, Apri:L 1973, mimeographfor Ministry of Planning and Economic Policy

Table 9.3: PANAMA - AVERAGE SAIARIES BY SELECTED AREAS AND EMPLOYERS, 1958-71(Balboas per month)

Total Sain;~ Private Companiesl/ Banana Zonesa' National GovernLment Public Autonomous Enitities Canal ZoneYear Employees Average Salary Employees Average Salary Employees Average Salary Employees Average Salary Employees Average Salary Employees Average Salary

1958 4u,742 106.68 36,390 101.738 -- -- 4,352 147.61 -- --

1959 78,969 115.73 40,100 103.28 -- -- 24,342 111.94 4,483 127.06 10,044 169.55

1960 91,022 120.34 40,880 120.00 10,255 86.73 23,884 114.29 4,973 128.30 11,030 162.34

1961 95,281 129.46 44,864 125.94 9,112 115.79 24,388 120.51 5,331 137.36 11,586 169.06

1962 100,770 135.02 47,925 131.24 8,345 93.73 24,749 125.34 7,523 136.46 12,228 196.66

1963 106,376 143.65 51,845 136.80 9,058 95.26 25,676 133.86 7,678 145.80 12,119 228.51

1964 108,334 152.42 53,578 138.83 8,425 103.38 25,718 140.30 8,387 153z68 12,226 270.46

1965 117,560 157.54 58,142 142.70 10,904 102.35 26,887 144.53 8.852 161.70 12,?75 296.68

1966 126,833 167.92 63,357 149.50 11,273 131.76 29,907 162.22 9,414 170.18 12,882 301.70

1967 137,377 174,60 68,265 157.52 11,833 133.41 33,317 163.21 10,444 181.44 13,518 319.63

1968 146,523 184,44 73,835 167.41 12,901 132.38 34,389 168.28 11,032 191.49 14,366 352.07

1969 152,346 192.53 77,609 172.37 14,390 145.40 34,862 183.14 11,090 190.99 14,395 372.27

1970 172,100 198,02 86,437 183.30 15,738 144.31 41,380 177.14 14,178 204.22 14,367 399.47

1971 190,647 202,03 102,330 187.99 14,868 140.36 43,932 185.22 16,819 221.20 12,698 420.12

1/ From Social Security reports. As social security coverage was extended from 8 urbant centers in 1958 to virtually all towns and cities by 1971, the average salarybecame more a national samnple ratber than a Coloni-Panmac City sample. Excludes banana company.

/ After 1965 includes wages of independent producers.


Tablte_2_. 4 SELECTED WAGE INDICES, 1968-1973

1968 1969 1970 197.1 1972 1973

Government Policy Actions Alone _ 100.00 100.00 101.25 109.68 110.07 1lO07

Company "A", average wage 2/ 100l 00 102.86 114 38 125*70 125.70 14h286

Average Private Companies 3/ 100.00 102.96 109.h9 112.29 n.a. n.a.

Hission Estimate / 100.00 102.8 110.5 120.0 122.0 128.0

Urban cost-of-living 100.0 101.7 lo4.6 106.7 112.2 nea,

1/ Includes "educational insurance" in 1970, 13th month in 19Y7, and extra holiday in 1972; assumes no bonus paid,before 1971.

2/ Excludes payments to Social Security System (educational insurance, Social Security payments, and 1/3 of 13thmonth). The company has a strong union; the 1973 rise is from a collective contract.

3/ From table 9. 3 excludes educational insurance in 1970 and 13th month bonus in 1971.;/ Assumes a portion of 13th month was in prior bonuses, 10 cents minimum wage increase in 1971/1972 and collective

bargairing increase led to 5 percent wage increases in 1973; and 1972 was relatively stable year for wages.Source: Tables 9. 2 and 9. 3 , and infonmation provided by labor leaders, Ministry of Labor and industrialists.

S .

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