Countries, Compared

Panama

Panama sits on the isthmus connecting North and South America, with coastlines on both the Caribbean Sea and the Pacific Ocean.

Countries, Compared: country research and comparison

Panama

Panama sits on the isthmus connecting North and South America, with coastlines on both the Caribbean Sea and the Pacific Ocean. Its official name is the Republic of Panama, and the capital is Panama City. The country is a UN member state and a sovereign republic. The Panama Canal is a major economic driver, but services and the Colón Free Zone also contribute significantly to the economy.

Statistical identifiers

The United Nations Statistics Division (UNSD) assigns Panama the following stable identifiers for data collection and reporting:

  • UN M49 code: 591
  • ISO alpha-2: PA
  • ISO alpha-3: PAN
  • UN region: Americas
  • UN subregion: Latin America and the Caribbean
  • World Bank capital field: Panama City

These codes are statistical and administrative groupings, not political or territorial claims. The UN M49 overview defines how nations and areas are grouped for statistical purposes. The World Bank lists Panama as a member nation; you can verify the code and basic metadata via the World Bank country API at ` The ISO codes (PA, PAN, 591) are maintained by the International Organization for Standardization and appear in internet domain registrations, currency codes and international transactions.

How to verify changing data

Population, currency details, government structure and visa rules all change over time. Do not rely on a single figure from an encyclopedia page. The World Bank and the UN publish country profiles with clearly labeled reference years, and national statistics offices are the authoritative source for census and survey data. For Panama, the national statistical institute is the Instituto Nacional de Estadística y Censo (INEC). Cross-check at least two sources, and note the reference year for each figure you cite. The World Bank country API returns structured data for Panama under the code PA; always note the reference year attached to each indicator, because World Bank figures are revised as new data becomes available.

Population

Population figures change between censuses, and different organisations publish estimates with different methodologies. Panama’s INEC publishes census and projection data, but the most recent census year should always be stated when quoting a figure. The United Nations World Population Prospects and the World Bank each release annual estimates. Do not compare a census count from one year to a projection from another without noting the data vintage.

The 2023 Panamanian census reported a preliminary count of roughly 3.6 million people. The World Bank’s 2023 estimate was about 4.5 million. The gap reflects census timing, coverage and estimation methodology. For official national data, check INEC’s website. For a cross-nation comparison, use the World Bank country page, which links to the API used throughout this site. The UN’s World Population Prospects is the standard source for international comparisons, but it is an estimate between censuses, not a count. The most recent census data from INEC will be more precise but is often published two to five years after enumeration.

Languages

Language data is not collected in every census. The 2010 Panamanian census (the most recent published full census) recorded Spanish as the dominant language. The government also recognises several indigenous languages, including Ngäbere, Kuna, Emberá, Buglere and Wounaan. Significant English-creole communities live in the Caribbean coastal regions. UNESCO and SIL International maintain separate language inventories; figures may differ because they classify dialects differently. For the most current national figures, consult INEC and UNESCO’s education and culture statistics. Reference year: census 2010. Later official estimates may revise these numbers.

Spanish is the official language of Panama. The indigenous languages listed above are recognised by law but are not official nationwide.

Currency

The national currency is the balboa (PAB), which circulates alongside the United States dollar (USD). Panama has no central bank in the conventional sense. The dollar is legal tender and is used for nearly all everyday transactions. The balboa exists mainly as coins pegged 1:1 to the dollar; banknotes in circulation are US dollars. Panama does not print its own paper currency.

For currency codes and current legal-tender details, check the IANA registry for Panama (country code PA) and the IMF’s Article IV consultation reports. The IMF publishes economic data and reports on Panama annually. Use the World Bank country page for Panama for the latest economic indicators, and the IMF Article IV report for the most recent official economic assessment.

Government and economy

Panama is a presidential republic. The 2023 World Bank income grouping lists Panama as an upper-middle-income economy, but the classification changes annually and should be checked on the World Bank’s country and lending groups page. The 2023 UNDP Human Development Index ranks Panama 57th of all ranked nations, placing it in the high human development category. The World Bank API provides current GDP, GNI and income-group data.

Travel and entry information

For travel and visa rules, always consult your own government’s travel advisory and the IATA Travel Centre. Do not rely on third-party summaries. Entry requirements shift with little notice, and the only safe source is the official channel of the nation you intend to visit or the carrier you are flying with.

Data limitations and source literacy

Statistical groupings differ from political status. The UN M49 system places Panama in the Americas region and the Latin America and the Caribbean subregion. This is a statistical geography used for data collection, not a political or territorial claim. The World Bank similarly groups Panama under Latin America & Caribbean for operational purposes; this grouping is administrative, not a statement about sovereignty or cultural identity.

When using any data point about Panama, state the dataset and the reference year. Never present a volatile figure as fixed. For population, the UN’s World Population Prospects is the standard source for cross-national comparison, but it is an estimate between censuses. INEC census data is more precise but less current. For economic indicators, the World Bank API and IMF Article IV reports provide the most regularly updated figures. For language data, note that the 2010 census remains the most recent full-language census; newer surveys may cover subsets of the population.

Adjacent country comparisons

Panama shares borders with Costa Rica to the west and Colombia to the east. All three use the same UN M49 subregion grouping (Latin America and the Caribbean) and share the Americas region. Costa Rica and Colombia are also UN member states with their own ISO codes and World Bank country pages. When comparing economic or demographic data across these neighbours, align reference years and source methodologies. A 2023 World Bank estimate for Panama cannot be directly compared to a 2022 national census figure from Costa Rica without noting the mismatch in vintage and method.

Sources

  • UN M49 overview: `
  • World Bank country API for Panama: `
  • ISO country codes: maintained by the International Organization for Standardization
  • INEC (Instituto Nacional de Estadística y Censo): national statistical office of Panama
  • UN World Population Prospects: population estimates and projections
  • UNESCO education and culture statistics: language and literacy data
  • IMF Article IV consultation reports: economic assessment and currency details
  • IATA Travel Centre: visa and entry requirement verification
  • UNDP Human Development Index: annual human development rankings