Panama's Development in the 1980's: A Special Economic Report · Area Provinces B 2/ Year Total...

FILE COPYReport No. 2306-PAN

Panama's Development in the 1980's:A Special Economic Report -

(In Two Volumes) 74 / /A

Volume II: Statistical AppendixJuly 20,1979 i-T i To Lgh, & Ca

Latin America and Caribbean RegionCountry Programs Department I A -

FOR OFFICIAL USE ONLY

Document of the World Bank

This document has a restricted distribution and may be used by recipientsonly in the performance of their official duties. Its contents may nototherwise be disclosed without World Bank authorization.

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Exchange Rate

1.00 Balboa = 1.00 U.S. Dollar

Fiscal Year

January 1 - December 31

Abbreriations

AID = Agency for International DevelopmentAPN = Auteridad Portuaria Nacional (National Port Authority)BDA = Banco de Desarrollo Agropecuario (Agricultural Development Bank)VNH = Banco Nacional Hipotecario (National Mortage Bank)CODEMIN = Corporacion de Desarrollo Minero (Cerro Colorado Mine

Cerro Colorado Development Corporation)COFINA = Corporacion Financiera Nacional (National Finance Corporation)CZ = Canal ZoneEDC = Export Development CorporationIDAAN = Instituto de Acueductos y (National Water and Sewerage

Alcantarillados Nacional Institute)IDB = Inter-American Development BankIDIAP = Instituto de Investigacion

Agropecuaria (Agricultural Research Institute)IMA = Instituto de Mercadeo Agropecuario (Agricultural Marketing

Institute)IPAT = Instituto Panameno de Turismo (Panamanian Tourism Institute)IRHE = Instituto de Recursos Hidraulicos (Hydraulic Resources and

y de Electricidad Electricity Institute)INTEL = Instituto Nacional de (National Telecommunication

Telecommunicaciones Institute)MICI = Ministerio de Industria y Comercio (Ministry of Industry and

Commerce)MIDA = Ministerio de Desarrollo (Ministry of Agriculture)

AgropecuarioMIVI = Ministerio de Vivienda (Ministry of Housing)MPPE = Ministerio de Planificacion y (Ministry of Planning and

Politica Economica Economic Policy)ZLC = Zona Libre de Colon (Colon Free Zone)

FOR OFFICIAL USE ONLY

PANAMA'S DEVELOPMNT IN THE 1980'S - A SPECIAL ECONOMIC REPORT

(in two volumes)

VOLUME II: STATISTICAL APPENDIX

Table No. Page No.

I. HUMAN RESOURCES.. 1

1.1 Population by Area and Province, 1950-85. 21.2 Birth and Mortality Rate, 1952-77. 31.3 Fertility Rates, 1971-75. 41.4 Labor Force and Employment by Sector, 1960-76. 51.5 Total Public and Private Schools, Teachers, and

Students, 1950, 1957-1978. 61.6 Secondary Students by Type of Course, 1959/1960, 1965-1976 101,7 University of Panama Indicators, 1950, 1960, 1965-1976 ..... 11

II. NATIONAL ACCOUNTS .................................... 12

2.1 Industrial Origin of Gross Domestic Product at ConstantPrices, 1950-1977 ......................................... 13

2.2 Industrial Origin of Gross Domestic Product at CurrentPrices, 1950-1975 .15

2.3 Expenditure on Gross Domestic Product, 1950-1977 .172.4 Expenditure on Gross Domestic Product in Constant

Prices, 1950-77 ........................................... 192.5 Private and Public Gross Capital Formation and Stock

Changes, 1950-77 .222.6 Distribution of National Income, 1950-75. 242.7 Provincial Distribution of GDP and Population, 1970 26

III. BALANCE OF PAYMENTS .......................... 27

3.1 Balance of Payments - Current Account, 1950-77 .283.2 Balance of Payments - Capital Account, 1950-76 .313.3 Balance of Payments Current Account - Canal Zone, 1950-77. 343.4 Selected Major Exports, 1955, 1960, 1965-77 373.5 Value of Imports and Import Duties Paid, by Selected

Major Categories, 1958-77 ................................. 393.6 Volume and FOB Value Imports of Principal Supplementary

Food Products, Annual, 1958-754.. 443.7 Terms of Trade, 1950-77 .45

This document has a restricted distribution and may be used by recipients only in the performanceof their official duties. Its contents may not otherwise be disclosed without World Bank authorization.

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Table No. Page No.

IV. PUBLIC DEBT .46

4.1 Projections of Public External Debt, Total. 474.2 Projections of Public External Debt, Suppliers Credits 484.3 Projections of Public External Debt, Financial Institutions 494.4 Projections of Public External Debt, Bonds .504.5 Projections of Public External Debt, Multilateral Loans 514.6 Projections of Public External Debt, IBD .524.7 Projections of Public External Debt, IDB .534.8 Projections of Public External Debt, Bilateral Loans .54

V. PUBLIC FINANCE ................. 55

5.1 Consolidated Public Finances, 1970-78 (million Balboas) 565.2 Consolidated Public Finances, 1970-78 (percent of GDP) 575.3 Central Government Operations, 1960-78. 585.4 Central Government Current Revenues, 1960-78 .595.5 Central Government Current Expenditures, 1960-78 .605.6 Central Government Capital Expenditures, 1960-78 .615.7 Central Government Current Transfers, 1960-1977 .625.8 Central Government Capital Transfers, 1965-77 .635.9 Relative Tax Burden, 1970 and 1977 .645.10 Summary Accounts of Hydraulic Resources and Electricity

Institute - 1965-77 .655.11 Summary Accounts of National Water and Sewerage

Institute, 1965-76 .665.12 Summary Accounts of the National Telecommunications

Institute (INTEL), 1974-77 .675.13 Summary Accounts of Colon Free Zone, 1960 and 1965-77 685.14 Summary Accounts of Civil Aviation Directorate, 1969-77 695.15 Summary Accounts of Tourism Institute (IPAT), 1965-78 705.16 Summary Accounts of La Victoria Sugar Corporation, 1973-77. 715.17 Summary Accounts of the Agricultural Development Bank

(BDA), 1973-77 .725.18 Summary Accounts of the National Mortgage Bank (BHN), 1973-76 735.19 Summary Accounts of the Institute for Development and Use of

Human Resources (IFARHU), 1965-76 .745.20 Summary Accounts of the University of Panama, 1960 and

1965-77 .................................................... 755.21 Public Finance Projections, 1977-1990 ...................... 76

VI. BANKING ............................................... 77

6.1 Summary Accounts of the Private Banking System, 1973-77 .... 786.2 Summary Accounts of the National Bank of Panama, 1973-77 ... 796.3 Summary Accounts of the Consolidated Banking System, 1973-77 80

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Table No. Page No.

6.4 Deposits and Credits of the Banking System, 1970-1977 816.5 Private License one Banks Deposits, 1970-77 .826.6 General Indicators of Domestic Real Credit Expansion,

1970-77 .83

VII. AGRICULTURE .84

7.1 Gross Value of Production from Agriculture, Forestry andFishing, 1970-77 .85

7.2 Principal Staple Crops, Area, Production and Yields 1970-77 867.3 Principal Exports of Products of Agriculture and Fisheries,

Average for Selected Years in 1950's and 1960-1972, inVolume and Value .87

7.4 Land Acquisition for Agrarian Reform, 1966-77 .907.5 Geographical Distribution of Land Acquired for Agrarian

Reform: 1969-1977 .917.6 Average Producer Prices Received by Farmers, 1960, 1965,

1970-77 .927.7 Index of Average Producer Prices Received by Farmers, 1970-77 93

VIII. OTHER SECTORS .94

8.1 Manufacturing Statistics, 1961-76 .958.2 Real Value Added in Manufacturing, 1950-77 .978.3 Value Added in Manufacturing, 1960-75 .998.4 Industrial Structure, 1968-75 .1008.5 Electric Power, 1950-75 .1028.6 Panama City Private Residential Construction Permits, 1950-76 1038.7 Travellers to Panama, 1950-77 .104

IX. PRICES .105

9.1 Cost of Living Index, Panama and Colon Cities, 1962-77 1069.2 Selected Price Indices, 1970-77 .1079.3 Average Salaries by Selected Areas and Employers, 1958-76 1089.4 Number of Public and Private Sector Employees, Salary

Scale, 1969-75 .1099.5 Number of Private Sector Employees, Salary Scale, 1969-75 1109.6 Number of Public Sector Employees, Salary Scale, 1969-75 111

X. PANAMA CANAL .112

10.1 Flow of Funds Between Panama and the Canal Zone, 1973-1977. 11310.2 Civilian Labor Force in Canal Zone by Employer, FY1970-1977 11410.3 Full-time Civilian Labor Force of the Canal Zone Government

and Panama Canal Company, Various Years .11510.4 Wage Averages: Full-time Permanent Canal Zone, FY1970-77.. 116

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Table No. Page No.

10.5 Panama Canal Traffic .11710.6 Principal Commodities-Shipped Through Canal, FY1973-1977 11810.7 Origin and Destination of Commercial Cargo From Atlantic

to Pacific by Principal Trade Areas, FY1977 ............... 11910.8 Origin and Destination of Commercial Cargo from Pacific

to Atlantic by Principal Trade Areas, FY1977 .............. 12010.9 Comparative Distances to Selected Ports Via Panama Canal

and Alternate Routes ............................... ........ 12110.10 Tolls, Tonnage, and Annuity Based on Tonnage at Various

Rates 1979-1985 ........................................... 12310.11 Port Statistics, FY1973-1977 .............................. 12410.12 Operation Expenses and Revenues of the Panama Canal

Company, FY1976 ........................................... 12510.13 Operation Expenses and Revenues of the Canal Zone

Government, FY1976 ........................................ 12610.14 Statement of Operations Under the Treaty FY1979-1984 ...... 12710.15 Personnel Reductions and Transfers by Activities .......... 12910.16 Major Facilities Transferred to Panama .................... 13010.17 Summary of the Transfer of Functions Resulting from the

New Treaty ................................................ 131

I

HUMAN RESOURCES

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Table 1.1: POPULATION BY AREA AND PROVINCE, 1950-85

(in thousands)

SERIES A 2/ SERIES

Area Provinces B 2/

Year Total Urban Rural Bocas del Toro Cocle Colon Chiriqui Darien Herrera Los Santos Panama -Verasuas Total

1950 795.0 287.8 507.2 22.0 72.3 89.4 136.3 14.5 49.6 61.0 243.8 106.1 824.9

1951 818.3 300.2 518.1 22.9 74.1 90.9 140.6 15.0 50.7 61.9 254.0 108.2 850.5

1952 842.3 313.1 529.2 23.7 75.9 92. 145.1 15.4 51.8 62.8 264.6 110.6 874.1

1953 867.0 326.5 540.5 24.6 77.8 93.9 149.8 15.8 52.9 63.7 275.6 112.9 897.5

1954 892.5 340.5 552.0 25.5 79.8 95.4 154.5 16.3 54.0 64.6 287.1 115.3 921.8

1955 918.7 355.1 563.6 26.6 81.7 96.9 159.5 16.8 55.1 65.5 298.9 117.7 947.4

1956 945.6 370.3 575.3 27.6 83.7 98.4 164.4 17.3 56.3 66.4 311.3 120.2 974.4

1957 973.4 386.2 587.2 28.6 85.8 99.9 169.7 17.7 57.5 67.4 324.1 122.7 1,002.8

1958 1,001.9 402.8 599.1 29.7 87.8 101.5 175.0 18.3 58.7 68.3 337.4 125.2 1,032.6

1959 1.031.3 420.1 611.2 30.8 90.0 103.0 180.4 18.9 59.9 69.2 351.3 127.8 1,063.4

1960 1,061.1 438.1 623.0 32.1 92.1 104.2 186.3 19.6 61.2 70.4 364.5 130.7 1,095.3

1961 1,093.6 456.1 637.5 33.2 94.5 107.0 191.0 19.9 62.3 70.7 382.1 132.9 1,128.2

1962 1,127.1 474.4 652.7 34.2 97.0 109.9 195.8 20.2 63.4 71.0 400.6 135.0 1,161.9

1963 1,161.6 493.4 668.2 35.3 99.5 112.8 200.6 20.5 64.6 71.2 419.9 137.2 1,196.6

1964 1,197.1 513.2 683.9 36.4 102.1 115.8 205.6 20.8 65.7 71.4 440.0 139.3 1,232.1

1965 1,233.7 533.8 699.9 37.6 104.7 118.8 210.6 21.1 66.9 71.6 461.0 141.4 1,266.5

1966 1,271.6 555.2 716.4 38.8 107.3 121.9 215.7 21.5 68.0 71.8 483.1 143.5 1,305.9

1967 1,310.5 577.4 733.1 40.0 110.0 125.0 220.9 21.8 69.2 72.0 505.9 145.7 1,344.2

1968 1,350.5 600.6 749.9 41.2 112.8 128.2 226.2 22.1 70.4 72.1 529.7 147.8 1,383.4

1969 1,391.8 624.7 767.1 42.4 115.6 131.5 231.5 22.4 71.5 72.3 554.6 150.0 1,423.4

1970 1,434.4 682.81/ 751.6 43.7 118.4 134.8 237.0 22.7 72.7 72.4 580.5 152.2 1,464.3

1971 1,478.3 710.6 767.7 45.1 121.4 138.3 242.7 23.1 74.0 72.6 604.6 156.5 1,506.0

1972 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 1,548.2

1973 1,570.1 762.2 807.9 47.9 127.7 145.6 254.7 23.8 76.6 73.0 659.6 161.3 1,591.0

1974 1,618.1 785.5 832.6 49.4 130.9 149.3 260.8 24.1 77.9 73.2 688.5 163.8 1,634.2

1975 1,667.7 127.1 840.6 51.0 134.2 153.2 267.2 24.5 79.3 73.4 718.6 166.3 1,677.7

1976 1,718.7 859.4 859.3 52.6 137.6 157.2 273.7 24.8 -80.7 73.6 749.7 168.8 1,721.3

1977 1,771.3 892.8 178.5 54.2 141,2 161.3 280.3 25.2 82.1 73.8 781.8 171.4 1,765.1

1978 1.825.5 927.5 898.0 55.9 144.7 165.5 287.1 25.6 83.5 74.0 815.2 174.0 1,808.8

1979 1,881.4 963.6 917.8 57.6 148.4 169.8 294.1 26.0 85.0 74.2 849.7 176.6 1,852.6

1980 1,939.0 1,000.9 938.1 59.4 152.2 174.2 301.3 26.4 86.4 74.4 885.4 179.3 1,896.3

1981 1,940.1

1982 1,984.0

1983 2,028.0

1984 2,072.2

1985 2, 116.7

1/ After 1969 eleven snail cities with a total population of 33,339 were all-ocad to the orban sector as a res-lt of the 1970 census.

2/ The estimates for population (Series A) were updated in 1978. Regional breakdown is not yet available for the new estisates (Series B).

Soorce: Comptroller General

Table 1.2: BIRTH AND MORTALITY RATE, 1952-77

Births Deatha 2/ Natural Growth

General Babies (under 1 year) Mothers 3/

Per 1,000 inhab- Per 1,000 inhab- Per 1,000 live Per 1,000 live Per 1,000 inhab-Year Total itants 4/ Total itants 4/ Total births Total births Total itanta 4/

1952 29,013 36.0 6,791 8.4 1,469 50.6 86 3.0 22,222 27.6

1953 31,428 37.9 7,638 9.2 1,687 53.7 92 1.9 23,790 28.7

1954 33,521 39.3 7.511 8.8 1,745 52.0 89 2.6 26,010 30.5

1955 34,592 39.4 8,059 9.2 1,884 54.5 78 2.2 26,533 30.2

1956 35,582 39.3 8,352 9.2 2,049 57.6 97 2.7 27,230 30.1

1957 37,743 40.5 8,656 9.3 2,129 56.4 88 2.3 29,087 31.2

1958 37,733 39.3 8,364 8.7 2,186 57.9 79 2.1 29,369 30.6

1960 42,359 39.9 8,827 8.3 2,450 57.8 85 2.0 33,532 31.6

1961 44,207 40.4 8,851 8.1 2,435 55.1 89 2.0 33,356 32.3

1962 46,274 41.1 8.239 7.3 2,013 43.5 81 1.8 38,035 33.8

1963 46,656 40.2 9,239 8.0 2,243 48.1 79 1.7 37,417 32.2

1964 47,419 39.6 8,743 7.3 2,031 42.8 75 1.6 38,676 32.3

1965 48,377 39.2 9.035 7.3 2,196 45.4 74 1.5 39.342 31.9

1966 49,394 38.9 9,184 7.2 2,225 45.0 73 1.5 40.210 31.7

1967 50,795 38.8 8,938 6.8 2,169 42.7 72 1.4 41,857 32.0

1968 52,489 38.9 9,568 7.1 2,078 39.6 71 1.4 43,008 31.0

1969 52,799 38.0 9,791 7.0 2,109 39.9 72 1.4 43,008 31.0

1970 53,287 37.1 10,225 7.1 2,156 40.5 72 1.4 43,062 30.0

1971 54,948 37.2 9,857 6.7 2,064 37.6 63 1.1 45,091 30.5

1972 54,910 36.0 9,076 6.0 1,848 33.6 61 1.1 45,834 30.0

1974 52,772 32.6 9,001 5.6 1,663 31.5 43 0.8 43,771 27.0

1975 53,790 32.3 8,683 5.2 1,669 31.0 50 0.9 45,107 27.1

1976 5/ 50,667 29.5 8,169 4.8 1,861 36.7 49 1.0 42,498 24.7

19775/ 50,526 28.5 7,851 4.4 n.a. n.a. n.a. n.a. 42,675 24.1

1/ Until 1959 births and deaths of residents in aboriginal preserves were excluded, except for 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 1.5/ Preliminary.

Source: Comptroller General

Table 1.3: FERTILITY RATES, 1971-75

(per thousand women)

Age 1971 1972 1973 1974 1975

131.3 127.3 117.3 115.3 114.o

10 - 14 2.4 2.3 2.3 2.5 1.9

15 - 19 129.3 131.0 123.1 120.7 120.2

20 - 24 275.0 264.5 244.6 244.1 238.5

25 - 29 251.9 241.2 220.2 217.9 220.0

30 - 34 183.8 174.1 158.8 155.4 154.3

35 - 39 119.2 114.1 107.4 101.1 97.9

40 - 44 41.3 43.4 38.8 35.0 33.3

45 - 49 7.7 8.3 6.5 5.6 6.8

Source: Controller General

Table 1.4: LABOR FORCE AND EMPLOYMENT BY SECTOR, 1960-76(thousands>

Economic Sector 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976

Economically Active Population 330 348 356 360 365 379 391 409 435 450 466 471 489 499 517 493 496

Agriculture 152 161 166 165 162 167 169 158 160 159 160 153 153 149 151Manufacturing 26 28 28 29 31 32 40 40 54 SO 51 45 53 46 50Construction 14 13 13 14 14 15 18 22 21 23 27 30 35 35 34Power, Gas, Water and Sesrerage 2 2 3 3 3 5 3 3 3 4 4 5 7Commerce 31 35 35 36 36 35 40 49 49 56 60 63 69 64 69Transport, Storage and Communications 9 9 9 10 10 17 13 14 16 17 17 20 27 25 26Servicee 68 71 72 73 73 74 80 94 94 109 114 121 144 142 142Canal Zone 21 21 21 22 21 22 22 21 24 23 23 26 22 20 17New Workers 1 1 7 8 9 8 15 12 6 8 14 9 9 8 9 7 n.a

Employed Population 300 320 330 339 338 350 371 384 404 420 433 435 455 464 487 461 472

Agricutture 150 159 165 164 161 165 168 156 158 157 158 151 150 147 148Manufacturing 24 26 26 28 30 30 38 38 51 47 48 42 51 43 47Construction 10 10 11 12 13 15 16 20 19 20 24 26 31 31 30Power, Gas, Water and Sewerage 1 1 2 2 2 3 3 3 3 3 4 5 5 5 7Commerce 28 32 32 34 34 34 38 46 46 53 56 59 66 60 64Transport, Storage and Communications 9 9 9 9 9 11 12 13 15 16 16 18 25 23 25Services 60 64 66 68 68 72 75 88 88 101 104 110 t38 133 134Canal Zone 18 19 19 20 20 20 21 20 23 22 22 24 21 19 17

Unemployed 30 28 26 21 27 29 20 25 31 30 33 36 33 35 30 32 24

Agriculture 2 2 1 1 1 1 1 2 2 2 2 2 3 2 2Manufacturing 2 2 2 1 1 2 2 2 3 3 3 3 2 3 4ConstructiOn 4 3 2 2 1 2 2 2 2 3 3 4 4 4 4Power, Gas, Water and Sewerage - - - - - - - - -Commerce 3 3 3 2 2 2 2 3 3 3 4 4 3 4 5Transport, Storage and Cosmmunication - - - - 1 1 1 1 1 1 1 2 2 2 1Services 8 7 6 5 5 6 5 6 6 8 10 11 6 9 8Canal Zone 3 2 2 2 1 2 1 1 1 1 I 2 I I -New Workers!' 7 a 9 8 1S 12 6 8 14 9 9 8 9 7 n.a.

11 Unemployed hunting for employment for first time.

NOTE: tncludes work force 15 years of age or older; excludes indigenous population and collectives; 1961-62 are interpolated; 1971 Ls not strictlycomparable with prior years because of revised classification system that changed some manufacturing to services. Details for 1972 and 1973are not available.

Source: Controller General.

Table 1.5: TOTAL PUBLIC AND PRIVATE bCHOOLI-, ThACHER-, IYD bTUDENTd, 1950, 1957-1978

Total Preprimary Primary 1/ 6econdary Universi ty 2/ bpecialen a ydand Nursinig- 6upplementary

1950bchools 1,028 - 950 78Teachers 4,374 - 3,415 959 - _otudents 130,028 2,050 110,059 17,519 1,519 2,372

1957bchools 1,347 64 1,155 87 2 39Teachers 6,370 104 4,612 1,340 175 139btudents 182,336 3,054 142,576 30,797 2,927 2,982

1958 a

6chools 1,352 53 1,159 97 2 41Teachers 6,524 93 4,633 1,470 185 143btudents 188,345 3,000 145,580 33,312 3,406 3,047

1959 3/bciools 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 7,471 104 5,309 1,704 191 1636tudents 211,434 3,269 161,800 38,964 4,030 3,371

1961Schools 1,630 72 1,372 137 2 47Teachers 7,882 114 5,550 1,861 212 ) 145students 224,707 3,533 171,159 42,251 4,374 3,387

Table 1.5: TOTAL PUBLIC AND PRIVATE bCHOOLS, T&CHERb, AND 6TUDE1Mb, 1950, 1957-15-78

Total Preprimary Primary l/ Secondary University 2 Special andand Nursing Supplementary

1962:Schools 1,665 72 1,392 138 2 61Teachers 8,142 108 5,616 2,009 240 169Students 236,932 3,532 179y79L 44,657 5,233 3,716

1963Schools 1,714 84 1,419 149 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 51i024 6,166 3,572

1965schools 1,909 99 1,580 190 3 37Teachers 9,698 152 6,391 2,638 361 156Students 273,340 4,825 203,429 54,906 7,247 2,933


Table 1.5: TOTAL PUBLIC AND PRIVATE SCHOOLS, TEACHERS, AND bTUDENTb, 1950, 1957-1978

Total Preprimary Primary 1/ Secondary University 2/ Special andand Nursing - S*plementary

1967Schools 1,940 111 1,618 17-4 3 34Teachers 10,884 176 7,081 3,034 4 17 176Students 300,496 5,705 218,475 62,533 11,468 2,315

1968Schools 1,851 115 1,519 178 3 36Teachers 11,525 181 7,412 3,310 436 167btudents 309,918 6,198 222,513 66,735 11,992 2,480


1970achools 2,150 130 1,784 192 2 42Teachers 13,419 218 8,717 3,7814 448 252Students 353,730 6,921 255,287 78,h66 8,947 4,109

1971bchools 2,381 155 1,971 207 2 46TeacherE 15,610 257 10,004 4,h60 566 323Students 401,886 7,764 287,565 86,795 15,074 4,688

1972Schools 2,562 170 2,127 213 2 50Teachers 17,030 329 10,689 5,066 606 3140Students 439,o68 9,25 305,6519,03128685


Table 1.5: TOTAL PUBLIC AND PRIVATE SCHOOLS, TEACHERS, AND STUDENTS, 1950, 1957-1978

Total Preprimary Primary 1/ Secondary UniversitY 2/ Special andand Nursing Supplementary


1975 4/Schools 2,654 224 2,171 209 2 48Teachers 18,624 418 11,185 5,670 869 482Students 516,128 12,398 342,o43 125,745 26,219 9,723

1976Schools 2,646 223 2,178 196 2 47Teachers 19,523 375 11,943 5,701 1,082 422Students 535,979 12,554 353,646 129,579 30,545 9,655 1

'10

1977Schools n.a n.a n.a n.a n.a n.aTeachers n.a n.a n.a n.a n.a n.aStudents 552,599 13,177 356,782 137,185 35,194 10,261

1978Schools n.a n.a n.a n.a n.a n.aTeachers n.a n.a n.a n.a n.a n.aStudents 574,997 13,000 369,782 145,183 35,610 11,422

1/ Primary teachers include only those with a specific grade under their charge.2/ After 1969 the nursing school became part of the University of Panama. A private university began in 1965.3/ After 1959 students and teachers calculated in July, the mid-month of the school year; before that calculated

on average monthly registration.4/ In 1975, the public school system began a major change. Whereas the earlier system had been 1-6-6-4 (preprimary,

primary, secondary, university), there was a shift towards a "basic cycle" school, which has 9 grades and "medium"schools, which have 3 grades. Since the system is being implemented gradually, the old statistical format hasbeen retained although after 1974 some students in "primary" schools are really in grades 7-9 of the "basic cycle"schools.


Table 1.6: SECONDARY STUDENTS BY TYPE OF COURSE, 1959/1960, 1965-1976(No. of tudents)

1959/60 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 4/ 1976 4/

Total 36.055 54,906 58,517 62.533 66,735 70,851 78,466 86,795 99.063 111,929 123,310 125.745 129.579

First Cycle / 20,720 27,653 30,013 31,701 35,266 37,163 40,852 46,353 54,075 61,426 64.435 63.205 62.146

Second Cycle, Non Vocational 6.441 8.346 8,952 9,391 10,223 10,759 12,262 13,132 16,098 19,406 22.456 24.573 26,292

Academic 4,834 6,955 7,639 8,114 8,913 9,033 10,068 10,178 11,752 13,015 15,270 18,723 22,984Normal 1,607 1,391 1,313 1,277 1,310 1,726 2,194 2,954 4,346 6,391 7,186 5,850 3,308

Technical-Vocational _ 8,894 18,907 19,552 21,441 21,246 22,929 25,352 27,310 28.890 31,097 36.419 37,967 41.141

Basic Cycle 2 - - - - - - 478 1,032 2,719 5,311 9,905 8,943 8,139Agriculture 77 346 395 453 552 5o4 669 814 1,035 1,281 1,292 1,267 1,485Commercial 4,573 8,756 8,790 10,199 10,276 12,345 13,464 14,546 14,456 15,021 16,003 17,851 20,715 PDomestic arts 2,676 3,769 4,288 4,206 4,145 3,749 3,850 4,009 3,856 3,174 2,751 2,883 2,767,Industrial arts 1,568 5,84o 5,902 6,409 6,134 5,975 6,472 6,519 6,122 5,651 5,829 6,370 7,532Nautical - 110 145 148 105 91 76 84 94 84 53 114 - 5/Other _ 86 32 26 34 265 343 306 608 575 586 539 503

/ First three grades at general studies

Includes vocational and technical students in first three secondary grades - equivalent of first cycle

In April 1970 the basic cycle was established; it allows vocational and technical students a troderpreparation before specializing in the respective fields.

4/ In 1975 the public school system began a major change. The total shown here excludes students in grades 7 to 9 in the "Primary Basic Cycle" Schools, whichare classified as primary in this Appendix. The number of students in grade 7 to 9 in the " Primary Basic Cycle" schools.was 14,612 for 1976.

5/ Nautical students are classified under "Supplementary Education"

Source: Ministry of Education.

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II

NATIONAL ACCOUNTS

Note: In early 1979 a Government team revised the GDP series.When this report was completed, the new series was not yetcompleted, but some aggregate estimates were used forpublic finance ratios in the main text. The estimatesused were:

(B/ million)

Est. Proj.1976 1977 1978 1979

GDP, Current Prices 2,oo4.3 2,130.0 2,315.0 2,590.0GDP, 1960 Prices 1,133.6 1,144.2 1,173.1 1,214.8

Ttkl, 2.-iINDUSTRIAL ORIGIN OF GRO)SS DOMESTIC PRODUCT AT CONSTANT PRICES., 1950-1977

(mill1ions of 1960 BUlboas)

1950 1951 1952 1953 lU51 195~6 1956 19557 1958 1959 1960 1961

TOTAL GROSb DOMI.bTIC PRODUCT 2W.2 ?~. ULL 287..2 ~~. nI 33. L .6 39,j k I(at.umaxlcet pr-ices)

Agriculture 714.5 70.8 68.6 18.0 79.2 86.0 82.5 91.14 92.5 98.7 95.7 105.14[

Miring 0.6 0.7 0.7 0.7 0.8 0.9 0.9 0.9 0.8 1.1 1.1- 1.?

Manufacturing 23.5 25.5 30.2 30.7 30.6 33.2 36.5 4W.1. h5.1. 19.)14 614.5 63.0

Construction 10.6 10.8 U1.7 12.6 lit .0 13.5 16.0 20.2 18.2 17.9 22.9 28.3

KLectricity,, Gas, Water and biewiragE; 3.2 3.14 3.7 14.0 14.2 i4.5 14.7 5.2 5.7 6.5 8. h 9.2

Transport, bitorage andcozoare.P lcati on s 10.0 10.0 10.7 31.0 13.0 13.14 15.7 16.0 10.6 18.0 19.3 2).A

Commerce 314.9 314.14 38.14 38.0 38.5 140.2 144.14 51.14 19.1 50.6 57.9 63.6

Financial Intermediation 14.5 5.2 5.14 5.7 6.1 6.2 6.9 7.6 8.6 9.7 10.3 I1.2

Housing 23.3 23.9 214.6 25.5 ?6.6 27.2 28.8 2Th.1 31.2 32.0 314.5 36.9

Public Admiristration 6.7 7.14 6.9 6.6 7 .0 7.3 8.0 8.6 9.8 1-1.9 1-1.14 1-1.7

Other Public and Privatebiervices I3 16. ,0 509 56 585 61.6 614.6 65.9 69.8 69.14 73.8

Canal Zone Servicbs' 22.3 182.2 20.8 23.5r 23.9 23.8 25.1 214.6 25.1 26.6 30.-14 33.5

Table 2.1: INDUSTRIAL ORIGIN OF GROSS DOMESTIC PRODUCT AT CONSTANT PRICES, 1950-1977

(mil.iorn of 1960 Balboas)

1962 1963 1964 1965 1966 1967 1968 1969 1970 l"1 1972 1973 4974 1975 1976 1977

TOTAL GI()b DOMIbTIC PRODUCT 498.9 541.5 565-5 617.3 664.1 720.9 771.2 836. 894.5 972.6 1033.B 1101.2 1130.1 1137.2 1137.6 1155.5

Agriculture 107.7 113.4 118.5 132.2 139.2 145.6 154.0 162.3 161.1 167.) 1720 177.9 175.2 183.6 182.6 184.7

Mining 1.5 1.8 1.8 1.7 1.9 2.0 2.1 2.4 2.3 2.6 2.7 3.7 3.5 3.3 3.5 3.3

Manufacturing 75.3 85.6 90.5 98.1 101.0 120.1 131.7 1414i.0 153.6 lft6.7. 177.1 184.6 176.4 174.9 172.0 179.8

Construction 28.2 31.7 29.9 34.9 38-4 43-5 46-3 47.5 54.0 64.1. 71.8 76.3 79.4 66.5 58.2 56.4

Electricit,, Caz, W:ator andbewerage 10.0 11.1 12.2 14.5 15.0 16.3 18.9 23.5 26.0 3)Jj 34.2 38.5 40.3 44.1 46.6 50.0

Transport, btorage anrdCO .;-.!LtiO0n1 24.3 26.6 29.1 3k.9 36.7 4a.-1 4). j .l5 59.6 (6., 72.2 80.4 92.5 94.5 111.7 113.3

Commerce . 71.5 77.4 82.7 85.8 92.0 99.9 106.9 115.7 126.6 135.'J 144,4 153.7 161.7 153.7 144.6 140.7

Financial Intermediation 12.5 15.0 15.2 17.6 18,8 21.2 22.5 30.0 34.8 39.9 45.1 54.7 59.9 65.6 69.8 75.7

Housing 37.7 40.3 40.6 43.4 46.1 49.6 52.7 55.4 60.1 66 .5 73.7 81.0 84.9 87.6 88.0 90.0

Public Adrdnistration 12.9 14.7 14.1 15.7 17.4 19.4 21.3 21.9 23.14 25.3 27.3 27.7 30.0 33.0 34.3 36.2

Other Public and Private bervices 77.7 81.2 83.6 89.1 95.6 101.5 105.3 130.8 122.7 132.f 142.0 147.9 157.4 158.5 156.0 155.4

Canal Zone bervices 39.6 42.7 47-3 51.4 56.o 60.7 65.6 71-3 70.3 73-3 71.3 74.8 68.9 71.9 70.3 70.0

1/ While the Canal zone services include activities in many sectors, Panam allocates the value added by

Csnal acne iorkers in a separate sector.

bource: Controller General, but see introductory note on page 12.

Table 2.2: INDUSTRIAL ORIGIN OF GROSS DOMESTIC PM)DW CT AT CURRENT PRICES, 1950-1975(uillions of current Balboas)

1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960

GROSo DON.ETIC PRODUCT 256.8 263.7 276.0 292.5 307.2 331.5 347.4 382.7 381.6 403.7 415.8(at market prices)

Agriculture 73.7 74.6 71.0 82.4 88.2 96.0 89.0 97.7 95.2 99.7 95.7

Mining 0.5 0.6 0.6 o.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 1411.6 147.8 54,5

Construction - 10.5 11.7 12.4 13.2 13.9 14.0 17.4 20.8 19.2 1l.6 2'.9

Electricity, Gas, Waterand bewerage 3.1 3-4 3.8 4.1 L.2 4.3 4.5 4.8 5.3 5.5 8.14

Transport 6tcrage andCormunications 10.0 10.5 11.0 11.6 13.8 15.3 16.7 17.3 18.2 20.6 9,.3

Commerce 34.3 36.2 39.5 38.5 39.0 41.7 47.0 51.1 49.6 52.4 57a.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 A6r-nistration 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 24.2 25.4 25.3 25.2 26.5 30.4

Table 2.2s INDUSTRIAL ORIGIN OF GROSS DOMESTIC PRODUCT AT CURRENT PRICES, 1950-1975kdmi llions of current Balboas)

2961 1962 2963 196L 1965 1966 1967 1968 1969 1970 1972 1972 1973 1974 1975

GRSDb D%E&bTIC PRODUCT 4 5 59.5 600.8 659.9 719.0 800.7 86i.4 24'.a 1 1. 1297. 1472.5 1834.7 1934.2(Tat market. prices)_ ___ -

agriculture 112.1 115.8 125.8 138.4 157.7 167.5 181.1 196.2 200.5 200.4 210.3 227.3 250.9 301.4 330.4

M.1ning 1.2 1.5 1.8 1.8 1.9 2.0 2.2 2.1 2.6 2.5 2.8 2.7 4.1 4.3 4.2

MIanufacturing 61.5 7h.2 86.4 94.6 101.3 109.3 123.7 137.2 15Cr.1 166.1: 185.6 207.7 224.5 266.4 287.4

Construction 29.4 28.8 32.4 31.0 35.2 40.9 47.4 50.6 53. .4 6±.2 74.9 86.2 107.5 147.5 127.0

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 27.0 30.7 44.7 55.4

Transport, otorage and,iwiiutlicatinOb ige.l 23.0 25.0 28.2 30.0 34.3 38.4 39.6 b9.4 56.s 63.7 76.2 89.h 113.3 122.7

Commerce 61.7 69.9 77.3 8 4. 6 89.8 96.9 107.2 113.3 12X.6 146.4 163.] 183.8 210.8 299.3 312.6

Financial Intermediaries 11.2 12.1 15.3 15.9 18.3 21.3 24.0 24.6 34.J14 40., 44.6 53.5 69.1 76.0 85.2

Housing 37.2 37.9 40.7 41.3 44.1 47.9 52.3 56.o 59.3 65.5 74.1 84.9 100.1 114.4 119.1

Public Administration 9.9 11.1 12.7 12.6 13.7 18.5 20.5 22.14 24.1 29.5 33-0 41.2 40.2 57.5 62.0

Other Public and Privatebervices 75.1 81.2 88.8 92.6 102.1 109.6 126.2 132.6 1119.6 178.5 199.0 220.5 24 8 . 2 305.5 313.6

Canal Zone Services 33.6 39.8 43.0 48.6 53-1 58.1 63.8 70.0 77.5 79.3 84.0 86.8 97.0 104.4 114.6

Source: Controller General, but see introductory note on page 12.

Table 2.3: EXPENDITURE ON GROSS DOMESTIC PRODUCT 1950-1977(illions of current Balb'oas)

1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960

Consunmption 217.2 233.9 252.4 244.7 269.2 281.6 301.3 344.0 339.1 351.9 369.8T9;T iTat 20 21.0 219T 2L72.0 2 4 26 3.1 2 30 .7 322.9

Public 21.1 21.9 3O.L 25.6 27.2 35.4 40.7 38.9 43.3 45.2 146.9

Investment 36.0 31.5 32.5 47.1 36.3 42.7 54.0 55.8 63.9 72.0 67.8Private M7. T". Z11'.T 22.14 77 '656 2.5 29.2 3r.T !. 7 3.T h9.1i 'Public 8.6 6.5 8.1 7.9 6.1 9.3 15.0 7.1 8.9 15.0 12.0Change in btocks 5.0 2.3 2.5 13.6 3.7 4.2 4.2 6.8 11.3 6.9 6.4

Exports of Goods andNon Factor c;ervices 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 and H

Non Factor -;-rvices -88.0 -92.9 -102.7 -100.9 -100.9 -106.8 -119.2 -132,3 -127.8 -135.6 -1G49.1

Gross Domestic Product 256.8 263.7 276.0 292.5 307.2 331.5 347.4 382.7 381.6 4C3.7 4415.&(market prices)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 ?52 1 265.1 281.2 290.5 3114.2 1Q42 364.4 29.2 3.14 4°3(at market prioes)-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 210.2 215.2 225.0 238.7 215.5 266.4 279.3 306.6 314i.7 331.7 336.5

Table 2.3: EPENDITURE ONb GROSS DOMESTIC PRODUCT 1950-19T7(ri 1li.onz- of current be a-1('J)

1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 197J 1972 1973 1974 1975 1976- 1977-7

Consumption 3.221 4i6.7 474. 513.4 557.3 579.6 638.8 661 .5 733.1 804.5 88Q.1 2 1.105.7 1502.8 1465.4 1626.9 1917.7Private 347707 -3.3TW b .197. 3 1ill 492.9 l i ;51 6JP9 M7 7!= 766.2 e92.1 1237.4 1173.6 1316.6 1592.3Public 49.8 55.9 67.1 65.3 72.4 86.7 102.6 109.7 118.2 149.8 164.0 192.1 213.6 265.4 291.8 310.3 325.4

Investment 88.4 9.9 109.8 102.2 $ 1 168.4 191.9 222.7 i2a 322.( 407.5 434.0 498.4 607.9 583.3 490.2Private - 61 .2 9 62.4 78.0 121.6 123.1i I 17 1!i7.9 232.9, 230.0 300.8 278.8 287.0 262.0 157.0Public 21.7 24.2 27.0 25.4 22.1 20.5 28.9 33.5 43.3 67.7 67.8 153.0 109.5 143.3 281.9 319.0 306.5Change in btockB 8.0 13.5 13.2 14.4 15.7 15.1 15.7 18.4 22.0 20.3 21.3 24.5 23.7 76.3 39.0 2.3 26.7

bports 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.C 466.9 533.0 766.4 867.0 791.0 844.5

Imports of Goods and 'cNon Factor bervices -i64.1 -190.3 -221.7 -225.6 *-253.4 -286.0 -308.2 -320.0 -373.3 -1424.7 -4'i 7. -534.9 -600.2 -932.9 -1006.1 -972.9 -998.2

Gross Domestic Product 463.7 5014.8 559.5 600.8 659.9 719.0 800.7 861.4 9145.14 105.8,15.0 1.297.8 1.472.5 1834.7 1934.2 2028.3 2254.4(market pricesJFactor Payments -10.5 -9.2 -8.7 -5.14 -15.8 -16.3 -22.7 -25.3 -25.3 -26.4 -31.3 -33.7 -42.3 -55.0 -20.6 -22.3 -39.0

Gross National Product 4532 _49.6 550.8 5954 6_44.1 702.7 778.0 36.1 920.1 1019.4 1,125.7 1.264.1 1.430.2 1779.7 1913.6 2006.0 2215.4(market prices)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 -3110.8 -121.7 -143.0 -144.5 -150.2 n.a.Depreciation -36.4 -43.0 -48.0 -50.5 -55.8 -60.1 -68.5 -78.7 -86.2 -95.1 -106.2 -120.3 -137.8 -172.5 -181.8 -190.7 n.a.

National Income 378.1 41;.4 462.3 .5018 539.1 589.O 650.1 695.7 762.5 8ffliM 923.7 1.033.8 1170. 7 1464.2 1587.3 1665.1 n.a.

1/ Preliminary

Source: Controller General, but see introductory note on page 12.

Table 2.4: EXPENDITURE ON GROSS DOMESTIC PRODUCT IN CONSTANT PRICES, 1950- 77(millions of 1960 Balboas)

1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960

Consumption 213.7 217.4 245.9 237.6 266.1 276.8 289.9 331.3 331.8 3. 369.8Private 179.5 IgSi5 199.4 IT73 224.53 238.8 250.3 294.2 292.5 299.4 322.9Public 34.2 37.4 46.5 40.0 41.6 38.0 39.6 37.1 39.3 39.9 46.9

Investment 1 32.7 8 X 40.7 46.8 57 65.9 74.4 67.8Private 26 22.7 21. 27.6 30.2 32.5 37.6 44.2 3 51.8 47.4Public 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 6.4

3xports 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- H

Factor bervi ces -105.4 -96.0 -111.7 -109.0 -114.4 -122.6 -129.5 -140.0 -139.1 -137.6 -149.1i

Gross Domestic Product 259.2 256.9 270.7 287.2 297.5 3147 33 .1 365.7 368.6 392.2 415.6

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 248.6 I 259.8 275.9 280.8 297.4 313.8 357. 379.9 4 3.4

Table 2.4- EXPENDITURE ON GROSS DOMESTIC PRODUCT IN CONSTANT PRICES, 1950-1977(millions of 1960 Balboas)

1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973

Consumption 396.3 2o8 65. 495.9 2j50. 596.6 615.6 6724.6 7.3Private 346-5 3 3.9 4O4. 32.1 70.5 476.2 543 52Z.7 594.8 621.8 678.6 685.8 741.0Public 49.8 56.9 61.1 63.8 67.0 74.5 82.3 88.7 87.8 102.4 113.6 124.6 132.0

Investment 86.1 97.0 109.0 9422 112.8 10. 15. 179. ZQ95J 242.2 276.0 333.3 315.8~~~Private 57-4 60.0 69.0 60. 75.4 115.8 116.1 130.3 143.7 b2.9 197.0 1 214.1Public 20.7 23.5 26.8 24.4 21.7 19.3 26.6 30.8 39.8 59.0 57.7 122.8 78.0Changes in stocke 8.0 13.5 13.2 14.4 15.7 15.1 15.8 18.4 22.0 20.3 21.3 24.5 23.7

Xxports of Goods andNonfactor aervices 146.3 175.9 195.5 196.0 223.4 245.1 269.4 289.7 309.5 324.5 340.2 345.3 361.7

Imports of Goods and Non-Factor services -167.8 -194.8 -228.9 -225.8 -256>4 -281.9 -303.6 -313.4 -361.3 -396.4 -435.'a -455.2 -449.9

Gr s ),-ubtic Product 460,9 4yo.9 54.) >65 617.3 664.1 720.9 771.2 836.3 894.5 972.6 1033.8 1100.6

Factor Payments -10.5 -9.2 -8.7 -5.4 -15.8 -16.3 -22.7 -25.3 -25.3 -26.4 -31.3 -33.7 -42.3

Gross National Product 450.4 489.7 532.8 560.1 601.5 647.8 698.2 745.9 8I1.0 868.1 941.3 1000.1 1058.3

Table 2.4: EXPENDITURE ON GROSS DOMESTIC PRODUCT IN CONSTANT PRICES, 1950-1977(millions of 1960 Balboas)

1974 1975 1976 l/ 19771/

Consumption 915.1 868.9 912.4 956.9Private 778.1 720.9 761.6 797.3Public 137.0 148.0 150.8 159.6

Investment 281.7 310.0 275.5 226.5

Private 158.3 147.8 128.4 73.5Public 78.2 146.6 155.4 143.3Change in Stock 45.2 15.6 -8.3 9.7

Export of Goods andNonfactor Services 380.2 392.6 351.0 350.2

Import of Goods and HNonfactor Services -446.9 -434.3 -401.3 -378.1

Gross Domestic Product 1130.1 1137.2 1137.6 1155.5

Factor Payments -55.0 -20.6 -22.3 -39.0

Gross National Product 1075.1 1116.6 1115.3 1116.5

1/ Preliminary

Source: Controller GeneraL, but see introductory note on page 12.

Table 2.5: PRIVATE AND PUBLIC GROSS CAPITAL FONRKATION AND STOCK CHANGC.J, 19_50- 77- (millions-of 1960 Balboas)

1950 1951 1952 1953 1954 1955 1956 1957 195& 1959 1960

Public: 9.7 7.8 10.0 8.3 6.9 10.2 15.8 7.4 9.7 15.9 11.4

Housing ) - - 6.1 1.4 1.6Nonresidential Buildings ) 4.0 2.3 2.4 3.8 3.5.Other Construction ) 8.6 7.1 9.7 7.0 5.6 8.1 7.1 4.5 5.6 8.C 5.9Transport and Communica- ) 0.2 0.2 0.1 0.2 0.1tion 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 stocks 0.1 0.1 0.1 0.1 0.1 0.1 0.4 - 0.6 0.2 -0.6

Private j 24.9 23.8 41.1 3 41.J 51.0 56.2 . 6.4 4Housing 12.8 10.6 15.2 13.3lot,residential Buildings )7.2 7.3 9.0 11.0 14.2Other Construction ) 13.8 11.5 8.2 14.2 14.5 18.1 0.3 0.3 0.4 0.4 0.14Transj.ort and Communlca- ) 6.2 7.1 6.8 5.7 8.7tio; equiurpient )

Machinery 12.7 11.2 13.2 13.4 15.7 14.4 12.5 16.7 18.5 19.5 12.8Change in 5tocks 4.9 2.2 2.4 13.5 3.6 4.1 3.8 6.8 10.7 6.7 7.0

Total: I32.7 N9 407 146.8 57.4 58 4 65.9 7 6Housing ) 11. 1'. 10.9 . 14 9Nonresidential Buildings ) 11.2 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 6.0 8.4 6.3Transport and Communica- ) 6.4 7.3 6.9 5.9 8.8tion equipment )

-Machinery 13.7 11.8 13.4 14.6 16.9 16.4 16.6 17.1 19.4 21.8 13.7Change 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 2.5: RIVATE AND PUBLIC GROSS CAPITAL FCHMATION AND STOCK CHANGES, 1950-77

(millions of 1960 Balboas)

1961 1962 1963 1964 1965 1966 1967 1958 1969 1970 1951 1972 1973 1974 1975 19761/ 197711

Pubiic: 20.3 24.4 27.6 25.0 22.7 16.9 26.2 0 Il48 59.6 5^. 125.2 76.9 81.1 157.3 161.9 143.4Housing 14.1 51'4 6.2 7.6 2.1 2.5 2.5 2.2 2.4 4.9 7.8 2.3 3.6 1.5 11.4 7.4 11.2Nonresidential BEdgs. 3.7 4.2 3.6 2.7 5.7 4.7 7-3 6.7 10.2 9.3 12.6 24.3 9.8 13.4 22.6 13.2 14.5Other Construction 10.9 11.4 15.9 13.1 12.4 9.5 13.8 16.8 14.8 25.6 30.0 32.9 36.9 50.5 71.2 107.7 48.6Transp. and Com. equip. 0.1 0.2 0.1 0.1 0.3 0.3 0.3 04 0.4 4.3 1.5 1.6 0.4 8.8 8.5 4.9 10.7Machinery 1.9 2.3 1.0 1.5 1.2 2.3 2.7 3-° 12.0 14.9 5.8 61.7 27.3 4.0 32.9 22.2 58.3Change in btocks -0.4 0.9 0.8 o.6 1.0 -0.4 -0.4 -0-3 2.0 -0.2 1.9 2.4 -1.1 2.9 10.7 6.5 0.1

Private 65.8 72.6 81.4 74.4 90.1 131.3 137.3 149.0 163.7 183.4 21'6.14 208.1 238.9 200.6 152.7 113.6 83.1Hausir. 8.2 12 . T J 0 2 6.6 1.3 T 7 -iE 36.2 4 1 .5 71.3 69.7 27.9 22.4 17.2 19.7Nonresidential Buildings 10.1 10.9 10.4 12.6 12.5 25.1 20.9 23.1 33.6 30.0 48.9 38.1 49.6 32.0 35.6 23.5 16.8Other Construction 0.3 0.14 0.4 0.4 0.5 0.8 0.8 0.8 1.1 1.2 1.6 0.4 2.0 1.0 0.8 0.7 0.6Trzaiqort and Com.equip. 10.5 11.9 12.1 11.2 15.0 19.6 18.2 26.2 26.2 41.4 37.8 36.9 52.5 31.3 34.1 26.1 15.2Machinery 28.3 24.8 24.8 22.8 29.3 45.9 49.6 48.4 46.6 48.8 57.0 39-3 40.3 66.1 54.9 60.9 21.2Change in otocks 8.14 12.6 12.4 13.8 14.7 15.5 16.2 18.7 20.0 20.5 19.I1 22.1 24.8 42.3 4.9 -14.8 9.6

Total 86.1 97.0 109.0 99.4 112.8 1 158.5 179.5 2 242.2 276.0 333.3 315.8 281.7 310.0 275.5 226.5Housing 12. 3 17 .5 27 21.202 20.2 26.9 29.1 '37 3tTb 3 .46.54 73.6 73.3 29.4 33.8 24.6 30.9Nonresidential BLdgs. 13.8 15.1 14.0 14.7 18.2 29.8 28.2 31.8 43.8 . 39-3 61.5 62.4 59.4 45.4 58.2 36.7 31.3Other Construction 11.2 11.8 16.3 13.5 12.9 10.3 14.6 17.6 15-9 .26.8 31.6 33.3 38.9 51.5 72.0 108.4 49.2Transp. & Corn. equipment 10.6 12.1 12.2 11.3 15.3 19.9. 18.5 26.3 26.6 145.7 39.3 39.5 52.9 40.1 42.6 31.0 25.9Machinery 30.2 27.1 25.8 24.3 30.5 48.2 52-3 51.4 58.6 63.7 62.8 101.0 67.6 70.1 87.8 83.1 79.5Change in otodcs 8.0 13.5 13.2 14.4 15.7 .15.1 15.8 18.4 22.0 20.3 21.3 24.5 23.7 45.2 15.6 -8.3 9.7

y Prliinary

Souz:e: Controllr General

Table 2.6: DISTRIBUTION OF NATIOhAL INCONE, 1950-75(millions of current Balboas)

1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960

Natiinal lnctaie 210.2 215.2 225.0 238.7 245.5 266.4. 279.3 306.6 314.7 331.7 5

Wages, aalaries andProfessional Earnings 1/ 178.5 187.2 198.8 1984 220.6 226.5 238.9 270.2 262.1 274.2 266.5

Other Family and Non-Corporate Incone 14.5 15.2 16.1 16.1 17.9 1B.4 19.4 21.9 21.3 22.2 23.4

Corporate oavings after taxes 8.3 4.6 0.6 11.2 -3.6 10.0 7.4 2.7 16.7 22.6 30o.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 'i'axes on PrivateCorporations 2.0 2.4 2.4 4.4 5.1 6.5 6.2 4.4 7.4 5.1 7.7

General Government Incomefrorri Property and Corps. 7.5 6.6 7.9 9.4 6.4 6.0 8.5 8.9 9.3 9.3 10.0(Direct Profits) (4.8) (4.1) (4.1) (4.2) (4.3) (14.0) (4.8) (5.0) (14.8) (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)

Less: Interest on Public Debt 0.6 0.8 0.8 0.9 0.9 1.0 1.1 1.5 2.1 1.7 1.5

Table 2.6: DISTRIBUTION OF NATIONAL INCOME, 1950-75(millions of current Balbeaa)

1961 1962 1963 1964 3,965 1966 1967 1968 1969 1970 i971 1972 1973 1974 1975

Natiora) Income J78.1 ' 4 4 462.3 501.8 539.1 589.50 6 1 695.7 762.5 840.8 923.7 1033.0 1170.7 1464.2 1587.3

Wages, balaries andProfessional EarningsY 303.3 329.0 361.6 399.9 428.4 470.9 522.9 i573.3 637.3 677.1 732.5 799.3 946.5 1129.5 1167.4

OtLer 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 h4i4.7 62.0 71.3 81.4 83.6

.Corporate iavings after ta=s 34.3 37.2 50.5 51.4 56.9 55.3 59.2 52.5 46.3 73.2 93.0 113.1 90.3 193.5 275.6(Private CorporatIdhs) (34-0) (36.4) (48-3) (50.0) (54-9) (53.6) (57-1) (51.0) (42.8) (68.1) (87.2) (101.5) (75.5) (170.5) (247-8)(Public -Corporations ) ( 0.3) ( 0.8) ( 2.2) 1.14) ( 2.0) ( 1.7) ( 2.1) ( 1.5) ( 3.5) ( 5.1) ( 5.8) ( 11.6) (14.8) ( 23.0) ( 27.8)

Direct Taxes on PrivateCorporations 7.2 10.7 10.9 12.4 14.6 20.0 24.8 27.5 28.9 36.4 39.3 39.4 40.8 53.7 61.3

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 37.7 46.6 45.8 37.9(Direct Profits) (7.6) (8.3) (10.0) (11.2) (10.8) (12.1) (13.7) (13.6) (16.1) (18.1) (19.0) (29.1) (35.5) (36.7) (35.4)(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) C 8.6) (11.1) ( 9.1) ( 2.5)

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 18.5 24.8 39.7 38.5

Vl/ncludes income of unincorporated firms


Table 2.7: PROVINCIAL DISTRIBUTION OF GDP AND POPULATION, 1970

(percent)

Bocas delTotal Toro Cocle Colon Chiriqui Darien Herrera Los Santos Panama Veraguas

Agriculture 100.0 24.4 7.8 0.7 38.1 0.9 4.3 7.3 9.2 7.3

Mining 100.0 3.2 0.7 6.7 17.6 - - 0.1 71.2 0.6

Manufacturing 100.0 0.9 5.1 14.6 8.5 0.4 2.0 1.4 66.4 0.7

Construction 100.0 - 0.1 7.4 0.2 - 0.6 0.3 86.6 4.8

Utilities 100.0 - 0.5 - 18.3 - 0.3 - 80.4 0.5

Transport 100.0 0.4 0.4 2.3 2.0 0.2 0.5 0.5 93.3 0.4 0

Commerce 100.0 1.2 2.1 9.4 9.0 0.5 1.7 1.3 73.2 1.7

Other Services 100.0 1.5 3.0 7.2 8.1 1.2 2.4 2.0 71.2 3.4

Canal Zone 100.0 - _ 25.0 - - - - 75.0 -

Total 100.0 5.5 3.5 8.4 12.9 0.7 2.2 2.4 61.3 3.1

Population 100.0 3.0 8.3 9.4 16.5 1.6 5.1 5.1 40.4 10.6

Source: Table 1.1 and Informe Tecnico No. 2, Proyecto PAN/71/52, United Nations, 1973.

- 27 -

III

BALANCE OF PAYMENTS

Table 3.1: BALANCE OF PATYE41S-CUIRRT ACCOUNT, 1950-77

(thousands of dollars)

1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960

Trade Balance -30,371 32J079 -41 512 36981 -33 . -28J921 -42,262 -54,661 -53,685 -5,125 _6 2

ETr-orts /1 35,690 33,350 3 - 37-2H 5, 40,594 43,3756 10,2556 1-9,22 I

Imports 1 65,429 72,480 71,369 73,981 82,856 98,036 94,141 98,2;;1oe,03

Services (Net) 22 343 16 937 21 427 25 612 18 942 18 832 19,451 21 460 22 203 23 32? 40 4-;r-eighT iand insuranice -7NT U'TB3;F - 5195 785,?Z - 71146'T -10 a,213 -9570 -9886 T

Receipts ( 15) ( 9) ( 19)) ( -) 1) 3) ( 4) 1 4) ( 3) ( 4) ( 87)PayviwtLb - ( '414) ( 31 77) ( 8,9141) ( 8,508) ( 7,044) ( 7,149) C 8,?84) (10,217) ( 9,573) 9,890) (13231

Other TMrarspoot 1,00j4 1,385 2,719 3,499 3,423 2,864 2,629 3,664 3 )B5 ( 3,815 (626 0Rectepts ( 3,400) ( 3,718) ( 14,538) ( 5,553) (5,666) ( 5,621) ( 5,540) ( 6,597) ( 7,183) ( 6,788) ( 6,4116) 1Payyrent! C 2,396) ( 2,333) (1,819) ( 2 054) ( 2,243) ( 2,757) ( 2,911) ( 2,933) (3,332) ( 2,973) ( 3,76;))

Travcl 26,555 26,057 26,996 25,905 27,777 27,957 28,605 28,169 18,847 18,1116 21,070(25,28C) (29,285) (30,557) (29,558) (30,332) (30,943) (32,261) (32,059) (24,106) (25,972) (27;6h)))

Paayr nts ( 2,725) ( 3,228) ( 3,561) ( 3,653) ( 2,555) ( 2,986) ( 3,656) ( 3,890) ( 5,259) ( 7,556) ( 6,571)Irveas Une nt Incorme -11,659 -11,959 -11,289 -11,817 -17,177 -17,797 -17,790 -18,912 -12,129 -13,290 -10,183

Receipts ( 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)

Othier Serlvices 13,844 9,618 11,896 16,533 11,962 12,954 114,787 18,752 21,204 24,272 40,514Recelpts (18,534) (14,679) (17,373) (22,052) (18,1498) (20,485) (22,384) (29,954) (31,123) (36,092) (53,016)

Paynents ( 4,690) ( 5,061) ( 5,477) (5,519) ( 6,536) ( 7,531) (7,597) (11,202) ( 9,919) (11,820) (12,502)

Trazksfers_(Net) - 3 409 - 3 192 2 369 -1 858 830 458 1 476 2 557 2 854 868 81,2

Fr-ivace - ,14l 4!550 4!M ,5b67- 4,9 4,070 3!776- 4,035 -rtM -5,253 572

Receipts ( 650) ( 761) ( 940) ( 896) (1,239) ( 2,487) ( 2,912) ( 3,281) ( 3,166) ( 2,827) ( 3,045)

PaynItis 5,063) ( 5,341) ( 5,792) ( 5,963) ( 6,202) ( 6,557) ( 6,688) ( 7,316) ( 7,478) ( 8,080) ( 8,417)

Government 1,0011 1,388 2,483 3,209 4,133 4,528 5,252 6,592 7,166 6,121 6,214

RcceLpts ( 1,102) ( 1,653) ( 2,786) ( 3,338) ( 4,237) ( 4,634) ( 5,395) ( 6,762) ( 7,362) ( 6,317) ( 6,4145)Payments ( 98) ( 265) ( 303) ( 129) ( 104) ( 106) ( 143) ( 170) ( 196) ( 196) ( 231)

CURRENr ACCOUNT BALANCE -11,437 -18,334 -22.4 -13,227 -15,529 - 9,631 -21,335 -jo,644 -28,628 -29,930 -21,437

Table 3.1: BALANCE OF PAYMENTS-CURRENT ACCOUNT, 1950-77(thousands of US$)

1961 1962 1963 1964 1965 1966 1967 1968 1969 197X 1971 1972

Trade Balance -81.994 -84.576 -90.365 -85.716 -99.582 -114.238 -123.059 -128.639 -152.529 -200.665 -226,169 -762,549Exports 1/ 41,148 60,012 72,620 82,005 92,581 103,334 109,203 117,449 132,497 130,349 137,784 146,163Imports 1/ 123,142 144,588 162,985 167,721 192,163 217,572 232,262 246,088 285,026 331,014 363,953 408,712

Services (Net) 57,167 70.722 72.617 71.618 67.713 81,029 93,475 113,393 122,387 132,961 147.028 160,.775Freight and Insurance -14,507 17,498 -17,313 -16,894 -19,620 -21,182 -22,323 - 24,138 -27,723 -32,064 -38,477 -41,392Receipts ( 75)( 80) ( 63) ( 47) ( 90) ( 73) ( 39) ( 32) ( 64) ( 62) ( 30) ( 99)Payments (14,582 (17,578 ) (17,376) (16,941) (19,710) (21,225) (22,362 (24,170) (27,787) (32,126) (38,507) (41,491)

Other Transport 2,924 3,224 3,701 6,184 7,396 8,532 10,250 18,457 16,456 22,171 33,904 43,558Receipts (6,954) (8,285) (9,509) (12,206) (14,623) (15,843) (19,591) (26,313) (26,635) (35,858) (49,923) (60,776)Payments (4,030) (5,061) (5,808) ( 6,022) 7,227) ( 7,320) ( 9,341) ( 7,856) (10,179) (13,687) (16,019) (17,218)

Travel 23,839 29,734 27,289 21,192 31,028 33,723 39,995 43,435 48,748 55,515 54,878 56,494Receipts (31,280) (36,781) (35,172) (31,504) (41,044) (45,320) (56,693) (59,402) (65,333) (78,167) (79,695) (82,926)Payments ( 7,441) ( 7,047 ( 7,883) (10,312) (10,016) (11,597) (16,698) (15,967) (16,585) (22,652) (24,817) (26,432

Investment Income -6,244 - 4,357 -1,587 -2,683 -18,722 -20,300 -21,471 -23,644 -25,577 -28,403 -31,473 -33,869Receipts (2,500) (2,518) ( 3,162) (2,216) ( 33) ( 3,265) ( 4,822) f 6,016) ( 9,891) (12,585) (27,975) (43,346) rPayments (8,744) (6,875) ( 4,749) ( 4,899) (18,755) (23,565) 26,293) (29,660) (35,468) (40,988) (59,448) (77,215)

Other Services 51,155 59,619 60,527 63,819 67,631 80,265 87,024 99,283 110,483 115,742 128,196 135,984Receipts (61,468) (70,354) (75,843) (78,006) (81,636) (94,356) (106,856) (118,944) (131,569) (138,752) (154,258) (166,880)Payments (10,313) (10,735) (13,316) (14,187) (14,007) (14,091) ( 19,832) ( 19,661) ( 21,086) (23,010) ( 26,062) ( 30,896)

Transfer (Net) 4,105 - 125 168 170 4.189 1,919 1,767 297 1,201 3,970 4,433 4,758Private -5,621 -7,383 -9,336 -7,146 -5,787 -6,103 -6,950 -6,107 -5,291 -3,672 -3,530 -4,172Receipts (3,665) (3,807) (3,741) (3,445) (3,929) (4,695) (5,026) (5,883) (6,620) (7,856) (9,177) (10,117)Payments (9,286) (11,190) (13,077) (10,591) (9,716) (10,798) (11,976) (11,990) (11,911) (11,528) (12,707) (14,289)

Government 9,726 7,258 9,504 7,316 9,976 8,022 8,717 6,404 6,492 7,642 7,963 8,930Receipts (9,966) ( 7,601) ( 9,944) (7,981) (10,432) ( 8,962) (10,182) ( 7,878) (8,009) ( 9,414) ( 9,532) (10,878)Payments ( 240) ( 343) ( 440) ( 665) ( 456) ( 940) ( 1,465) ( 1,474) ( 1,517) ( 1,772) ( 1,569) ( 1,948)

CURRENT ACCOUNT BALANCE -20.722 -13,979 -17,580 -13,928 -27,680 -31,290 -27,817 -14,949 -28.941 -63.734 -74,708 -97,016

1/ Includes non-monetary gold


- 30 -

Table 3.1: BALANCE OF PAYMENTS - CURRENT ACCOUNTS, 1950-77(Thousands of Dollars)

2/ 2/ 3./1973 1974 1975 1976 1977

Trade Balance -296,239 -509.567 -492.084 -516,738 -495.925Exports 1/ 161,881 251,013 330,992 267,551 271,126Imports 1/ 458,120 760,580 823,076 784,289 767,051

Services (Net) 190.580 289,885 330.731 326.505 345.017Freight and Insurance -50,380 -69,122 -78,767 -70,806 -75,693Receipts (134) (72) (118) (78) (108)Payments (50,514) (69,194) (78,885) (70,884) (75,801)

Other Transport 50,790 142,250 134,285 120,693 108,255Receipts (68,219) (162,642) (155,559) (144,600) (133,856)Payments (17,429) (20,392) (21,274) (23,907) (25,601)

Travel 75,725 90,808 100,777 112,861 133,257Receipts (102,529) (121,626) (133,010) (149,076) (168,103)Payments (26,804) (30,818) (32,233) (36,215) (34,846)

Investment Income -41,159 -56,721 -20,802 -33,288 -39,027Receipts (87,600) (310,995) (374,274) (411,298) (473,275)Payments (128,759) (367,716) (395,076) (444,586) (512,302)

Other Services 155,604 182,670 195,238 197,045 218,225Receipts (187,239) (216,553) (232,063) (242,882) (268,021)Payments (31,635) (33,883) (36,825) (45,837) (49,796)

Transfer (Net) -4.279 -3,665 -5.042 -4.523 -6.511Private -12,975 -13,624 11,361 -12,593 -15,228Receipts -(10,320) (12,263) (15,056) (16,079) (14,836)Payments (23,295) (25,887) (26,417) (28,672) (30,064)

Government 8,696 9,959 6,319 8,070 8,717Receipts (11,014) (11,920) (8,620) (10,525) (11,312)Payments (2,318) (1,961) (2,301) (2,455) (2,595)

Current Account Balance -109.938 -223.347 -166.395 -194.756 -157.419

1/ Includes non-monetary gold.2/ Preliminary3/ Estimate


Table 3.2 : BALANCE OF PAYMENTS - CAPIT&L ACCOUNT, 1950-7 6


1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960

;MRLRENT ACCOUNT BALANCE -11,437 -18,334 -22,457 -13,227 -15,529 -9,631 -21,335 -3o,64 4 -28,628 -29,930 -27,437

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

Other pri:ate ling-term -192 1,611 -384 -537 -507 -260 -153 671 -698 1,594 -131

Priva.e _hor:-tenn non-banking capital -327 8Lo - 55 -2,118 - 43 72 -341 401 -200 -2,701 -1,025 1

Medium and long-term goverrfent loans (ret) 5,461 -121 1,118 -575 -2,463 661. 4,549 837 9,835 1,081 7,609 w3Disbursements (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 government 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 (incrtase * +) (-5,510) (12,231) (-1,545) (-1,270) (-2,817) ( -860) ( -860) (-2,187) (12,484) (3,670) (1,039)Aaseta (increase - -) ( 4,133) (-11,236) (-2,542) (- 365) ( 4,116) ( 6,127) ( - 49) (12,966) (-18,768) (4,886) (5,462)

Errors and O0nmmissions 6,400 2,831 20,951 11,423 9,831 3,607 4,882 10,253 12,070 8,500 -587

Tab!e 3.2: BALANCE OF PAYMENTS - CAPITAL ACCOUNT, 1950-75

(Thousands of Dollars)

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

CURRENT ACCOUNT BALANCE -20,727 -13,979 -17,580 -13,928 -27,680 -31,290 -27,817 -14,949 -28,941 -63,734 -74,708 -97,016

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 13,387

1/Other private long-term-/ 1,835 1,624 5,203 4,793 5,091 10,597 8,576 13,842 3,629 6,281 13,434 57,719

Private short-term non-banking capital - 360 4,169 - 1,897 2,613 - 3,270 - 2,767 1,736 - 5,579 - 6,558 - 4,432 - 6,837 -14,103

Medium and long-term government loans 2,923 5,017 7,275 1,334 4,584 6,152 3,477 323 35,971 36,416 30,471 21,021

Disbursements (3,121) (5,630) (7,973) (2,948) (6,608) (8,306) (6,027) (3,327) (39,382) (59,456) (56,561) (47,333)

Amortization ( 198) ( 613) ( 698) (1,614) (2,024) (2,154) (2,550) (3,004) ( 3,411) (23,040) (26,090) (26,312)

Other Government capital 3,391 -41 5,052 1,431 -923 -1,087 - 1,064) - 2,595 - 2,129 - 1,320 172 18,107

Gold and IMF Transactions - - - - - - 2,401 430 6,928 - 2,790 - 3,734

Banking sector 9,133 730 - 5,448 23,515 4,395 2,902 14,520 2,664 10,362 64,036 42,951 63,003

Liabilities (increase = +) (4,875) (5,685) (1,127) (7,078) (20,937) (43,796) (-1,869) (20,366) (105,166) (187,979) (217,184) (533,930) ,

Assets (increase = -) (4,258) (-4,955) (-6,575) (16,437) (-16,542) (-40,894) (16,389) (-17,702) (-94,804) (-123,943) (-174,233) (-470,927)

Errors and Omissions -27,619 -15,358 -2,108 -22,381 2,644 3,744 -4,337 -8,691 -34,300 -63,734 -24,461 -58,384

1/ Includes borrowing by autonomous agencies.


- 33 -

Table 3.2: BALANCE OF PAYMENTS - CAPITAL ACCOUNT, 1950-76


1/ 1 /1973 1974 1975 1976

Current Account Balance -109,938 -223,347 -166,395 -194,756

Private Direct Investment 35,630 34,559 10,220 7,335

Other Private Long-Term 16,437 29,492 73,651 184,582

Private Short-Term Non-Banking Capital -36,868 -34,453 -14,169 3,259

Medium and Long-Term GovernmentLoans (Net) 85,012 62,492 66,244 82,550Disbursements (138,907) (140,784) (89,242) (107,405)Amortization (53,895) (78,292) (22,998) (24,855)

Other Government Capital 313 -4 9 -1

Gold and IMF Transactions 200 9,253 6,589 9,613

Banking Sector (Net) 115,405 237,608 121,710 20,613Liabilities (increase = +) (1,546,457) (2,708,560) (2,047,561) (1,291,029)Assets (increase = -) (-1,431,052) (-2,470,952) (-1,925,851) (-1,270,416)

Errors and Ommissions -106,191 -115,600 -97,859 -113,195

1/ Preliminary


Table 3.3 z BALANC4E OF PAYNENTS CIMINT ACCOUNT - CANL ZONTE, 1950- 77

(thousandB of dollars)

1950 1951 1952 1953 1954 1j55 1956 1957 1i58 1959 1960

Receltps 41,7114 43,459 46,838 45,266 45,209 50,08f5 49,125 53,869 44,600 48,201 63,097X.erchandl.sc 6,578 6,722 6,930 7,038 6,317 B,607 9,023 6,931 5,386 6,118 8,891,Tl#Oal 24,474 24,104 24,524 24,5'1i 24,400 214,475 23,633 22,421 14,428 14,128 13,264Qovernont tr-vites 1416 4bo 470 486 407 549 617 98 313 305 719Othei Se.--vJes. 15,299 11,418 13,979 12,274 12,897 14,604 13,960 21,428 21,729 24,933 38,094PLi.9abu TraL'ijfoIb 6L4 755 935 894 1,188 1,850 1,892 2,491 2,744 2,657 2,925

5,379 6,357 7,408 7,923 8,215 9,117 8,653 11,411 12,210 12,426 114,'?7Iercbandioc - 4,31414 5,323 6,206 6,701 6,953 7,984 7,717 9,451 10,20 10,339 11,031Frelght 665 620 6914 714 642 595 453 470 540 574 1,555WiLer Tranuort 185 215 25? 239 222 209 165 164 188 194 t16

Oovermnent Services 1 1 2 11 19 21 21 19 2) 25 29 wOther Seavices 184 198 249 258 379 308 297 1,307 1,25B 1,29t 1,346 r

Trecte fea]ance 2,234 1,399 724 337 -636 623 1,306 -2,520 -4,815 -4,221 -2,137

Srvion's (Net) 39,1457 34,918 37,771 36,112 36,442 38,495 37,274 42,487 34,1461 37,339 48,932

Transfer. (Net) 644 755 935 894 1,188 1,850 1,892 2,491 2,744 2,657 2,925

CNREwr ACOOUNT BALANCl: 42,335 37,102 39,430 37,343 36,994 40,968 4o.,472 42,458 32,390 35,775 49,720

Table 3.3: BALANCE OF PAYMENTS CURRENT ACCOUNT - CANAL ZONE, 1950- 77


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

Receipts 72,556 85,524 93,846 88,312 98,326 106,975 124,987 139,309 151,605 152,004 158,325 163,124Merchandise 8,972 12,734 17,409 14,460 17,433 18,187 20,410 21,252 23,456 22,148 23,003 24,393Travel 15,965 19,445 21,109 16,727 21,407 20,494 30,744 33,885 35,796 37,291 38,566 39,108Goverrment Services 773 1,302 1,308 2,498 3,159 4,157 5,020 4,855 6,419 7,640 5,214 5,341Other Services 43,387 48,607 50,696 51,455 52,836 59,803 64,334 73,809 79,792 77,622 82,850 84,674Private Transfers 3,469 3,436 3,324 3,172 3,491 4,334 4,479 5,508 6,142 7,303 8,692 9,608

Expenditures 14,753 13,624 7,092 4,o34 4,716 5,056 5,246 5,878 5,785 6,200 7,206 7,231Merchandise 11,775 10,663 4,911 2,001 2,595 2,990 3,143 3,663 3,567 3,848 4,806 4,682Freight 1,509 1,536 770 624 591 588 605 702 692 781 816 888Other Transports 226 166 165 153 146 153 157 175 187 212 220 245Government Services 34 16 20 29 23 23 23 23 23 23 24 24Other Services 1,209 1,243 1,226 1,227 1,361 1,302 1,318 1,315 1,316 1,336 1,340 1,392

Trade Balance -2,803 2,101 12,498 12,459 14,838 15,197 17,267 17,589 19,889 18,300 18,197 19,711

Services (Net) 57,147 66,363 70,932 68,647 75,281 82,388 97,995 110,334 119,789 120,201 124,230 126,574

Transfers (Net) 3,469 3,436 3,324 2,172 2,491 4,334 4,479 5,508 6,142 7,303 8,692 9,608

CURRENT ACCOUNT BALANCE 57,813 71,900 86,754 84,278 93,610 101,919 119,741 133,431 145,820 145,804 151,119 155,893


- 36 -

Table 3.3: BALANCE OF PAYMENTS CURRENT ACCOUNT - CANAL ZONE, 1950-77


1/ 1/ 2/1973 1974 1975 1976 1977

Receipts 173.127 220,886 236.191 227.388 233,162Merchandise 24,920 62,806 63,660 49,704 49,591Travel 39,036 40,331 39,636 39,692 39,886Government Services 6,952 7,893 9,953 8,980 9,077Other Services 92,419 97,789 108,569 113,886 120,753Private Transfers 9,800 12,067 14,373 15,126 13,855

Payments 6.861 8.282 7.921 6,997 8.684Merchandise 4,244 5,468 4,845 4,294 5,718Freight 952 1,077 1,235 895 1,069Other Transport 244 266 325 234 275Government Services 24 24 32 30 29Other Services 1,397 1,447 1,484 1,544 1,593

Trade Balance 20,676 57,338 58,815 45,410 43,873

Services (Net) 135,790 143,199 155,082 159,855 166,750

Transfers (Net) 9,800 12,067 14,373 15,126 13,855

Current Account Balance 166,266 212,604 228.270 220,391 224.478

I/ Preliminary2/ Estimates


Table 3.4: SELECTED MAJOR EXPORTS, 1955, 1960, 1965-77

Export Unit 1955 1960 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974

Bananasthousand stems 7,018 6,652 12,281 13,955 15,074 17,423 21,239 20,972 22,916 23,607 23,107 18,476thousand dollars 12,301 11,640 30,532 34,748 42,006 53,046 61,241 60,831 62,907 64,705 63,824 49,548unit value (dollars) 1.75 1.75 2.49 2.49 2.79 3.04 2.88 2.90 2.75 2.74 2.76 2.68

Coffeemetric tons 634 1,260 745 636 1,651 672 1,287 1,558 1,767 2,449 1,763 1,446thousand dollars 782 1,106 700 605 1,397 561 1,101 1,705 1,553 2,502 2,060 2,131unit value (dollars/kilo) 1.23 .88 .94 .95 .85 .84 .86 1.09 .87 1.02 1.17 1.47

Sugaraetric tons 0 2,535 15,532 11,690 28,833 32,648 36,406 32,028 40,461 35,439 45,530 58,438thousand dollars 0 403 2,116 1,561 3,913 4,624 5,444 4,966 6,329 5,907 8,782 27,525unit value (cents/kilo) 0 15.9 13.6 13.4 13.6 14.2 14.9 15.5 15.6 16.7 19.3 47.1

Cacaometric tons 1,401 1,449 649 436 396 379 426 19 0 461 452 452thousand dollars 976 770 244 208 210 232 369 12 0 250 296 624unit value (dollars/kilo) .70 ,53 .38 .48 .53 .61 .87 .62 - .54 .65 1.38

Red Meatmetric tons 0 2 30 1,364 1,441 1,796 1,337 2,138 1,200 2,428 996 1,208 _thousand dollars 0 3 23 1,052 1,280 1,678 1,298 2,189 1,381 3,149 1,581 1,775unit value (dollars/kilo) - 1.66 .77 .77 .89 .93 .97 1.02 1.15 1.30 1.59 1.47

Shrimpmetric tons 1,920 3,780 4,766 4,560 5,057 4,770 4,411 5,047 4,976 4,512 4 404 4,235thousand dollars 2,717 4,990 7,782 8,972 9,185 9,727 9,741 10,168 11,953 14,631 16,707 15,182unit value (dollars/kilo) 1.41 1.32 1.63 1.97 1.82 2.04 2.21 2.01 2.40 3.24 3.79 3.58

Fish Mealmetric tons 0 0 4,460 10,211 9,040 8,940 2,032 4,626 5,839 7,314 7,778 3,929thousand dollars 0 0 612 1,399 1,123 954 276 789 982 1,432 3,108 1,309unit value (cents/kilo) - - 13.7 13.7 12.4 10.7 13.6 17.1 16.8 19.6 40.0 33.3

Petroleum Products 1/million gallons - - 361.2 397.7 342.6 260.6 331.5 276.9 290.1 193.6 155.1 152.5thousand dollars - - 23,711 25,909 22,924 18,857 24,056 21,465 25,126 19,266 21,929 52,797

2/Other Exports- 19,657 6,678 9,428 10,691 6,739 6,518 5,516 6,075 4,546 9,928 18,674 37,316

TOTAL EXPORTS 36,433 25,590 75.140 85.145 88.776 96,197 109,041 108.201 114,777 121,770 136.961 188,207

1/ Excludes petroleum products exported for bunkering ships in Canal Zone.

2/ Includes adjustments made for balance of payments consolidation and reexports; in the 1950's a larger proportion of exports were reexports since the Colon Free Zone did not reexport significantamounts.

Note: Excludes exports of merchandise to Canal Zone.

Source: t Controller General.

- 38 -

Table 3.4: SELECTED MAJOR EXPORTS, 1955-77

Export Unit 1975 1976 1977

Bananasthousand stems 20,649 20,616 22,417thousand dollars 59,513 61,498 66,454unit value (dollars) 2.88 2.98 2.96

Coffeemetric tons 1,562 1,904 1,376thousand dollars 2,253 3,374 5,489unit value (dollars/kilo) 1.44 1.77 3.99

Sugarmetric tons 80,760 84,382 114,376thousand dollars 49,429 26,319 21,880unit value (cents/kilo) 61.2 31.2 19.2

Cacaometric tons 723 779 610thosuand dollars 848 1,339 2,115unit value (dollars/kilo) 1.17 1.72 3.47

Red Meatmetric tons 1,219 3,007 1,051thousand dollars 1,561 3,804 1,465unit value (dollars/kilo) 1.28 1.27 1.39

Shrimpmetric tons 4,429 5,121 5,047thousand dollars 19,010 33,517 29,984unit value (dollars/kilo) 4.29 6.55 5.94

Fish Mealmetric tons 7,043 15,449 30,416thousand dollars 1,686 4,468 10,463unit value (cents/kilo) 23.9 28.9 34.4

Petroleum Products,/million gallons 301.9 103.6 117.7thousand dollars 94,015 38,540 43,324

Other Exports / 39,017 44,988 40,361

TOTAL EXPORTS 267,332 217,847 221,535

1/ Excludes petroleum products exported to bunkering ships in Canal Zone.2/ Includes adjustments made for balance of payments consolidation and

reexports; in the 1950's a larger proportion of exports were reexportssince the Colon Free Zone did not reexport significant amounts.

Note: Excludes exports of merchandise to Canal Zone and from Colon Free Zone.


Table 3.5: VALUE OF IMPORTS I AND IMPORT DUTIES PAID, BY SELECTED MAJOR CATEGORIES, 1958-77

(In thousands of dollars)

1958 1959 1960 1961 E 1962 _Effec- Effec- Effec- Effec- 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

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 4,468 116.9Beverageb 856 1,400 163.6 1,226 2,012 164.1 1,559 2,574 165.1 1,700 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 and 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 11.1 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 4,071 345 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 1.7.1 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 10 1.8 1,469 6 0.4 863 5 0.6 501 2 0.4 75 3 4.0

I Value of imports, f.o.bQSource: Conptroller General

Table 3.5: VALUE OF IMPORTS I! AND IMPORT DUTIES PAID, BY SELECTED MAJOR CATEGORIES, 1958-77

(In thousandsof dollars)

1963 1964 1965 _ 1966 __ 1967Effec- Effec- Effec- Effec- Effec-

Duty tive Duty tive Duty tive Duty tive Duty tive_ _Value Paid Rate Value Paid Rate Value Paid Rate Value Paid Rate Value Paid Rate

Total 162,776 16,055 9.9 165,390 16.146 19.1 189,620 17,982 9.5 214,530 19,849 9.2 229.273 21,277 9.3Food products 15,934 3,077 19.3 18,347 3,502 19.1 17,081 2,995 17.5 18,668 3,161 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 31.8Honey and ailk 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 and 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 52.3

Beverages and 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 98.4Beverages 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 938 763 81.3 802 595 74.2 930 573 61.6 877 537 61.2 995 570 57.3

Raw naterials, non-edible,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 1

Chemica1 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 8.9 oHedicinal and pharuaceutical 4,913 539 11.0 5,272 564 10.7 5,211 663 12.7 5,479 720 13.1 5,661 761 13.4Perfumes, soaps, etc. 2,993 408 13.7 3,166 458 14.5 3,519 635 18-0 3,953 653 16.5 4,115 679 16.5

Manufactured 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 goode 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 sad 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 8.9

Machlnery 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 9.6Machinery, except electric 12,294 608 4.9 13,167 618 4.7 15,926 782 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 1-8.3 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 15.6Furniture and accessories 774 169 21.8 588 150 25.5 822 215 26.2 747 205 27.4 991 230 23.2Articles of dress 5,97i 1,111 18.6 6,250 J,112 17.8 7,162 1,349 18.8 6,887 1,285 18.7 7,759 1,474 19.0Clothing 1,268 509 40.1 99.4 407 40.9 1,122 390 34.8 1,366 371 27.2 1,460 357 24.4Professional instruments 3,207 284. 8.9 3,062 289 9.4 3,462 330 9.5 4,092 396 9.7 4,921 467 9.5Other manufd^tured articles 6,184 711 11.5 6,946 835 12.0 7,768 945 12.2 8,267 1,043 12.6 8,963 1,158 12.9

Miscellaneous articles notabove 127 b 3.2 89 3 3.4 54 2 3.7 3.7? 8 4.5 186 9 4.8

1/ Value of imports, f.o.b.


Table 3.5' VALUE OF IMPORTS 1/ AND IMPORT DUTIES PAID, BY SELECTED MAJOR CATEGORIES, 1958-77


1968 1969 1970 1971Effec- Effec- Effec- Effec-

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

Total 243,344 21,085 8.7 278,669 24,442 8.8 326.352 27,523 8.4 358,974 29,744 8.3

Food products 19,897 3,311 16.6 20,890 3,468 16.6 24,591 3,571. 14.5 34,227 3,489 10.2Heat products - 2,473 732 29.6 3,241 -923 28.5 4,107 833 20.3 4,168 839 20.1Honey and milk products 2,889 235 3,015 242 3,665 271 4.904 246 5.0Cereals 5,153 739 14.3 5,343 741 13.9 5,248 752 14.3 11,657 729 6.2Fruits and vegetables 4,836 761 15.7 4,874 873 17.9 6,418 1,096 17.1 7,033 1,126 16.0Other prepared foods 750 449 59.9 657 322 49.0 727 227 31.2 697 107 15.4

Beverages and tobacco 2,450 2,293 93.6 2,931 2,779 94.8 3,117 3,044 97.7 3,519 3,323 94.4Beverages 1,248 1,644 131.7 1,712 2,178 127.2 1,884 2,440 129.5 2,088 2,633 126.1Tobacco 1,202 650 54.1 1,219 601 49.3 1,233 . 604 49.0 1,431 690 48%2

Raw materials, non-edible,not including fuel 1,618 326 20.1 1,635 334 20.4 2,774 532 19.2 2,731 615 22.5

Fuels and lubricants 52,982 316 0.6 60,572 384 0.6 62,108 390 0.6 66,184 426 0.6

Animgl and vegetable oils 476 198 41.6 1,794 149 8.3 3,209 173 5.4 5,067 188 ".?

Cheaical products 23,991 1,879 7.8 26,752 2,339 8.7 29,165 2,260 .7.7 31,943 2,250 7.0Medicinal and pharmaceutical 6,587 762 11.6 7,670 1,032 13.4 8,932 969 10.8 9,761 1,000 10.2Perfumes, soaps, etc. 4,l71 643 15.4 4,869 780 16.0 5,212 752 14.4 5,419 695 12.8

Manufactured goods 55,813 3,389 6.1 63,351 3,748 5.9 74,041 4,312 5.8 82,723 4,679 5.7Leather goods 3,469 537 15.5 3,542 577 16.3 4,322 697 16.1 4,814 752 15.6Paper and cartons 12,963 377 2.9 14,724 429 2.9 15,011 564 3.8 15,033 545 3.6Textiles 14,609 753 17,977 892 21,017 990 24,203 1,012. 4.2Non-metallic minerals 4,305 362 8.4 4,715 361 7.7 5,399 399 7.4 6,891 455. 6.6Manufactured metals 7,967 663 8.3 8,417 768 9.1 10,486 . 849 8.1 13,674 942: 6.9

Machinery *nd transportmaterials 58,502 5,291 9.0 68,134 6,327 9.3 89,860 7,666 8.5 90,354 8,561 9.5Machinery, except electric 22,153 853 3.8 29,022 1,077 3.7 36,077 1,399 3.9 35,502 1,569 4.4Electrical machinery 17,853 1,145 6.4 17,256 1,296 7.5 20,580 1,527 7.4 22,190 1,539 6.9Automotive vehicles 17,335 3,207 18.5 20,653 3,851 18.6 28,879 4,597 15.9 30,091 5,317 17.7

Diverse manufactured articles 27,356 4,069 14.9 32,292 4,899 15.2 36,925. 5,560 15.1 41,818 6,197 14.8Furniture and accessories 1,144 206 18.0 1,401 290 20.7 2,05.9 * 357 17.3 2,152 443 20.6Articles of dress 7,432 1,385 18.6 8,407 1,629 19.4 8,910 1,763 19.8 8,826 2,001 22.7Clothing ) 1,531 397 25.9 1,881 574 30.5 2,410 . 730 30.3 2,924 924 31.6Profesaiocal instruments 5,342 447 8.4 5,661 527 9.3 6,447 592 9.2 6,676 588 8.8Other manufactured articles 9,823 1,254 12.8 11,831 1,430 12.1 14,444 i,699 11.8 15,943 1,750 11.0

Miscellaneous articlesnot above 259 12 4.6 317 16 5.0 561 14 2.5 408 16 3.9

1/ Value of imports, f.o.b.Source: Comprtroller General.

- 42 -

Table 3.5; VALUE OF IMPORTS "AND IMPORT DUTIES PAID, BY SELECTED MAJOR CATEGORIES, 1958-77


1972 1973 1974

Effec- Effec- Effec-Duty tive Duty tive Duty tive

Value Paid Rate Value Paid Rate Value Paid Rate

Total 401,118

30,116 7.5 44, 1,608 7.0 731,057 35,237 4.8

Food products 33,926 3,169 9.3 42,209 3,511 8.3 41,641 3,652 8.8Meat products 4,779 779 16.3 6,116 731 11.9 6,938 -712 10.3Honey and milk products 6,829 262 3.8 5,498 207 3.8 3,752 -240 6.4Cereals 8,146 465 5.7 12,726 991 7.8 11,553 -825 7.1Fruits and vegetables 7,629 1,152 15.1 8,782 969 11.0 9,273 1,-229 13.2Other prepared foods - - - - - - - -

Beverages and tobacco 2,928 2,618 89.4 3,475 1,956 56.3 4,504 2,240 49.7Beverages 1,527 1,998 130.8 2,025 1,346 66.5 2,389 1,2428 59:8Tobacco 1,401 620 44.2 1,450 610 42.1 2,115 -812 38.4

Raw materials, non-edible,not including fuel 2,952 626 21.2 3,926 655 16.7 5,275 611 11.6

Fuels and lubricants 68,110 436 0.6 91,457 434 0.5 277,409 402 0.7

Animal and vegetable oils 3,670 171 4.7 3,804 112 2.9 1,772 163 9.2

Chemical products 40,366 2,300 5.7 42,097 2,572 6.1 64,077 2,890 4.5Medicinal and pharmaceutical 15,962 999 6.2 12,041 1,138 9.4 14,278 1,285 9.0Perfumes, soaps, etc. 6,352 736 11.6 7,375 809 11.0 8,927 909 10.-2

Manufactured goods 89,844 4,881 5.4 101,379 5,145 5.1 145,360 5,689 3.9Leather goods 5,289 785 14.8 5,559 758 13.6 7,586 -890 11.7Paper and cartons 16,009 618 3.9 17,184 601 3.5 25,452 725 2.8Textiles 30,670 1,104 3.6 32,270 1,000 3.1 35,735 1,-036 2.9Non-metalic minerals 7,373 459 6.2 7,545 569 7.5 10,480 -568 5.4Manufactured metals 12,118 975 8.0 14,926 1,157 7.7 18,926 1,237 6.5

Machinery and transportmaterials 112,846 9,155 8.1 120,460 10,320 8.6 135,913 11,318 8.3

Machinery, except electric 56,044 1,830 3.3 49,409 2,004 4.1 60,308 2,-256 3.7Electrical machinery 22,703 1,499 6.6 22,350 1,793 8.0 31,621 2,159 6.8Automotive vehicles 31,179 5,618 18.0 42,677 6,368 14.9 38,489 6,727 17.5

Diverse manufactured articles 46,218 6,748 14.6 45,o03 6,894 15.3 54,905 8,259 15.0Furniture and accesories 2,353 498 21.2 2,598 646 24.9 3,312 -780 23.5Articles of dress 10,045 2,350 23.4 9,503 1,990 20.9 11,178 2,378 21.3Clothing 3,240 1,028 31.7 3,180 957 30.1 4,683 1,468 31.3Professional instruments 10,275 578 5.6 7,081 630 8.9 8,651 *768 8.9Other manufactured articles 16,146 1,718 10.6 18,791 2,017 10.7 22,230 2,101 9.4

Miscellaneous articlesnot above 258 12 4.6 191 9 4.7 201 13 6.5

1/ Value of imports, f.o.b.

Source: gomptroller Germral.

_ 43 -

Table 3.5: VALUE OF MPOTS AND IPCRT DUTIES PAID, BY SEIECTED AJatR CLTEGCGI1S, 1958-77

2/ J1975 1976 - 1977

Effec- Effec- Effec-Duty tive Duty tive Duty tive

Value Paid Rate Value Paid Rate Value Paid Rate

Total 815,568.3 28,988.6 3.6 772,144.7 28,873.2 3.7 383,303.4 15,100.0 3.9

Food products 55,229.0 3,033.5 5.5 52,623.9 3,493.5 6.6 26,737.9 1,596.7 6.0Meat products 6,632.6 612.7 9.2 7,991.8 658.6 8.2 3,339.3 299.1 9.0Honey and milk products 9,917.4 236.2 2.4 6,891.4 243.2 3.5 4,584.0 71.0 1.6Cereals 17,113.7 924.4 5.4 14,659.2 889.4 6.1 7,672.3 452.6 5.9Fruits and vegetables 9,529.0 772.0 8.1 11,726.9 1,068.5 9.1 5,309.2 494.2 9.3Other prepared foods - - - - - - - - -

Beverages and Tobacco 4,511.0 2,062.7 45.7 5,040.0 2,274.2 45.1 1,986.9 786.2 39.6Beverages 2,680.7 1,428.4 53.3 2,883.5 1,593.8 55.3 870.7 501.9 57.6Tobacco 1,830.3 634.3 34.7 2,156.5 680.4 31.6 1,116.2 284.3 25.5

Raw materials, non-edible, 3,71L4.9 419.2 11.3 3,480.7 346.2 10.0 1,808.4 123.6 6.8not including fuel

Fuels and lubricants 334,521.8 433.2 0.1 267,164.7 379.2 0.1 144,663.0 184.4 0.1

Animal and vegetable oils 9,746.2 108.8 1.1 6,773.6 108.1 1.6 3,847.3 52.8 1.4

Chemical products 74,324.5 2,702.4 3.6 70,529.7 2,887.1 4.1 37,337.0 1,471.3 3.9Medicinal and pharmaceutical 21,876.5 1,347.7 6.2 20,457.5 1,366.3 6.7 11,821.8 626.5 5.3Perfumes, soaps, etc. 9,274.9 760.4 8.2 11,042.0 909.2 8.2 5,723.7 450.3 7.9

Manufactured goods 123,161.9 4,856.1 3.9 133,487.6 4,340.4 3.3 60,387.9 2,325.7 3.9Leather goods 8,750.0 794.3 9.1 9,032.5 894.2 9.9 4,935.9 479.8 9.7Paper and cartons 21,316.1 492.8 2.3 25.405,8 599.1 2.4 9,012.0 425.6 4.7Textiles 31,785.6 937.0 3.0 36,911.0 870.6 2.4 14,845.2 368.1 2.5Non-metalic minerals 12,367.4 441.6 3.6 11,563.7 385.0 3.3 4,650.0 179.5 3.9Manufactured metals 20,663.2 1,161.4 5.6 21,569.3 1,116.0 5.2 10,580.0 546.2 5.2

Machinery and transport 156,637.8 9,612.7 6.1 170,519.7 9,370.9 5.5 77,185.7 5,196.7 6.7materials

Machinery, except electric 72,308.7 1,947.3 2.7 88,603.5 1,597.5 1.8 38,231.6 839.2 2.2Electrical machinery 40,518.8 1,780.0 4.4 40,195.4 1,577.4 3.9 20,583.3 839.3 4.1Automotive vehicles 43,810.3 5,885.4 13.4 41,492.6 6,196.0 14.9 18,262.2 3,518.2 19.3

Diverse manufactured articles 53,274.6 5,750.0 10.8 62,300.1 5,664.8 9.1 29.203.0 3,357.7 11.5Furniture and accesories 3,965.8 640.6 16.2 4,024.0 526.3 13.1 1,535.2 235.0 15.3Articles of dress 8,712.4 1,827.4 21.0 8.791.4 1,961.3 22.3 5,245.9 1,098.1 20.9Clothing 1,508.5 236.8 15.7 1,873.5 225.4 12.0 984.7 95.1 9.7Professionl instruments 11,484.4 744.3 6.5 15,023.8 505.6 3.4 6,837.0 279.6 4.1Other manufactured articles 23,493.6 1,765.6 7.5 27,616.3 1,843.9 6.7 12,131.0 1,359.3 11.2

Miscellaneous articles 446.6 10.0 2.2 224.7 8.8 3.9 146.3 4.9 3.4not above

1/ Value of imports, f.o.b.2/ Preliminary3/ Preliminary figures for the first six months (Janu to June)


T1*l. 1.6; PAN804 - vortot AND FOo VAujE MooT~S OF MNnIPAL OIUPP3L&NTARY FODD PRODUCTS,'/ANNU14L, 1958-74(Vol1- Ic iboocond -Intri lot. Val.. Jo mIllion dollars 093

1938 1959 1960 1965 1966 lJ , 1INS96 1970 1971 1972 1973 17 ' ~ 10

.- dr Volta VAl.. Volta slo. Volta 0010. Volts V.l.. Vol-A Vo..- Volta VaIn. Volta lo.1 Vla. V1. ot. Valor Volta V10 Volta Vale Volt_ Voo Vota. Vol.. Volta vo.. ot. o.

V.po.Ad NAcs 1.2 1.2 0.6 1.5 0.9 0.1 1.2 1.0 1.3 1.3 1.3 1.5 1.8 1.5 2.1 1.9 2.5 2.6 2.2 2.9 3.4 2.9 3.5 4.1 3.9 4.6 4.6 6.4 3.0 7.7

ftnt- j 0.9 0.6 0.9 0.7 0.9 0.6 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 1.4 1.4 1.6 1.3 1.7 1.7 1.9 2.5 0.9 1.3

toto-t j 0.6 0.4 0.6 9.5 0.5 0.4 0.9 0.7 1.0 0.7 0.9 1.6 0.9 0.6 1.0 0.6 1.2 1.0 1.3 1.3 2.9 3.0 2.1 0.6 2.4 3.1 2.3 5.9 2.2 4.3

olooleOlled) !1 01- !V 0/ !1 o/ 0.2 AY 0.1 9/ o/ o/ 0/ Si i1 0/ 0/ 0/ 22.5 4.0 5.6 0.9 0.1 0.1 0.1 0.1 0.1 !Y -

loon -~~~~~~~~t !Y 0 7 oV 2.9 0.2 2. 3 0.0 A/ 0/ 9/ Si af at 2. 3 0.2 3.1 0.4 14.2 1.0 21.2 1.3 26.9 3.0 20.3 3.8 16.2 2.1 6.2 0. 7arood oo.1.6 0.3 1.3 0.3 1.2 0.3 1.7 0.4 2.0 0.3 1.5 0.3 7.1 D.5 1.9 0.3 2.4 0.6 2.0 0.2 1.7 0.3 1.3 0.6 2.9 2.3 1.3 0.5 1.6 01.7

VotaIn- 0.0 0.2 2.4 0.2 1.3 1.1 0.3 S/ 0.6 of 0. 7 Af 1.2 0.1 1.0 1.1 0. 7 9/ 2.3 0.1 1.2 9/ 1.4 0.3 A/ 0/ 1.3 0.2 2.6 0.6

Orio- od Galic 3.4 0.3 3.6 1. 3 3.3 0.3 4.0 0.3 3.7 0.4 3.7 0.3 2.9 0.3 1.9 0.1 4.0 0.4 2.6 0.3 0.0 0.4 4.1 1. 7 3.4 0. 7 3.2 0.6 3.0 0.6

LArd 3.6 1.3 2.1. 1.5 1.4 0.4 1.2 0.4 1.2 1.4 1.2 0.3 1.0 0.3 0.9 0.2 0.4 0.1 9/ 0 / a 1 91 9 9A 0.0 9.1-

961414 Lif nod Lncoi . . 2 0.4 0.3 0.2 0.2 1.0 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.0 0.2 0. . . 64 0 4 1&0/ 0 . .

1910106000L 4.5 3.3 3.2 4.1 4.0 4.4 4.7 3.0 6.4 13. 10.3 12.9 16.3 16.6 06.0

BtILLION 00DU.RS 13.4 13.0 13.3 17.1 10.7 18.9 19.9 10.9 24.6 34.2 33.9 42.2 40.6 33.2 51.6

091.010 00 loVOITS OVIPPIV,MARvdY COlMDTrOt 34 25 24 24 25 2 3 24 05 26 30 31 30 39 30 30

j/ Voodoc; is 6 h ,o a be. Vpodocd d-meloally.2/ tc 1971. i-ud.4 bta oil.3/ tc 1972. Oooloda. tiffd .11k.

oIf tIslluibl.-or ba. tbo 0.5.

to-cc: C..pil.d ft.- dal, of G-lrlorOo 1o of iho Osoblio.

-45 -

Table 3.7: TERM OF TRDE, 1950- 77

Unit Value Terms of Trade1960-100 1960=100

Exportsl/ Imports Year

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 l0l.S 110.31968 113.9 102.7 110.91969 117.2 103.3 113.41970 120.2 107.1 112.21971 127.0 109.5 116.01972 135. 6 117. 3 115.61973 147i.'3 133. 3 U0.51974 201.6 208.7 96.61975 220.8 231.7 95.31976 2/ 225.4 242.14 93.01977 2/ 2)1.1 264.o 91.3

1/ Includes petroleun2/ Preliminary


- 46 -

IV

PUBLIC DEBT

Table 4,1: SERVICE PAYMENTS, COMMITMENTS, DISBURSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED ON DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DEC. 31, 1978

DEBT REPAYABLE IN FOREIGN CURRENCY AND GOODS

(IN THOUSANDS OF U.S. DOLLARS)

TOTAL

YEAR DEBT OUTSTANDING AT T R A N S A C T I D N S D U R I N G P E R I 0 D OTHER CHANGES

BEGINNING OF PERIOD :

DISBURSED : INCLUDING COMMIT- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST-

ONLY :UNDISBUPSED: MENTS MENTS ----------- ----------- :----------- LATIONS MENT *

PRINCIPAL INTEREST TOTAL

(1) (2) : (3) (4) (5) (6) (7) : (8) (9)

1970 150,125 203,082 111,238 .67,446 23,613 6.868 30.481 285 2

1971 193.889 290.424 137,808 78,885 28,068 12,282 40.350 177 -2

1972 244,645 399,985 105,873 135,485 34.716 17,300 52,016 4.044 3

1973 345,418 467.101 282,049 163,281 63,415 23.609 87,024 112 12,172

1974 457.468 697,795 150,847 194,936 91,438 44,119 135,557 1,339 1,903

1975 564,836 757,768 407,557 249.048 31,186 42,232 73,418 8,573 1,945

1976 774,192 1.127,511 362,318 374,996 44,616 60,481 105,097 10 4

1977 1,104,566 1.445,207 493,455 347,309 87.292 78,547 165,839 5,717 4.144

1978 1,360,831 1,849,797 989,346 975,998 442,324 129,464 571,788 1,320 11,286

1979 1,905,467 2.406,785

* t * * * t THE FOLLOWING FIGURES ARE PROJECTED * * * * * t

1979 1.905.467 2,406.785 - 208.537 190,857 174,898 365,755 - 1i

1980 1,923,154 2,215,939 - 93.511 197.611 186.966 384,577 - -

1981 1,819.056 2,018,328 - 78,756 173.760 170,511 344,271 - -2

1982 1,724,050 1,844,566 - 54,813 211,485 153,184 364,669 - 5

1983 1,567,384 1,633,086 - 33,203 288,662 130,247 418,909 - 1

1984 1,311,923 1,344,425 - 18,563 186,945 104,109 291,054 - -

1985 1,143,542 1,157.480 - 8,115 147,184 85,329 232,513 - 1

1986 1,004.473 1.010,297 - 4.276 128,379 71.865 200,244 - 3

1987 880,373 881,921 - 1.087 147.279 59,690 206,969 - 2

1988 734,183 734,644 - 352 120,513 45,547 166,060 - a

1989 614,030 614,139 - 92 75,797 35,373 111,170 - -7

1990 538,318 538,335 - 17 95,957 29,631 125,588 - 3

1991 442,381 442,381 - - 63.502 22.436 85.938 - 1

1992 378,880 378,880 - - 50,665 18,441 69,106 - 4

1993 328.219 328,219 - - 55,717 15.178 70.895 - 5

1994 272,507 272.507 - - 42,206 11,498 53,704 - 5

1995 230,306 230,306 - - 27,652 9,241 36,893 - -6

1996 202,648 202,648 - - 23,083 7,857 30,940 - 3

1997 179,568 179,568 - - 20,947 6,662 27.609 - 2

1998 158,623 158,623 - - 18.307 5,778 24.085 -

THIS COLUMN SHOWS THE AMOUNT OF ARITHMETIC IMBALANCE IN THE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROM ONE

YEAR TO THE NEXT. THE MOST COMMON CAUSES OF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS

FROM ONE CATEGORY TO ANOTHER IN THE TABLE.

Table 4.2: SERVICE PAYMENTS, COMMITMENTS, DISBURSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT




TYPE OF CREDITOR SUPPLIERS CREDITSTOTAL

YEAR DEBT OUTSTANDING AT T R A N S A C T I 0 N S D U R I N G P E R I 0 D OTHER CHANGES

BEGINNING OF PERIOD… _ _ _ _ _- _- _ _ _- _- _ _ _ _ __-_-_ _ _ _ _ _ __-_-_ _-_ _ __-_ _ __-_-_ _-_ _ _ _ __-_ _ __-_-_ _-_ _ _ _ _ _ __- _ _ _ _ _ _ _ _ _ _- _ _- _ _ _ _ _ _- _ _


ONLY :UNDISBURSED: MENTS MENTS ----------- :-----------:----------- LATIONS MENT *


(1) (2) (3) (4) (5) (6) (7) (8) (9)

1970 30.144 34,974 51,897 52,075 16,104 2,789 18.893 72

1971 66,043 70.695 25.t10 3.247 15.634 5.927 21,561 -

1972 53.656 80,171 4.928 30,829 24.112 4.565 28,677 -

1973 60.373 60.987 6.442 6.096 14,578 4.039 18,617 - 980

1974 52,871 53.831 2,863 1,032 20,655 2,558 23.213 294 -1,946

1975 33,248 33,799 28.900 30,713 9,934 2,005 11,939 8,505 1.945

1976 45,521 46,205 707 1,391 4,312 2,265 6,577 -

1977 42,601 42.601 19,928 - 8,509 2.991 11.500 - -1

1978 34.091 54,019 1.524 8,939 7,944 4.237 12,181 -2

1979 35,088 47.601

THE FOLLOWING FIGURES ARE PROJECTED * * * * *

1979 35.088 47.601 - 4,804 9.031 2,801 11,832 - 2

1980 30.862 38,572 - 4,123 9,406 2.590 11,996 - 1

1981 25,581 29,167 - 2,724 6.432 2,133 , 8,565 - 1

1982 21,874 22,736 - 862 5,573 1,750 7,323 -

1983 17.164 17,164 - - 5,487 1.300 6.787 -

1984 11,678 11,678 - - 5,330 835 6,165 - -1

1985 6,347 6,347 - - 2,322 444 2,766 -

1986 4.025 4,025 - - 1,150 280 1,430 -

1987 2,875 2,875 - - 1,150 194 1,344 -

1988 1.725 1,725 - - 1,150 108 1,258 -

1989 575 575 - - 575 22 597 -




Table 4.3: SERVICE PAYMENTS. COMMITMENTS, DISBURSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT


DEBT REPAYABLE IN FOREIGN CURRENCY AND GOODS(IN THOUSANDS OF U.S. DOLLARS)

TYPE OF CREDITOR FINANCIAL INSTITUTIONSTOTAL


BEGINNING OF PERIOD

DISBURSED : INCLUDING COMMIT- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST-ONLY :UNDISBURSED: MENTS MENTS ------------------------------- : LATIONS MENT *

PRINCIPAL INTEREST TOTAL: (1) : (2) (3) : (4) (5) (6) : (7) (8) : (9)

1970 7,986 7,986 - - 2,235 357 2,592 - -

1971 5,751 5,751 53,505 49,455 6,101 2,245 8,346 - -

1972 49,105 53,155 65,144 58,399 3,787 6,782 10,569 291 -

1973 103,717 114.221 205,069 127,992 40,744 11,110 51,854 - 6,5381974 197.503 285.084 111,224 153.362 43,023 34,197 77,220 - 2,7081975 310.550 355,993 251,295 141,480 11,568 29,774 41,342 - -1976 440,462 595,720 275,771 275,302 29,332 42,151 71,483 - -61977 686,426 842,153 203,195 250,710 66,546 55,405 121,951 5,717 -1,4631978 865,956 971,622 615,289 636,865 418,842 93,379 512,221 60 9,9241979 1,093,933 1,177,933

* * * * * * THE FOLLOWING FIGURES ARE PROJECTED * * * * * *

1979 1.093.933 1,177,933 - 50.219 159,421 113.126 272,547 - 81980 984,738 1,018,520 - 11,901 158,585 118,519 277,104 - -101981 838,045 859,925 - 8,943 128,987 100,315 229,302 - 11982 718,002 730.939 - 5,012 150,077 83,429 233.506 - -1983 572.937 580.862 - 5.547 136.605 65,444 202,049 - 11984 441.881 444,258 - 2,377 119,672 48,566 168,238 - -31985 324,583 324.583 - - 86,366 34,361 120.727 - -11986 238,216 238.216 - - 62,798 25,265 88,063 - -21987 175,416 175,416 - - 57,643 17,837 75,480 - -11988 117.772 117,772 - - 57.643 10,554 68,197 - 11989 60,130 60,130 - - 14,786 4,765 19,551 - -2

1990 45,342 45,342 - - 14,786 3,455 18,241 - -11991 30,555 30,555 - - 12,131 2,234 14,365 - -21992 18,422 18,422 - - 2,840 1,464 4,304 - -1993 15,582 15,582 - - 1,942 1,235 3,17V - -11994 13,639 13,639 - - 1,265 1,093 2,358 - -1995 12,374 12,374 - - 1.265 978 2,243 - -21996 11,107 11,107 - - 1,265 862 2,127 - -1997 9.842 9,842 - - 946 756 1,702 - -

1998 8.896 8.896 - - 946 684 1,630 - -

* THIS COLUMN SHOWS THE AMOUNT OF ARITHMETIC IMBALANCE IN THE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROM ONEYEAR TO THE NEXT. THE MOST COMMON CAUSES OF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTSFROM ONE CATEGORY TO ANOTHER IN THE TABLE.

Table 4.4: SERVICE PAYMENTS. COMMITMENTS. DISBURSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT




TYPE OF CREDITOR BONDSTOTAL

YEAR DEBT OUTSTANDING AT T P A N S A C T I 0 N S D U R I N G P E R I 0 D OTHER CHANGES

: BEGINNING OF PERIOD


: ONLY :UNDISBURSED: MENTS : MENTS :----------------------------------: LATIONS MENT


: (1) : (2) (3) (4) (5) (61) : (7) : 8) (9)

1970 29,931 29.931 - - 653 947 1.600 -

1971 29,278 29,278 - - 682 1,246 1,928 -

1972 28.596 28,596 20,000 20,000 709 2,433 3,142 -

1973 47,887 47,887 - - 1,242 3,010 4,252 -

1974 46,645 46.645 - - 20,274 1,158 21,432 -

1975 26,371 26,371 - - 805 1,131 1,936 -

1976 25,566 25,566 13,900 13,900 840 1.098 1,938 -

1977 38,626 38,626 27.000 27,000 1.267 1.189 2.456 - -1

1978 64,358 64.358 316.307 255,740 1,806 8.009 9.815 -

1979 318.293 378,860

* * * * + * THE FOLLOWING FIGURES ARE PROJECTED * * * * * * J

1979 318,293 378,860 - 60,567 984 30,916 31,900 -

1980 377,876 377,876 - - 1,067 33,940 35.007 -

1981 376.810 376,810 - - 4,793 33,890 38,683 - -1

1982 372,016 372,016 - - 17,275 32,923 50,198 - -1

1983 354,740 354,740 - - 106,669 28,982 135,651 -

1984 248,072 248,072 - - 18,999 21,764 40,763 - -1

1985 229,072 229,072 - - 19,051 19,890 38,941 -

1986 210,021 210.021 - - 25,833 17,759 43.592 -

1987 184,188 184,188 - - 49,746 15.372 65,118 -

1988 134,442 134.442 - - 22.058 10,821 32,879 -

1989 112.385 112,385 - - 18.888 8,862 27.750 - -1

1990 93.496 93,496 - - 40.761 7,021 47,782 -

1991 52,735 52,735 - - 11,650 3,570 15,220 -

1992 41,085 41,085 - - 11,719 2,714 14,433 -

1993 29,367 29,367 - - 17.850 1,865 19,715 - -l

1994 11.516 11,516 - - 7.563 500 8,063 -

1995 3,954 3.954 - - 644 210 854 -

1996 3,310 3,310 - - 461 180 641 -

1997 2,849 2,849 - - 478 156 634 -

1998 2,370 2,370 - - 496 131 627 -








TYPE OF CREDITOR MULTILATERAL LOANSTOTAL


BEGINNING OF PERIOD


ONLY :UNDISBURSED: MENTS MENTS ---------------------- :-----------: LATIONS MENT *


(1) (2) (3) (4) (5) (6) (7) : (8) (9)

1970 33.224 42.291 53.501 6,076 1,568 1,332 2,900 - 2

1971 37.735 94,226 40.800 14,850 2.328 1.368 3,696 - -3

1972 50,255 132,695 8,301 19,475 2,671 1.941 4,612 - 4

1973 67.065 138,329 45,213 14,323 2,683 3,595 6,278 30 -

1974 78.718 180.829 26.522 25,079 2,976 4,376 7,352 1.045 1

1975 100.843 203.331 57.000 38.203 3,969 5,814 9,783 19 -

1976 135,077 256,343 24,200 38,811 5,671 7,675 13.346 - 9

1977 168,226 274,881 176,606 30,126 6,122 9.991 16,113 - 11

1978 192,239 445,376 31,000 43,969 7,644 13,107 20,751 514 1,362

1979 229,572 469.580

* . * * * * THE FOLLOWING FIGURES ARE PROJECTED * ** *

1979 229,572 469,580 - 52,109 8,055 15,427 23,482 - -

1980 273,626 461,525 - 50,980 14,633 18,398 33,031 - -1981 309,973 446.892 - 46,795 19.523 20,469 39,992 - -4

.1982 337,240 427.365 - 37.511 23,960 21,594 45,554 - -1983 350.790 403.405 - 24,570 25.076 21.664 46,740 - -3

1984 350.278 378,326 - 15.102 27,896 20,913 48,809 - -1985 337,486 350,430 - 7.443 24.299 19.580 43,879 - -

1986 320,629 326,131 - 3,954 24,607 18,351 42,958 - -1

1987 299,975 301.523 - 1,087 25,758 16,884 42,642 - -2

1988 275,302 275.763 - 352 26,133 15,256 41,389 - 2

1989 249,523 249.632 - 92 26.245 13.552 39,797 - -5

1990 223,365 223,382 - 17 26,636 11.828 38,464 - -3

1991 196.743 196,743 - - 26,585 10,042 36,627 - 1

1992 170,159 170,159 - - 24,096 8,3t1 32,407 - -2

1993 146,061 146,061 - - 24.200 6.699 30.899 - 4

1994 121,865 121,865 - - 21.430 5,090 26.520 - -2

1995 100,433 100.433 - - 15.597 3.794 19,391 - -6

1996 84,830 84.830 - - 11,684 2,958 14,642 - -1

1997 73,145 73,145 - - 9,745 2.282 12,027 - -

1998 63,400 63,400 - - 6,869 1,893 8,762 - 2

* THIS COLUMN SHOWS THE AMOUNT OF ARITHMETIC IMBALANCE IN THE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROM ONE




PROJECTIONS BASED ON DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DEC. 31, 1978DEBT REPAYABLE IN FOREIGN CURRENCY AND GOODS

(IN THOUSANDS OF U.S. DOLLARS)TYPE OF CREDITOR MULTILATERAL LOANS

CREDITOR COUNTRY IBRDYEAR DEBT OUTSTANDING AT T R A N S A C T I 0 N S D U P I N G P E R I 0 D OTHER CHANGES

BEGINNING OF PERIOD

DISBURSED : INCLUDING COMMIT- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST-ONLY :UNDISBURSED: MENTS MENTS ----------- :-----------:----------- LATIONS MENT *

PRINCIPAL INTEREST TOTAL(1) (2) (3) (4) (5) (6) (7) (8) (9)

1970 7,989 7.989 42,000 144 689 429 1.118 -1971 7,444 49.300 23,400 1,498 791 318 1,109 -

1972 8.151 71,909 - 11.349 838 454 1,292 -1973 18,662 71.071 34,700 8.631 890 1,870 2,760 -1974 26,403 104.881 - 15,034 938 2,489 3,427 -

1975 40,499 103.943 24,000 25,751 1.024 3,695 4,719 -1976 65,226 126,919 12,000 24,126 1,899 5,293 7,192 -1977 87,453 137,020 57,500 14,088 2.450 7,274 9,724 -1978 99.091 192,070 12,000 11,821 4,080 8,948 13,028 271979 106,831 199,963

*. * t * * *THE FOLLOWING FIGURES ARE PROJECTED * * * * * *

1979 106,831 199,963 - 17.750 4,540 8,964 13,504 - _1980 120.041 195.423 - 19.425 5,445 10,067 15.512 - -1981 134.021 189,978 - 17,489 8,792 1t,046 19.838 - _1982 142,718 181,186 - 15,121 11.812 11,507 23,319 - -1983 146,027 169,374 - 10,362 12,570 11.538 24,108 - -11984 143,818 156,803 - 6,376 12,632 11.194 23,826 - -1985 137,562 144,171 - 3,449 13,162 10,566 23,728 -1986 127,850 131.010 - 1.802 13,712 9,730 23,442 - -1987 115.940 117.298 - 897 14,312 8.758 23,070 - -1988 102,525 102,986 - 352 14,617 7,690 22,307 - -1989 88,260 88,369 - 92 14,832 6,564 21,396 - -11990 73,519 73,536 - 17 15,372 5,410 20,782 -1991 58,165 58,165 - - 15,662 4,205 19,867 -1992 42.503 42,503 - - 13,507 3,036 16,5431993 28.996 28.996 - - 13,381 1.991 15,372 -

1994 15,615 15.615 - - 10.445 959 11,404 -

1995 5.170 5.170 - - 4,500 260 4,760 -

1996 670 670 - - 670 28 698 -

* THIS COLUMN SHOWS THE AMOUNT OF ARITHMETIC IMBALANCE IN THE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROM ONEYEAR TO THE NEXT. THE MOST COMMON CAUSES OF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTSFROM ONE CATEGORY TO ANOTHER IN THE TABLE.

Table 4.7: SERVICE PAYMENTS, COMMITMENTS. DISBURSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED ON DEBT OUTSTANDING INCLUDlNG UNDISBURSED AS OF DEC. 31. 1978

DEBT REPAYABLE IN FOREIGN CURRENCY AND GOODS(IN THOUSANDS OF U.S. DOLLARS)

TYPE OF CREDITOR MULTILATERAL LOANS

CREDITOR COUNTRY IDB


BEGINNING OF PERIOD


ONLY :UNDISBURSED: MENTS : MENTS -----------.---------- ----------- : LATIONS MENT *

* : : : : PRINCIPAL INTEREST : TOTAL

: (I) : (2) (:3) (4) (5) : (6) : (7) (8) : (9)

1970 25.235 34.302 11,501 5.932 879 903 1.782 - 2

1971 30.291 44.926 17.400 13,352 1.537 1.050 2.587 -- 3

1972 42.104 60,786 .8,200 8.025 1,819 1.475 3.294 - 3

1973 48.315 67,170 10.513 5.692 1,779 1.716 3.495 30

1974 52,241 75.874 26.522 10,045 1,964 1.887 3,851 1,045 1

1975 60,344 99,388 33,000 12,452 2.945 2,119 5,064 19

1976 69,851 129,424 12,200 14,685 3,772 2,382 6,154 - 9

1977 80,773 137,861 119.106 16.038 3,672 2.717 6.389 - 11

1978 93,148 253,306 19.000 32,148 3,564 4.159 7.723 487 1.362

1979 122.741 269,617

THE FOLLOWING FIGURES ARE PROJECTED * * *

1979 122,741 269.617 - 34,359 3,515 6.463 9,978 - -

1980 153,585 266,102 - 31,555 9.188 8.331 17.519 - -

1981 175,952 256,914 - 29,306 10.731 9.423 20,154 - -4

1982 194.522 246.179 - 22.390 12,148 10,087 22.235 - -

1983 204.763 234,031 - 14,208 12.506 10.126 22,632 - -2

1984 206,460 221,523 - 8,726 15,264 9.719 24,983 - -

1985 199.924 205,259 - 3.994 11.137 9.014 20.151 - -1

1986 192,779 195,121 - 2.152 10.895 8.621 19,516 - -1

1987 184,035 184,225 - 190 11.446 8.126 19.572 - -2

1988 172,777 172,777 - - 11.516 7.566 19.082 - 2

1989 161.263 161.263 - - 11.413 6.988 18,401 - -4

1990 149,846 149.846 - - 11.264 6.418 17.682 - -4

1991 138,578 138,578 - - 10.923 5.837 16.760 - I

1992 127,656 127.656 - - 10.589 5.275 15,864 - -2

1993 117.065 117,065 - - 10,819 4.708 15,527 - 4

1994 106,250 106,250 - - 10,985 4.131 15,116 - -2

1995 95,263 95,263 . - - 11.097 3.534 14.631 - -6

1996 84.160 84,160 - - 11.014 2.930 13.944 - -1

1997 73,145 73,145 - - 9.745 2,282 12.027 - -

1998 63.400 63.400 - - 6,869 1.893 8.762 - 2

* THIS COLUMN SHOWS THE AMOUNT OF ARITHMETIC IMBALANCE IN THE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROM ONE



Table 4.8: SERVICE PAYMENTS. COMMITMENTS, DISBURSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT




TYPE OF CREDITOR BILATERAL LOANSTOTAL


: BEGINNING OF PERIOD


: ONLY :UNDISBURSED: MENTS MENTS ----------- :-----------:----------- LATIONS MENT *


: (1) (2) (3) (4) (5)-., (6) (7) : (8) (9)

1970 48,840 87,900 5.840 9.295 3,053 1,443 4,496 213

1971 55,082 90,474 18,393 11,333 3.323 1,496 4,819 177 1

1972 63,033 105,368 7.500 6,782 3,437 1.579 5,016 3,753 -1

1973 66,376 105,677 25,325 14,870 4,168 1,855 6,023 82 4.654o

1974 81,731 131.406 10,238 15,463 4,510 1,830 6,340 - 1.140

1975 93,824 138,274 70,362 38,652 4,910 3.508 8.418 49

1976 127,566 203.677 47.740 45,592 4.461 7.292 11,753 10 -

1977 168,687 246,946 66,726 39,473 4,848 8,971 13.819 - 5,598

1978 204,187 314.422 25.226 30.485 6,088 10,732 16.820 746 -3

1979 228,581 332.811

* * * w * * THE FOLLOWING FIGURES ARE PROJECTED * * * * *

1979 228,581 332,811 - 40.838 13.366 12.628 25,994 - I

1980 256,052 319,446 - 26.507 13,920 13.519 27,439 - 8

1981 268,647 305,534 - 20.294 14,025 13.704 27,729 - 1

1982 274,918 291,510 - 11,428 14,600 13,488 28,088 - 5

1983 271,753 276,915 - 3,086 14,825 12,857 27,682 - 1

1984 260,014 262,091 - 1,084 15,048 12,031 27.079 - 5

1985 246,054 247.048 - 672 15.146 11,054 26.200 - 2

1986 231,582 231.904 - 322 13.991 10,210 24,201 - 6

1987 217.919 217.919 - - 12,982 9,403 22,385 - 5

1988 204,942 204,942 - - 13,529 8,808 22,337 - 4

1989 191,417 191,417 - - 15.303 8,172 23,475 - I

1990 176,115 176,115 - - 13,774 7,327 21,101 - 7

1991 162,348 162.348 - - 13,136 6,590 19,726 - 2

1992 149,214 149,214 - - 12,010 5,952 17,962 - 5

1993 137,209 137.209 - - 11,725 5.379 17,104 - 3

1994 125,487 1,25,487 - - 11,948 4,815 16,763 - 6

1995 113,545 113,545 - - 10,146 4,259 14,405 - 2

1996 103,401 103,401 - - 9,673 3.857 13,530 - 4

1997 93,732 93,732 - - 9,778 3,468 13,246 - 3

1998 83,957 83.957 - - 9,996 3,070 13,066 - -1




- 55 -

V

PUBLIC FINANCE

Table 5.1: CONSOLIDATED PUBLIC FINANCES, 1970-78(million Balboas)

Prel. Est.1970 1971 1972 1973 1974 1975 1976 1977 1978

Public Savings 1 23.3 31.1 18.9 46.6 69.5 58.6 2.9 36.o 49.4(of which: Central Government) - (27.4) (34.7) (18.5) (39.8) (25.3) (25.3) (-; 7) (32.2) (38.5)Capital Receipts, Net -3.0 -2.9 -2.5 5.0 o4.o 14.3 14.8 16.9 15.0

Capital Outlays 2/ 68.7 69.3 97.4 156.9 193.0 255.2 348.8 350.0 325.0(of which: Central Government)-/ (58.0) (45.6) (70.7) (86.7) (89.2) (158.8) (120.9) (110.1) (116.4)Deficit 48.4 41.1 81.0 105.3 119.6 196.6 331.1 297.1 260.6

External Financing, Net 39.0 45.1 94.8 101.2 106.8 190.3 296.8 243.0 250.03(Disbursements) (-) (72.8) (128.3) (161.9) (192.9) (216.4) (332.8) (332.3) ( -(Amortization) (-) (27.7) (33.5) (60.7) (86.1) (26.1) (36.0) (89.3) ( - )

Domestic Financing, Net 9.4 -4.o -13.8 4.o 12.8 6.3 34.3 54.1 10.6and error

U

l/ Before transfers toIrest of Public Sector

1/ Before transfers to rest of Public Sector2/ Including transfers to rest of Public Sector3/ Because of major refinancing the gross sums are rot relevant

Sources: IBRD Report -PAN, Ministry of Planning and Economic Policy, Table 4.1, and IMF

Table 5.2: CONSOLIDATED PUBLIC FINANCES, 1970-78(percent of GDP)

Est.1970 1971 1972 1973 1974 1975 1976 1977 1978

Public Savings 2.2 2.7 1.4 3.2 3.8 3.0 0 0.1 - -0.9(of which: Central Government) (t27) (3.0) (tiT) (2.7) (i-T) (1.3) (-1.0) (0.7) (-1.8)Capital Receipts, Net -0.3 -0.3 -0.2 0.3 0.2 0.7 0.7 0.4 0.2

Capital Outlays 6.6 6.o 7.5 10.6 10.5 13.2 19.3 13.8 14.7

Deficit 4.6 3.5 6.2 7.1 6.5 10.2 18.5 13.4 15.4

External Financing, Net 3.7 3.9 7.3 6.9 5.8 9.8 15.1 13.0 19.7 1/

Domestic Financing, Net 0.9 -0.3 -1.1 0.3 0.7 0.3 3.4 0.4 -4.3 iand error

1/ In late 1978 the Government borrowed an additional B/ 100 million that remained inthe National Bank (BNP) since it was not needed for deficit financing in 1978. Thiswas equal to 4.3 percent of GDP, and thus reduced its debt to BNP by that amountat year end. These funds, however, will be used in 1979.

Sources: Table 5.1 and IMF; note that new 1976-78 GDP series used for ratios.

Table 5.3: CENTRAL GOVERNMENT OPERATIONS,1960-7

8

(Thousands of Balboas)

19781960 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 Budget

Current Revenues 57,980 86,540 100,344 112,699 119,414 133,041 160,147 181,161 197,863 229,201 267,262 294,996

283,869 351,560 381,886

Current Expenditures 47,791 62,674 72,639 83,269 89,269 101,556 117,784 134,191 163,774 178,009 227,124 245,464 264,647 286,325 306,356

Savings 10,189 23,866 27,705 28,947 30,145 31,485 42,363 46,970 34,089 51,192 40,138 49,532 19,222 65,235 75,530

Transfers (-) 12,198 17,324 18,107 22,019 25,583 26,452 38,154 35,998 42,624 41,182 43,714 59,103 61,487 69,574 8

1,041Intrasystem 6,706 12,288 12,481 14,616 17,539 17.,404 23,225 23,720 26,998 29,837 28,886 34,855 38,141 36,496 n.a.Extrasystem 5,492 5,036 5,626 7,403 8,044 9,048 14,929 12,278 15,626 11,345 14,828 24,248 23,346 33,078 n.a.

Savings after Transfers -2,009 6,542 9,598 6,928 4,562 5,033 4,209 10,972 -8,535 10,010 -3,576 -9,571 -42,265 -4,339 -5,511

Capital Expenditures 8,332 14,480 17,876 27,063 25,264 54,316 58,009 45,580 70,740 86,662 89,231 158,783 120,884 110,072 116,380Fixed Investment 8,297 14,480 15,801 24,117 20,306 42,268 46,586 32,000 56,673 40,457 63,377 76,954 60,740 54,839 n.a.Purchase of Assets - - 20 140 57 - 114 25 149 21,500 - 29,000Transfers ( 35 - 2,055 2,806 4,901 12,048 10,323 13,555 13,918 24,705 25,854 52,829 60,144 55,233 n.a.Financial Investment - - - - - - - - - - - - - - -

Over-all Surplus (+) or Deficit (-) 10,341 -7,938 -8,278 -20,135 -20,702 -49,283 -52,814 -34,608 -79,275 -76,652 -92,807 -168,354 -163,149 -114,411 -121,891Darien Gap Road Financed by U.S. Govt. - - - - - - - - - - - 8,600 13,700 7,700 11,705Net Internal Borrowing, excluding

Social Security (net) 4,479 -140 -199 6,793 14,419 10,890 6,316 -3,648 15,470 -2,522 16,015 39,726 19,618 6,913 978Drawings 2,449 3,768 3,695 6,403 16,411 7,314 30,754 20,193 4,310 19,566 51,748 2/ 37,565 2/ 19,849 5,000Repayments 887 2,688 2,838 2,293 2,590 2,848 3,073 14 0601/ 5,383 9,919 6,184 11,122 18,347 19,736 4,022Floating Debt 2,917 -1,220 -1,056 2,683 9,916 -2,673 2,255 -20,342- 660 3,087 2,633 -900 g400 6,800 n.a.

Social Security Borrowing (net) -353 4,852 5,745 7,251 7,488 7,016 8,857 9,785 15,638 14,206 13,808 14,505 24,192 11,800 18,400Bond Issues - 833 754 11,480 853 28,450 7,400 - 22,213 - - 17,400 27,597 25,654 n.a.Retirements 367 844 814 966 1,108 1,274 1,824 2,105 2,237 1,447 3,387 2,895 3,405 5,950 5,000Floating Debt 14 4,863 5,805 -3,263 7,743 -20,160 3,281 11,890 -8,812 15,653 17,195 n.a. n.a. -7,904 23,400

External Borrowing (net) 7,253 3,390 6,056 2,965 -433 34,106 35,763 32,693 41,483 82,035 62,716 101,882 81,885 112,676 102,359Disbursements 7,775 5,944 8,766 6,094 3,172 38,145 59,456 58,881 68,607 133,889 136,518 116,055 99,382 140,148 130,575AID 5,000 3,802 6,526 3,344 2,502 3,125 3,132 7,566 3,012 2,015 - 4,125 3,067 3 909)IDB 121 121 99 670 106 2,185 6,856 6,459 3,209 10,045 5,245 7,129 4,176) 39,853IBERD 154 930 - - - - - - - - -Eximbank 2,775 1,867 1,189 2,650 - - 2,427 3,529 3,586 7,555)Suppliers 12,384 13,074 609 13,877 3,700 867 5,782 600 - -Banks & Fin. Inst. 22,530 41,065 43,850 25,250 124,965 123,179 97,374 85,000 124,508 90,722Bonds

Amortization 522 2,554 2,710 3,129 3,605 4,039 23,693 26,188 27,124 51,854 73,802 14,173 171497 27,472 28,216

Discrepancy & Changes in short-term Assets -1,038 -164 -3,324 3,126 -767 -2,729 1,878 -4,222 6,684 -17,066 268 3,641 23,754 -24,678 -11,551(- increase)

1/ Includes decrease in overdraft./ Includes B/29 million from Citibank for the purchase of Contadora

I Includes B/21.9 miUlion from BNP

Table 5.4: CENTRAL GOVERNMENT CURRENT REVENUES, 1960-78


(budget)

1960 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978

Total Current Revenue 57,980 86,540 100,344 112.699 119,414 ,041 160.147 181,161 197,863 229,201 267.262 294.996 283.869 351.560 381.886

Taxes on income and property 13,890 27,509 35,275 39,953 43,640 49,177 64,432 71,893 72,091 88,780 106,114 121,288 114,069 142,181 153,412Income tax 1/ 10,752 22,216 29,666 34,163 37,318 40,983 54,465 59,951 59,967 71,425 88,884 101,762 96,177 117,666 127,700Corporate - 14,363 19,098 22,064 24,107 26,455 35,653 35,792 34,628 - - n.a (47,942) (62,954) (66,396)Personal - 7,700 10,568 12,099 13,211 14,528 18,812 24,159 25,339 - - n.a. (48,235) (54,712) (61,304)

Real property tax 2,682 4,262 4,363 4,750 5,226 6,450 6,947 8,642 8,960 9,890 10,798 11,888 11,709 12,045 14,200Business net worth tax 188 766 749 776 862 1,039 2,288 2,383 2,472 2,741 3,122 3,283 3,454 3,593 3,812Inheritance and gift tax 268 255 497 264 234 705 732 1,007 692 508 609 726 459 404 7003/Educational insurance - - - - - - - - - 4,216 2,701 3,629 2,270 8,473 7,000-

Taxes on foreign trade 20,679 22,671 24,836 27,907 27,827 31,216 37,614 41,485 42,773 44,947 61,008 58,162 54,024 55,285 57,100Import duties 19,384 19,422 21,165 23,272 22,025 25,300 28,111 30,200 30,997 32,354 37,012 30,567 30,026 30,597 32,287Import surcharge 1,073 2,889 3,231 4,143 4,631 5,231 8,837 10,593 11,013 11,876 13,796 13,624 14,602 14,910 15,013Export and re-export taxes 222 360 440 492 540 685 666 692 763 717 10,200 13,971 9,396 9,778 9,800

Taxes on domestic transactions 6,158 12,963 14,145 15,221 16,402 18,335 21,038 23,374 32,301 33,588 37,017 41,205 46,340 81,808 91,378Beer 1,567 2,288 2,437 2,790 2,445 2,762 2,914 3,093 3,731 3,836 3,261 3,624 3,920 4,124 4,303Liquor 3,082 4,542 4,625 5,003 5,419 6,162 6,705 7,011 8,820 7,149 7,319 7,819 8,004 8,499 8,380Cigarettes 862 1,690 1,749 1,779 1,954 2,137 2,792 3,416 4,048 4,881 5,399 6,430 6,404 7,454 7,761Gasoline - 3,939 4,532 4,693 5,537 6,580 7,901 8,915 14,758 16,352 17,884 19,725 24,792 28,397 29,909Other 2/ 647 504 802 956 1,047 694 726 939 944 1,370 3,154 3,607 3,220 2,250 835Value Added - - - - - - - - - - - - - 31,084 40,190

Stamp taxes 1,160 2,864 3,348 3,832 3,944 5,248 5,653 6,571 8,013 9,265 8,782 9,786 11,159 10,218 12,310

Non-tax revenues 16,093 20,533 22,740 25,786 27,601 29,065 31,410 37,748 42,685 52,621 54,341 64,555 58,277 62,068 67,686Canal annuity 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 1,930 2,095 2,328 2,328 2,328 2,328 2,328National lottery 5,045 8,807 9,530 11,554 12,103 13,040 14,480 16,219 18,274 22,370 21,200 25,104 27,000 29,603 28,627Race track and casinos 176 861 1,450 1,680 1,296 2,064 2,605 3,777 5,035 6,329 7,103 6,372 5,829 5,524 8,749Post Office 845 1,327 1,508 1,627 1,770 1,839 1,944 1,842 1,845 1,891 1,927 2,006 2,492 2,788 3,160Ship registry and consuls 1,288 1,593 1,563 1,773 1,395 2,547 3,275 4,201 4,980 6,303 7,993 8,267 10,900 10,483 10,779Other 6,809 6,015 6,759 7,222 9,107 7,645 7,176 9,779 10,621 13,633 13,790 20,478 9,728 11,342 14,043

As per cent of GDP 13.9 13.1 14.0 14.1 13.9 14.1 15.3 15.7 15.1 15.6 14.6 15.3 14.0 15.6

1/ Schedular income tax replaced in 1964 by unified income tax with different rate schedules for corporations and persons. Actual data forpersonal collections for 1970-72 and estimated for 1965-69.

2/ Includes taxes on insurance premiums, exchange houses, markets, perfumes,soft drinks, and also tourist and visitors taxes through 1968, at which time the

latter were transferred to the Civil Aviation Agency.3/ Mission estimate.Source: Comptroller General.

Table 5.5: CENTRAL GOVERNMENT CURRENT EXPENDITURES, 1960-78


19781960 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 (Budget)

Personal Services 36.533 48.930 57,935 66.806 70.985 76,235 87.962 98,735 117,149 130,191 159.681 178,055 186.117 194.201 203.592

Fixed Salaries 32,311 43,510 48,513 56,134 59,491 61,087 72,327 84,446 102,095 110,330 142,066 155,598 163,623 169,982 177,499

Pensions 2,693 3,790 3,852 4,662 5,150 6,188 6,873 6,892 7,597 8,025 8,144 9,616 9,870 9,521 8,844

Other 1,529 1,630 5,570 6,010 6,344 9,044 8,763 7,397 7,457 11,836 9,471 12,841 12,624 14,698 17,249

Non-Personal Services 3.781 2.682 3.018 2,841 3.632 3,590 4,933 5.597 6.633 5.301 5.862 6.025 5.588 5.815 6.842

Goods and Services 4,894 5,295 5,652 6,878 6,847 10.439 12.593 11.822 14,901 12.522 16,732 18,196 17,604 18,720 19,180

Current Transfers 12.198 17,324 18.107 22,019 25,583 26,452 3 35,998 42,624 41,182 43,714 59,103 61.487 69,574 81.041

To Social Security 3,497 5,863 5,805 6,736 7,744 7,839 10,282 11,890 13,188 15,653 17,195 21,100 23,060 20,492 23,400 2/

To Consolidated Public Sector 3,209 6,425 6,676 7,880 9,795 9,565 12,943 11,830 13,810 14,184 11,691 13,755 15,081 16,004

To Other Public and Private 1/Sectors 5,492- 5,036 5,626 7.403 8,044 9,048 14,929 12,278 15,626 11,345 14,828 20,210 21,292 25,188

To Students fromEducational Insurance ... ... ... ... ... ... ... ... ... ... 4,038 2,054 7,890 7,000

Interest on Public Debt 2,296 5,339 5,864 6,279 6,799 9,240 11.086 17,625 22.318 28,639 43.457 41,711 54,572 66,203 74,254

External 691 2,531 2,956 3,021 2,816 3,518 4,160 10,288 13,754 16,797 33,130 29,107 34,339 41,609 60,261

Internal 1,605 2,808 2,908 3,258 3,983 5,543 6,645 7,030 8,219 10,382 10,163 12,452 20,083 24,444 11,877

Treasury Notes - - - - - 179 281 307 345 1,460 164 .152 150 2/ 150 2/ 2,116 2/

ContinRency 287 133 106 97 135 399 230 175 105 43 - _ _ 1.370 2,488

Outside the Budget - 245 64 851 871 1.653 1.141 237 2.669 1,313 1,392 1,477 766 16 -

TOTAL CURRENT EXPENDITURE 59.989 79,998 90,746 105,771 114,852 12&0 155,938 170,189 206,398 219,191 270,838 304,567 326,134 355,899 387.397

1/ Includes tax rebates in the value of B/. 2.0 million, for 1960 wbich are deducted from revenues for later years. 2/ Mission estimates

Source: Comptroller General, Informe Anual, various issues.

Table 5.6: CENTRAL GOVERNMENT CAPITAL EXPENDITURES, 1960-78


1978

1960 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 _.975 1976 1977 (Budget)

Temporary Workers 2,367 169 3,159 2,815 4,297 1,554 2,865 5,027 276 235 696 1,267 1,650 1,253 1,475

General Capital Expenditures 497 440 917 1,010 831 2,102 2,997 2,023 2,370 1,858 2,228 31,196 3,285 1,354 1,688

Machinery and Equipment (497) (440) (897) (870) (774) (2,102) (2,883) (1,998) (2,211) (1,858) (2,228)( 2,196) (3,2b5) (1,354) (1,688)

Purchase of Fixed Assets (.- ) ( - ) ( 20) (140) ( 57) ( - ) ( 114) C 25) ( 149) ( - ) ( - )(29,000)-( _ ) ( _

Construction 21 4,158 756 2,001 2,020 1,796 5,181

Capital Transfers 35 - 1,297 2,806 4,617 2,736 1,041 - 540 465 - - - 10,9184/

Other Capital Expenditures - - 1,038 191 418 1,617 3,247 3,039 2,969 - 1,427 - - -

Project Loan Expenditures 5,412 7,156 9,406 17,487 12,969 21,753 41,468 35,079 63,995 82,652k/ 84,880 117,720 101,935 88,013 85,512

Capital Transfers to Consoli-dated Public Sector ( - ) ( - ) (758) ( _ 3 (228) (3,455) (6,400) (8,748) (10,126) (23,459) (24,418)(37,825}-1(41,642) (28,456) ( n.a.)

Other Capital Transfers ( - ) ( - ) ( - ) ( - ) ( 56) (5,857) (2,882) (4,807) ( 3,252) ( 1,246) ( 1,436)(15,oo4) (18,502) (15,859) ( n.a.)

Central Government (5,412) (7,156) (8,648) (17,487) (12,685) (12,441) (32,185) (21,525) (50,617) (57,947) (59,026)(64,891) (41,791) (43,698) ( n.a.)

Miscellaneous Project Loans - 2,557 1,303 753 112 461 224 412 590 1,452 _ _ 314 - -

Plan de Urgencia - - - - 3,253 - - _- - - 834 16,000

Purchase of Heavy Equipment - - - - - 19,044 - - - -

Darien Gap Rd. Finan'd by US Govt. - - - - - - - - - - - 8,600 13,700 7,700 11,705

Total Capital Expenditures 8.332 14,480 17,876 27,063 25,264 54,316 57,023 45,580 70,740 86,662 89.231 158,783 120,884 110,072 116,380

I1 Includes Surchase of Public Utility Company (Compania Fuerza y Luz), B/. 21,500. Although ownership was transferred in August 1972, negotiations completed in 1973.2] laclas P19 ailion spent for purcnase of Contadora included in transfers to IPAT in Government accounts. The total cost of the purchase was B/29 million. It was not transferred to IPAT.

3/ Excludes B/9 million spent for purchase of Contadora/ Includes B/9m444,000 spent by the Planning Ministry from Ordinary Budget for general development outlays, and includes B/1,474,GOo spent by the Ministry of Public Works in a similar way.

Source: Contraloria General

Table 5.7: CENTRAL GOVERNMENT CURRENT TRANSFERS-/ 1960-1977


1960 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977

To Consolidated Public Sector 3,209 6,425 6,676 7,880 9,795 9,565 12,943 11,830 15,927 14,184 11,691 13.755 15,081 16.004

Electricity and Water Resources(IRHE) - 800 900 900 900 900 1,200 1,200 1,200 _ - - - -

Colon Free Zone 75 109 100 lnO 100 100 - - - - - - -University of Panama 1,024 2,350 1,631 2,794 4,301 3,611 5,513 5,859 7,168 8,817 10,058 11,585 12,956 14,287Housing and Urbanization (IVU) 984 1,144 1,208 1,168 1,168 1,168 1,168 850 854 981 - - - -Water and Sewerage (IDAAN) 234 226 140 435 362 275 221 375 374 1,033 547 43 -Economic Development (IFE/BDA) 1,050 850 849 849 849 850 850 650 650 - - 1,246 1,285 1,652Human Resources (IFARHU) - 486 1,207 1,323 1,426 1,861 3,023 2,762 2,765 - - - - -

Tourism (IPAT) 200 247 295 308 390 649 227 525 326 347 367 752 65Municipalities 151 286 299 311 308 323 33 61 2,389 3,686 253 10 45 -

To Other Public Sector 235 930 815 1,508 1,830 2,307 8,754 8,899 11,618) 7.401 10,453 16,152 17,427 21.188

Chapala Vocational School ... 120 240 240 240) 240 240 240 240 240Sports (INCUDE) ... 300 360 1,000 5,173 3,298 4,490) 4,100 3,562'- 4,484 4,721 4,809Special Training (IPHE) 97 803 1,095) 1,097 1,271 1,291 1,468 1,305Agrarian Reform ... 1,450 2,146 2,040) - - - - -San Miguelito District 25 150 129) 149 125 1,273 110 90Regional Corporation ... 10 300 789) 741 764 691 551 429Conferences ... 50 250 140) - 262 315 517 70Sugar Mill ... 772) - - - - -

U.N. Program ... 4 4 6 36 36 - 70 70) 321 128 132 132 132Insured Mortgages (IFHA) ... 100 33 - 31 92 - ) - - - - _Cattle Institute ... 133 100 107 160 132 158 57 ) - - - - -

Other 2/ 793 711 995 1,191 1,019 1,570 1,493 1,853) 753 4,101-' 7,726 9,688 14,113Sanitation Department ... - - - - - - - -) - 600 - - -

Unallocated (by originating Min- 4,058 6/istry) 3,257 4,106 4,811 5,895 6,214 6.741 6.175 3.379 4.008) 3,944 4,375 4.058 3.865 4,000

Governnent and Justice 3/ 520 528 618 681 739 803 1,354 1,110 ... ) 1,303 1,546 1,595 1,747 ...Education 470 538 519 544 638 697 773 594 ... ) 650 748 296 288 ...Public Works 30 30 101 40 - 65 35 30 ... ) 30 17 18 10 ...Health 1,807 2,141 2,370 2,911 3,129 2,728 3,001 556 ... ) 306 383 340 243Labor 741 678 728 ... ) 730 776 788 784Agriculture 295 759 1,068 1,289 1,359 1,330 285 203 - ) 224 275 192 188 .Other 135 135 430 349 377 49 148 ... ) 701 630 829 605 ...

Total Transfersl/ 6,701 11,465 12,302 15,283 17,839 18,613 27,872 24,108 31,553 25,529 26,519 33.965 36.373 41.192

1/ Excluding Social Security.2/ Includes Subscriptions to International Agencies.3/ Amount shown is not of transfers to municipalities included in Consolidated Public Sector.4/ Includes Instituto Nacional de Cultura which was under INCUDE before 1974.5/ Excludes a transfer of B/. 7,671 which is a portion of the 13th salary and was added to Personal Services.6/ Mission estimates.


Table 5.8: CENTRAL GOVERNM{ENT CAPITAL. TRANSFERS, 1965-?7


1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977

Total from Borrowed Funds - 758 - 284 9.312 9.282 1~3555 I_.378 24.705 25.854 61,829 60,1)44 .,1

To Consolidated Public Sector 758 228 3,455 6,400 8,748 10,126 23,459) 24,418 4~6,825 41,64~2 284566

Civil Aviation (DAC) ( - ) ( -) (-) (-) ( 589) ( 999) (1,011) ( 651) (1,431) (5,938) (7,931) (19,784~) (13,725)Housing and Urbanization (IVET/BDA)(-) ( - ) ( - ) -) (1,135) (1,280) (2,200) C 263 ( 408 ( - ) C - ) ( - ) C -Water and Sewerage (IDAANq) ( - ) ( -) C-) -) C 400) C 655) (2,976) (3,699) ( 7,099) ( 5,333) (3,750) ( 1,659)( 570)Human Resources (IFARHU) -) ( ) -) -- - ) ( 265) ( 800) ( 500) C I -( ) (1,216) C - ) ( -)Electricity and Water Resources (IRNE) ( - ) ( - ) C-) (- 891) (2,827) (1,449) (3,852) C9,573) C9,110) (11,891) (16,529) (10,661)Uiniversity of Panama ( - ) ( - ) ( - ) ( 228) C-) 116) ( 200) C 649) (38 6) (1,167) ( 2,240,~ 1,493) ( 937)Tourism (IPAT) ( -) C - ) - ) ( - C) C-) ( 112) ( 175) ( ) 595 (11,39~4) ( 664) (1,237)Colon Free Zone ( -) ( -) - ) - ) (400) ( 68) - ) C -) ( ) -) C ) ( ) )Colon Municipality ( -) - ) - ) -) (40) ( 190) - ) ( -) - ) ( - )CEconomic Development Institute (IFE) ( -) ( -) ( -) ( -) C-) - ) ( -) C -) ) (- ) ( *)(Agriculture Development Bank - - - - - - - - (4,558) C2,275) C8,4s03) C1,513) C1,326)

To Other Public Sector - - - 56 5,857 2,882 4,807 3,252 1,246 1,436 15,oo1k 18,502 15,859

AgrariaTnReform Commission ( -) - ) - ) C -) ( 574) ( 347) ( 838) ( 878) -1/ -) C - ) ( - ) ( - )San Miguelito Special District C -) C -) ( -) C -) C -) ( -) ( 945) ( 358) C 438) (300) ( 500) ( 700)Community Development (DIRGEDECOM) ( - ) C - ) C - ) ( - ) C - ) ( - ) (1,652) ( 927) C 448) 405) ( O) ( 1,059)C 1,423)Insured Mortgages (IOIIA) - ) - ) C -) ( 56) ( 631) (1,140) (1,000) ( 463) (- )C - ) ( -) - -Sports (INCUJDE) C - ) ( - ) C - ) C - ) (4,652) (1,395) C372) ( 288) (412) 725) 381) ( 718 ( 200)Regional Development Corporation ( - ) ( 338) (386) 273) (6,991) C 772) C 565)Cerro ColoradoC) (- C) () () () () (- ( )( )(,0) C ) (660

POthrtAtos y ) C ) C ) C ) - - - ) C C1,220) (1,976) (/6,011)

Total from Budgetary Resources - 1.298 2,806 4.616 2.736 1.041 540 (- )(- ) ..2..) C -)( -)

To Consolidated Public Sector - 1,105 1,529 2,773 1,736 782 - ---Housing andTUrbanization (IVU) (- - 85) (520) (340) C ) (- ( )(-Water and Sewerage (IDAAN) (- - - ) ( 680) (278) C ) C ) ( Electricity and Water Resources (IRHE) C ) ( ) (689) ( 462) - ) C ) -) ( )(- )(-University of Panama ( ) (1,005) (260) ( 890) ( -) (164) ) C ) C- ) Tourism (TPAT) -) () -) ( 72) ( - ) C) C) () C Colon Free Zone ( - - 164) -) ( - )C ) C ) (- )(-Human Resources (FARRU) (-) (100) (580) (1,100) C536) ( ) (-) (-) C- )(-

To Other Public Sector- - - - 1,000 259 ----

San Miguelito Special District C ) ( ) (- (C- ) (259) (- ( ) (- )C-Insured Mortgages (IFRA) (-) (- -) C- 1,0) (- - -- )-

Unallocated -193 1,277 1,843 - - - 540 - -

TOTAL CAPITAL TRANSFERS - 2,056 2,806 4,900 12,048 10,323 13.555 13.918 24,705 2585 61,829 §214 44,315

1/ The Commission was abolished in 1973 and its function transferred to the Ministry of Agriculture and Livestock Development.2/ Of which 83/9000 for purchase of Cont,,do'sa3/ Of which 8/11.1 million went to the Agricultural Marketing Institute


- 64 -

Table 5.9: PANAMA: RELATIVE TAX BURDEN, 1970 AND 1977

1970 1977B/'OOO % of GDP B/'000 % of GDP

Direct Taxes 91,947 8.7 241,o48 11.3

Government Receipts 64,432 6.1 133,708 6.3Social Security Receipts from

Private Sector 26,236 2.5 78,034 3.7Educational Insurance - - 16,535 0.8"Thirteenth Month", Second Portion - - 10,7711, 0.5Municipal Taxes 1,279 0.1 2,000- 0.1

Indirect Taxes 68,879 6.8 164,625 7.7

Government Receipts 64,305 6.2 147,3111 6.9Municipal Taxes 4,771 0.5 13,000 - o.6Earmarked Taxes 803 0.1 4,314 0.2

(COFINA) t1-) (-) (1,765) (0.1)(IPAT) MM3)-' /(.1) (2,549) (0.1)

Gambling Taxes 17,085 1.6 35,127 1.7

Lottery 14,480 1.3 29,603 1.4Race Track and Casinos 2,605 0.3 5,524 0.3

Total 178,911 17.1 44o,8oo 20.7

Note: Columns may not add exactly due to rounding

1/ Estimates


Table 5.10: SUMMARY ACCOUNTS OF HYDRAULIC RESOURCES AND ELECTRICITY INSTITUTE - 1965-77

(thousands of Balboas)

1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977Rural Metrop.I1 Total

Current Revenue 1,909 2,170 2,329 2.606 4.434 6.523 7,931 9,913 13,64 238

561 42.517 48,534 58.010 66,789 85,086

Operating Revenue 1,065 1,250 1,415 1,683 3,523 5,299 6,671 8,673 13,585 22,258 42,385 48,325 57,179 63,490 83,656Subsidy from Central Covermnent 800 900 900 900 900 1,1200 1,200 1,200 - 1,200 - - 2,557 2,665 3,024Other Revenues 44 20 14 23 11 24 60 40 63 103 132 209 (1,726) 634 (1,594)

Current Expenditure 1102 1322 1.545 1,593 2,791 3,863 5,190 7,036 9,358 16.394 30,548 41,890 51.445 60,326 69,058

Operational Costs 525 675 701 746 1,517 2,198 3,234 4,049 7,110 11,159 21,369 36,321) 40,761 45,131 49,920Maintenance 299 306 452 318 278 444 580 763 1,309 2,072 4,705 3,639) 3,999 5,120 5,273Other Administrative Costs 170 182 194 272 448 559 626 734 65 799 476 236) - - -Interest 108 159 198 257 548 662 750 1,490 874 2,364 3,998 1,694 6,685 10,075 13,865

Current Savings 807 848 784 1,013 1,643 2.660 2.741 2,877 4,290 7.167 11,969 6,64 6,565 6.463 ~ 160Z8

Capital Expenditures 1,735 2,674 4,392 7,285 2,649 2,B67 9.576 12,163 2_352 14.515 32,567 43.299 71.396 70.900 51.492

Fired Investments 1,705 2,636 3,365 6,734 2,145 2,313 8,470 11,339 - 13,691 27,642 41,375 70,196 70,900 51,492Technical Studies 30 38 1,027 551 504 554 1,106 824 .. 824 815 270 1,200 - -Purchase of Power Companies - - - - - - - - 4,110-' 1,654 - - -

Capital Transfers from Government _ - 689 462 891 2,827 1,449 3,852 3.852 9,573 9,110 12,000 14.600 9.900

Net Borrowing and Cranta 552 950 289 7,619 110 -776 5.927 12,054 2,357 14,411 21,335 26617 28,416 . 43,800 51.464

Gross Disbursements 552 950 289 7,619 1,629 144 7,187 13,655 16,229 29,884 26,867 30,404 32,990 50,500 59,764IBRD (552) (950) (289) ( 786) ( - ) (144) (1,819) (10,263) ( - ) (10,263) ( 8,009) (10,090) 18,065 (16,600) (10,864)Suppliers' Credits ( _ ) ( _ ) ( - ) (6,203) (1.519) ( -) (5,0DO) ( 2.076) ( 886) ( 2,962) ( 4,285) ( 9,082) (, ,) (25,300) (23,500)Local Bonds C_) (-) (-) ( 630) ( 110) () ( _ J C _ ) ( 343) ( 343) ( _ ) C 69) (, ,) (...) (*.Other ( - ) ( - ) C - J ( - J ( - ) ( - ) ( - J (1,316) (15,000) (16,316) (14,469) (11,158) (14,925) (8,600) (25,400)Grants C_) C-) t-)(-,(- , (-,(368)( 400) ( - ) ( 400) ( 104)( 5) (-) (-) (-)

Amortization 1,519 920 1,260 1,601 13,872 15,473 5,532 3,787 4,574 6,700 8,300

Change in Short-Term Assets andDiscrepancy " (-increase) 376 876 2,630 -1,809 5 -1,84 -541 -6.620-' - 9 9,15 -10,310 928 -24.415 -6.037 25,900

1/ Five months only for 1972. For 1972 and 1973 includes telephone and gas operations.2i Mostly advance payments to suppliers.3/ Includes reduction of B/.3.0 million in short-tenm debit with local banks.4/ Chiriqui Power Co. (B/2175), Santiago Power Co. (B/250), Machinery and Equipment (1973: B/1685; 1974: B/1654).

Source: IRRE Annual Accounting Reports, Informe Anual, Comptroller General, Audit Department for Decentralized Agencies at the Comptroller General

Table 5.11: SUMMARY ACCOUNTS OF NATIONAL WATER AND SEWERAGE INSTITUTE, 1965-76

(thousands of Balboas)

1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976

Current Revenues 4,099 4,405 5,018 5,191 5.738 6,238 6,811 8,694 9,051 9,4o8 13,197 17,069

Sale of Water I/ 3,520 3,768 4,223 4,354 4,819 5,280 5,779 6,243 6,554 6,163 10,118 13,889National Government - ( 234) ( 226) ( 140) ( 435) ( 362) ( 375) ( 221) ( 375) 374 431 552 935Other (3,286) (3,542) (4,083) (3,919) (4,457) (4,905) (5,558) (5,868) 6,180 5,732 9,566 12,954

Valorization Tariff 450 490 635 667 718 708 753 2,119 2,174 2,152 2,500 2,381Instalation Fees and Other 129 147 160 170 201 250 279 332 323 491 579 799Government Subsidy - - - - - - - - - 602 - -

Current Expenditures 3,109 3,414 3,764 4.078 4,400 5.056 5,194 5.730 6.365 7.382 8,384 11,232

Operational Costs 2,711 2,992 3,282 3,505 3,752 4,400 4,434 4,830 5,611 6,493 7,256 9,380Interest 398 422 482 573 648 656 760 900 754 889 1,128 1,852

Current Savings 990 991 1,254 1,113 1.338 1 182 1 617 2 964 2 686 2 6026 4.813 5,837

Capital Expenditure 3,449 3,578 4642 4,390 2,556 2,913 8,468 8,119 22,179 10,396 5.049

Fixed Investment 3,449 3,578 4,642 3,920 2,464 2,953 8,526 8,084 22,173 21I4,5I3_/ 10,396 5,049Technical Studies - - - 470 92 ( 40) ( 58) 35 - - - -Other - - - - - - - - 6 - - - -

Capital Transfers from Government - - - - 1,080 933 2,976 3,699 7,099 5,333 5,028 1.861

Net Borrowing 2,138 2,211 1,149 4,787 1,407 1,207 4,209 3,527 12,491 6,733 3.782 2.127

Gross Disbursals 2,347 2,526 1,599 5,357 2,097 1,964 5,134 4,465 13,701 7,923 5,255 3,965IDB ( 901) ( 197) ( 64) (1,792) ( 245) ( 277) ( 477) ( 347) (1,095) (1,490) (2,214) (1,937YAID (1,447) (1,929) (1,535) (2,795) (1,502) (1,688) (4,598) (2,618) (11,210) (5,839) (2,966) ( - )Local Bonds ( - ) ( - ) (- ) ( 621) ( 229) ( - ) ( - ) ( - ) ( - ) ( - ) ( - ( )Social Security ( - ) ( 400) ( - ) ( 150) ( 121) ( - ) ( 60) ( - ) ( - ) ( - ) ( ) )Local Banks ( - ) -- ) - ) (1,500) ( - ) ( - ) ( 75)3/ ( - )Other ( - ) (--)) (1,396) ( 594) ( - (2,000)-4IBRD ( - ) ( - ) C -) ( - ) ( - ) ( - ) ( - ) ( -) ( - ) ( - ) ( - ) ( 28)Amortization 209 315 450 570 690 757 925 938 1,210 1,190 1,473 1,838

Changes in Net Short-Term Assets(-increase) and Discrepancy 321 376 2,239 -1,150 1 -409 -334 -2,071 -97 421 -3,227 4.776

I/ The ContiDller's Reports consider these payments as transfers, and they may not reflect actual sales to the Government.2/ Includes Machinery and Equipment (1973: B/349; 1974: B/431).3,/ Caja de Ahorros.41/ First National Bank of Chicago.

Source: Annual Accounting Reports of IDAAN and Audit Department for Decentralized Agencies at the Controller General, Informe Anual,various issues.

Table 5.1 2:SUMMARY ACCOUNTS OF THE NATIONAL TELECOMMUNICATIONS INSTITUTE (INTEL), 1974-77 -


1974 1975 1976 1977

Current Revenues 17.998 19.320 21,59 28.i664Local Service 10,676 11,603 12,499 18,995Long Distance 6,137 7,553 8,460 9,261Other Revenues 1,185 164 200 408

Current Expenditures 10.004 14.298 15.739 16.334Operational Costs 2,990 6,312 7,451 7,910Maintenance 3,205 3,949 4,099 4,188Commercial Operations 1,144 1,765 1,956 2,279Interest 2,665 2,272 2,233 1,957

Current Savings 7.994 5022 5_,420 12_,330

Capital Expenditures 9,070 10,224 4,838 10,488Fixed 9,070 10,224 4,838 10,488Machinery and Equipment - - - -

Net Borrowing -1.316 4 42 589 -2,797Gross Disbursals 2,500 7,714 4,995 2,132Bonds _ _ _Suppliers 2,500 7,714 2,132Amortization 3,816 3,672 4,406 4,929

Change in Short-Term Assets (-increase) 2.392 1.160 -1.171 955

1/ Created in November 1973.Source: Controller General.

Table 5.13: SUMMARY ACCOUNTS OF COLON FREE ZONE, 1960 and 1965- 77(thousands of Balboas)

1960 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977

Current Income 304 557 738 798 855 959 1,071 1,079 1,337 1,716 2,222 2,700 3,054 3,402Rents 255 456 506 592 648 733 806 895 1,081 1,477 1,907 2,348 2,675 2,972Storage Fees 38 15 20 23 17 25 41 59 96 67 90 90 64 67Document Fees _ - 100 80 84 91 101 107 121 118 122 110 114 175other 11 11 3 3 6 10 23 18 39 54 103 152 201 188Government Transfer - 75 109 100 100 100 100 - - - - - - -

Current Expenditure 271 431 582 459 548 542 564 641 791 1,053 1,301 1.353 1,549 1.585Personal Services 143 218 297 231 272 300 315 360 284 440 508 457 544 639Non-Personal Services 29 45 89 72 76 79 62 74 78 126 136 87 94 114Commercial Promotion 65 52 51 53 61 52 88 71 76 98 99 141 143 176Other Administrative Costs 11 11 14 15 18 11 22 25 38 28 68 92 93 104Maintenance 14 37 35 29 56 48 35 50 37 51 48 62 64 77Interest 1 3 41 40 36 36 23 11 30 109 232 364 296 270 153Contingency _ 8 30 8 10 11 9 1 25 27 14 - - -Transfers 6 19 26 15 19 18 22 30 44 84 64 218 341 322

Social Security (5) (18) (19) (14) (15) (16) (17) (19) (26) (27) (30) (44) (52) (59)IWu (-) (_ ) ( 6) (-) ( 3) (1) (2) (2) ( 2) J- ) (_ ) (_ ) (_ ) (_ )Other (1) ( 1) ( 1) ( 1) ( 1) ( 1) ( 3) ( 9) (16) (57) (34) (174) ((53) (52)Colon and Central Government (-) (- ) (- ) (- ) (-) (- ) (- ) (- ) C-) (- ) (- ) (- ) (236) (211)

CDCurrent Savings 33 126 155 339 307 417 507 438 546 663 921 1.347 1,50- 1.817

(without Government Transfer) (33) (51) (47) (239) (207) (317) (407) (438) (546) (663) (921) (1,347) (1,505) (1,817)

Capital Expenditures 239 219 143 311 322 486 377 933 1,929 1,468 1,469 2.417 1.680 475Buildings 230 207 137 287 311 204 328 890 1,865 1,233 1,315 2,275 1,240 235Streets and Infrastructure 6 5 1 13 - 276 26 20 25 179 103 78 214 11Machinery and Equipment 3 7 5 11 11 6 23 23) 39 56 16 64 47 24Studies - - - - -- - - - - - - - - 179 205

Capital Transfers from Government - - - - 164 480 68 - - - -

Capital Financing, netl' 206-/ 70 37 -16 -145 -158 -75 425 1604 588 223 390 -707 -645Loans *-- 94 135 147 - - - 500 1,800 800 875 1,025 279 192Amortization 24 98 163 145 158 75 75 196 212 652 635 986 837

Change in Short-Term Assets ... 23 -49 -12 -4 -173 -123 70 -221 217 325 680 882 -697and Discrepancies -increase

I/ Includes overdraft on the National Bank.2/ Includes changes in net short-term assets.3/ Breakdown between interest and amortization payments are mission estimates.

Source: Colon Free Zone Accounting Reports and Audit Department for Decentralized Agencies at the Comptroller General.

Table 5.l4: SUMMARY ACCOUNTS OF CIVIL AVIATICN DIRECTORATE, 1969-77 a/(Thousand of Balboas)

1969 1970 1971 1972 1973 1974 1975 1976 1977

Current Income 1 642 1,834 2,261 2,932 3 769 5,044 5.863 6.424 6.971

Landing Fees 57 76, 713 1,222 1,788 2,253 2,306 2,331Vendor Fees 459 563 984 1,031 1,267 1,930 2,420 2,799 3,359Rent 391 431 477 547 768 896 1,087 1,245 1,107Other 135 79 87 132 58 430 106 74 174

Current Exnditure 1,688 1 692 1,820 2,091 2 482 3 J 4 4,304 4,935 5,401Personal Services 5 27 '78 1,039 1,072 T;11 1,532 1,904 2,108 2,265Non-Personal Services 138 270 331 496 519 544 832 893 1,034Other Administrative Costs 38 157 305 349 311 494 819 746 786Transfer 14 455 87 96 103 130 ... ...

Social Security 14 52 74 83 92 110Central Government 378 - - - -

Other - 25 13 13 11 20Interest - 24 58 78 341 404 749 1,188 1,316

Current Savings -46 142 441 841 1,287 1,940 1.559 1.489 1.570 0

Capital Transfers Received from Government b/ 589 999 1,011 651 1,431 5 7.947 9,096 45

Capital Expenditure 416 3 264 947 1,579 2,389 9 16,730 27,776 19,951Land 10 'L 71 - - _ 37 13 2Machinery and Eouipment 1 7c 1,214 273 258 263 226 170 505 439Construction 75 335 650 1,039 2,126 8,960 16,523 27,258 18,194Technical Studies 152 1,711 24 282 - - - - -

4,061Financing (Net) - 2 318 -1,830 944 87 4,061 6,099 13,740 16,833

Disbursals T (0 _ 1-0yt7 4,177 6,439 14,460 17,663IBRD (-) (-) (-) (1,084) (193) (4,177) (6,439) (5,446) (2,389)Other (-) 2,318 -)) (-) /9,01X) (15,274)

Amortization - - 1,830 140 106 116 340 720 830

Change in Short-Term Assets (- Increase) + -127 -195 1,325 -857 -416 -2.753 1,125 3,457 1,503Discrepancies -

a/ Created in 1969.b/ Includes non-interest bearing government loan.

Source: Civil Aviation Directorate Annual Accounting Reports and Audit Department for Descentralized Agencies at the

Comptroller General

Table_5.15: SUMMARY ACCOUNTS OF TOURISM INSTITUTE (IPAT), 19,5-78(thousands of Balboas)

1965 1966 1967 1968 1969 1970 1971 1972 1973 17 195 1976 1977 1978

Current Revenues 215 265 341 340 1,254 1.558 1,5 1,8 2,3 ,3 2 323 - 3.011 3.603Fees - - - 840 901 1, 227 1,420 1,497 1,772 1,786 - 2,860 3,301Transfers fromn Government 200 247 295 308 390 649 2 27 525 326 347 463 - - -other Current Revenues 15 18 44 32 24 8 4 36 311 116 74 - 151 32Z

Current Expeditres265 304 288 340 897 1,359 2.019 1,0 2,6 2,513 2.679 - 2.555 3.485Personal Services 124 125 128 136 292 460 568 637 744 839 928 - 1,100 1;077other Administrative Costs 98 152 123 105 500 694 1,170 788 1,030 1,156 1,418 - 968 1,644Transfers 43 27 37 93 105 159 189 281 254 261 258 - 244 281

Social Security ( 6) ( 6) ( 7) ( 7) ( 15) ( 24) (34) (38) ( 58) (61) (86) - ( 104) ( 106)other ( 37) ( 21) ( 30) ( 86) ( 90) ( 135) (155) (243) ( 196) ( 200) (172) - ( 140) ( 175)

interest - --- - 28 38 181 18 - 243 483Contingency - - -6 - 46 92 69 100 76 57 - - -

Current Savings ~~~-50 -39 53 - 57 199 -561 178 -32 -278 -356 - 456 118(Savings without Government Transfers) (-250) (-286) (-242) (-308) ( -33) (-450) (-788) (-347) (-358) (-625) (-819) -(456) (456)

Capital Expenditures I 1 6 8 501 1,632 56 7 1,557 149 812 3.385 -9.769 13.876Machinery and Equipment _ -5 2 171 1,024 92 13 19 22 n.a. -n.a. n.a.Construction and Improvements 1 1 1 6 161 81 475 939 130 571 ni.a. -n.a. n.a. Land --- 169 5 27 - 305 - - n.a. -n.a. n.a.Other Non-Fixed ---- - - 300 - 219 n.a. -n.a. n.a.

Capital Revenaues - 2_2 _ 703 494 17 1.117 2,329 7 1.919 4,947Sale of Assets ----- 541 319 17 522 -300 - - -Capital Transfers from Govermnent --- 72 -- 112 175 - 595 2,629 - 1,919 4,947

Financg 1,547 -75 994 - 276 465 - 7.395 8.513Disbursals ---- 1,547 500 994 -539 582 - 7,595 8,924

IDB (- - - - - - -00) (- ).( ) 453) ( )- (4,580) (8,534)

Local Banks (- - - - - - 500) (150) (- - ) ( - ( -) (- )

Loans from Public Sector" - - ( ) ( ) (- - - 526) -- ( ) ( )Amortization ----- 575 - -263 17 -200 411

Discrepancy ~~~ ~~~ ~~51 40 -47 -64 144 -114 500 -109 164 -303 947 -- 1 298

1/In 1972 the Government canceled El. 727,000 of IPAT's debt. This transaction is excluded from transfers received and amortization paid for 1972but is included in disbursements in 1970.

2/ Includes B/.200 thousand earmarked tax from National Casinos.

Source: IFAT, Annual Accounting Reports and Audit Department for Decentralized Agencies at the Controller General.

_ 71 -

Table 5.16: SUMMARY ACCOUNTS OF LA VICTORIA SUGAR CORPORATION -/, 1973-77


1973 1974 1975 1976 1977

Current Revenue 4,476 15,916 27,733 18L408 13,136Gross Sales 4,176 15,916 27,031 16,326 12,328Other Revenues 300 - 702 2,082 808

Current Expenditures 5,778 9,349 15,945 20,559 21,477Personal Services 1,768 ... ... ... 5,677Non-Personal Services 1,160 ... ... ... 2,385Other Administrative Costs 2,748 ... ... ... 10,600Transfers 102 ... ... ... 555

Social Security 75 ... ... ... 555Other 27 ... ... ... ...

Interest - ... 1,238 ... 2,260

Current Savings -12302 6,567 11,788 -_2151 -_8341

Capital Expenditures il 8,500 51,263 52,647 52,572Fixed Investment 1,532 8,500 3,746 578 12,824Machinery and Equipment 579 - 43,670 47,047 39,756Purchase of Assets - - 3,847 5,022 - 8

Net Borrowing 4,700 2,566 77,094 77,605 81,898Gross Disbursals 4,700 2,566 81,429 95,159 136,426

Commercial Banks 4,700 - 61,097 95,079 142,604Suppliers - 2,566 20,332 80 -6,178

Amortization - - 4,335 17,554 54,528

Change in Short Term Assets -12287 -633 -37,619 -222807 -20,985(- increase)

I' Created Januarv. 1973.

Source: Ministry of Planning and La Victoria Sugar Corporation.

- 72 -

Table 5.17: SUMMARY ACCOUNTS OF THE AGRICULTURAL DEVELOPMENT BANK (BDA), 1973-77 1/


1973 1974 1975 1976 1977

Current revenues 1,594 2,234 2,829 3,111 3,212Interest 1,222 1,618 2,324 2,792 2,959Profits from rents of real estate 279 252 175 121 91Gross rents 411 383 (383) (178) (108)Maintenance 132 131 (208) (57) ( 17)

Profits from sales of real estate 28 279 224 75 0Gross sales 152 298 (257) (11o) ( 22)Purchase cost 124 19 (33) (35) ( 22)

Other 65 85 106 123 162

Current expenditures 3,902 5,617 4,549 5,468 5.019Personal services 1,680 2,396 2,797 2,860 2,839Non-personnal services 302 75 43 139 94Interest 248 676 690 1,451 1,449Other 1,672 2,470 1,019 1,018 637

Current savings -2,308 -3,383 -1,720 -2,357 -1,807

Capital expenditures 12,330 10,831 9,449 3,261 5,892Net lending 12,308 10,811 9,330 3,9 5,766

Disbursements 20,078 22,585 (27,534) (26,429) (20,880)Recoveries 7,770 11,774 (18,204) (23,233) (15,114)

Land - 20 4 (-) 2Houses 22 - 115 65 124

Capital revenues 5,477 2,474 2,591 2,977 1,932Sale of fixed assets 919 199 69 35 22Capital transfers from the Government 4,558 2/ 2,275 2,522 2,942 1,910

Net Borrowing 513 16,436 16,179 -1,693 2.237Gross disbursals 1,452 16,898 16,411 2,507 3,727iDB (534) (1,261) (2,027 (1,909) (2,847)AID (268) (-) (800) (552) (855)IBRD (259) (46) (25)Local Banks (-) (13,966) (13,188) (-). (-)Local Bonds (-) (-) (-) (-) (-)Other (650) (1,671) (167) (-) (-)

Amortization 939 462 232 4,200 1,490

Change in short-term assets(- increase) and discrepancies 8,648 -4,696 -7,601 4,334 3,530

v Created in 1973 in lieu of the Economic Development Institute (IFE).

2/ Includes B/. 4,058 for the Production Sector Plan.

Source: BDA Accounting Reports as audited by the Comptroller General.

- 73 -

Table 5.18: SUMMARY ACCOUNTS OF THE NATIONAL MORTGAGE BANK (BHN), 1973-76 1

1973 1974 1975 1976 1977

Current Income 1,122 22,015 14,352 15,005 -Rents - 728 728 921 -Sales of Real Estate, net 714 10 -14 -560 -Gross Sales - - ( 752) (18,470) -Costs - - ( 766) (19,030) -

Interest - 3,130 3,047 3,805 -Insurance - 42 - - -

2nd and 13th month - 17,930 10,293 10,214 11,160Other 408 165 298 625 -

Current Expenditures 360 2,404 4,669 7,956 -Personal Services 213 405 482 521 -Non-Personal Services 63 116 84 137 -General Administration 33 26 54 238 -Interest 51 1,166 1,478 3,532 -Interest 2nd of 13th month - 500 916 1,315 -Commissions - 184 118 415 -Other - 7 - 30 -Contribution to Housing Ministry - - 1,537 1,768 -

Current Savings 762 19,611 - - -

Capital Expenditures 2,935 15,719 - 17,286 -Net Lending (Mortgages) 2,915 15,394 - 14,505 -

Machinery and Equipment 20 325 - 18 -

Fixed Assets - - - 2,091 -Land - - - 672 -

Net Borrowing 3,000 4,368 - - -

Gross Disbursals 3,000 5,927 - _AID (3,000) (5,927) - - -

U. S. Bks. (AID Guarantee) ( - ) ( - ) - -

IDBCommercial SourcesDomestic Bonds - - - 105 -

Amortization - 1,559 - -

Change in Short-Term Assets -827 -8,260 - -

(-increase)

1/ Created in 1973 in lieu of the Housing and Urbanization Institute.

Source: Ministry of Planning, Controller General, National Mortgage Bank, and MissionEstimates.

Table 5.19: SUMMARY ACCOUNTS OF THE INSTITUTE FOR DEVELOPMENT AND USE OF HUMAN RESOURCES (IFARHU), 1965-76(thousands of Balboas)

1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976

Current Revenues 486 1,220 1,375 1,443 1,895 3,080 2,990 4,559 3,824 5,805 5.628 5.750Interest on Loans - - - 1 14 40 61 76 235 300 358 245Government Transfers 486 1,207 1,323 1,426 1,861 3,023 2,762 2,765 - - -other - 13 52 16 20 17 167 1,718 3,5892/ 5,5052/ 5,270Z/ 5,5052O/

Current Expenditures 665 1,225 1,315 1,534 1,903 2,325 2,691 4,192 3,980 5,315 5,290 5,340Scholarships 486 1,002 992 1,017 1,026 1,196 1,342 2,319 2,710 3,832 3,835 3,758Personal Services 135 178 219 243 631 741 948 1,367 796 1,011 1,114 1,202Other Administrative Expenses 34 33 92 226 194 314 325 400 379 320 236 270Transfers 10 12 12 48 52 74 76 106 95 152 105 110

Current Savings -179 -5 60 -91 -8 755 299 367 -156 490 338 410(Excluding Government Transfers) (-665) (-1,212) (-1,263) (-1,517) (-1,869) (-2,268) (-2,463) (-2,398) (-156) ( 490) ( 338) ( 410)

Capital Expenditures 68 588 1,666 1,394 1,066 570 1,048 2,784 3,429 4.815 5,000 3,842Loans (Net) 47 578 492 200 863 570 919 2,511 3,429 4,396 3,648 3,707Fixed Investment 21 10 1,052 1,043 191 - 129 273 - 358 1,120 33Machinery and Equipment - - - - _ 57 32 102Land - 122 151 12 - - - - 4 200 -

Capital Revenues _ 100 580 1,100 536 265 800 500 4,076 4.369 5,841 4,575Educational Insurance - - - - - - - - 4,072 3,565 5,265 4,575Capital Transfers from Government - 100 580 1,100 536 265 800 500 4 - - -IDB, Net - - - - - - - - - 802 576 _Grants - - - - - - - - - 2 - -

Changes in Short-Term Assets and 247 493 1,026 385 538 -450 -51 1,917 -491 -44 -1,179 -1,143Discrepancy (-increase) 1/

1/ IFARHU debt is included in Central Government debt operations.

2/ Includes "Educational Insurance" (1973: B/. 3,398; 1974: B/. 5,124; 1975: B/. 5,025; 1976: B/. 5,006)

Source: IFARHU Accounting Reports, Controller General and Mission estimates.

Table 5.20: SUMMARY ACCOUNTS OF THE UNIVERSITY OF PANAMA, 1960 AND 1965- 77(thousands of Balboas)

1960 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977

Current Income 1.271 2,828 2,154 3,407 4.949 4.144 6.848 6,881 8.578 10,404 11,789 13,700 14.157 13,958University Fees 151 183 210 231 446 311 1,075 777 1,340 1,165 1,389 1,576 1,681 1,748Other Income 97 295 313 387 206 226 326 273 69 422 342 307 329 59Current Transfers from Gov't. 1,023 2,350 1,631 2,794 4,301 3,611 5,513 5,859 7,169 8,817 10,058 11,817 12,147 12,151

Current Expenditures 1,123 2,754 3.045 3,144 4,656 3,440 5,799 6,883 8,914 10,480 12,064 14,606 15.487 15.106

Wages and Salaries 865 2,099 2,348 2,408 3,258 2,520 4,217 5,276 7,101 7,666 8,936 10,865 11,402 12,133Non-Personal Services 126 443 527 664 9092/ 653 1,070 1,071 1,134 1,428 1,411 1,906 2,067 2,633Transfers 53 106 69 72 273 159 408 410 558 1,248 1,542 1,635 1,756 202 3/Interest 79 106 101 - 216 108 104 126 121 138 175 200 262 138 -

Current Savings 148 74 -891 263 293 704 1,049 -2 -336 -76 -275 -906 -1,330 -1,148(Excluding Government Transfer) (-875) (-2,276) (-2,522) (-2,531) (-4,008) (-2,907) (-4,464) (-5,861) (-7,505) (-8,893) (-10,333) (-IZ,725) (-13,477) (-13,299)

Capital Expenditures!/ 216 1,032 322 562 572 737 1,420 731 941 4,050 4,347 3.574 2.682 1.217

Government Capital Transfers 35 - 1,005 260 1.118 - 280 200 649 386 1,167 2.524 1,480 945

Net Borrowing - -69 26 150 -74 -67 -71 25 115 761 3,964

1.483 932 640 1Gross Disbursals - - 100 150 - - - 105 195 880 4,134 1,671 1,177 890 4

IDB (630) (4,134) (1,671) (1,177) (852)

Social Security(- _ ( 100) 150) ( - ) ( - ) ( - ) ( - ) ( - )( ) ( ) ( ) ( ) ( )

Local Banks (-) (-) (-) (-) (-) (-) (_) (105) (195) (250) (-) (-) (-) (38)AID( - )( - ) t ) ( -)(~) (~) (~ )

Amortization - 69 74 - 74 67 71 75 80 119 170 188 245 250

Change in Short-Term Assets 1/(- increase) and Discrepancy 33 1,027- 182 -111 -765 100 166 508 513 2.979 -509 473 1.600 780

1/ Reflects use of $500 million of Social Security Loan disbursed in latter half of 1964.

2/ Includes expenditures of previous fiscal periods, not available separately.

3/ 1977 the Central Univ. assumed responsibility of paying an IDB loan of $6 million.

Source: Annual Accounting Reports of the University of Panama and Informe Anual, Comptroller General, various issues. Also, Audit Department forDecentralized Agencies at the Controller General.

Table 5.21: PUBLIC FINANCE PROJECTIONS, 1977-1990

(in millions of current Balboas)

1977 1978 1979 1980 1983 1985 1987 1990

Gross Domestic Product 2,254.4 2,482.2 2,775.7 3,118.8 4,487.0 5,718.3 7,150.6 9,999.1

Current Revenues, Central Government 351.6 395.0 460.9 564.4 813.8 1.044.0 1.316.6 1,873.6(of which, from Canal) ( - ) ( - ) ( 14.5) C 57.3) ( 59.0) ( 60.0) ( 60.0) ( 60.0)

Current Expenditures, Central Government 355.9 390.9 443.0 506.0 766.0 1,010.0 1,303.3 1,910.6Savings, Central Government -4.3 4.1 17.9 58.4 47.8 34.0 13.3 -37.0Savings, Non-governmental Public Sector 40.3 45.0 55.5 62.4 89.7 114.4 143.0 200.0

Capital Revenues and Domestic Borrowing 14.7 17.0 27.8 31.2 44.8 57.2 71.6 100.0Capital Outlays, Public Sector 327.7 369.8 323.2 370.2 429.1 491.5 585.4 762.9

C\

Net External Borrowing 268.7 302.8 222.1 218.3 246.8 285.9 357.5 500.0 jPublic External, Disbursed Debt at Year End 1,378.0 1,686.0 1,908.1 2,126.4 2,840.5 3,394.9 4,072.1 5,419.0Public External Debt Service 168.5 642.2 392.0 439.4 591.8 713.0 861.4 1,155.6

(Interest) ( 78.8) ( 148.3) ( 144.0) ( 163.0) ( 222.5) ( 271.7) ( 332.0) ( 451.1)(Amortization) ( 89.7) ( 493.9) ( 248.0) ( 276.4) ( 369.3) ( 441.3) ( 529.4) ( 704.5)

Memorandum Items:

Real GDP Growth (%) 3.0 5.0 6.0 6.5 6.5 6.5 6.5GDP Deflator Change (%) 7.0 6.5 6.0 6.0 6.0 5.0 5.0Net External Borrowing/GDP (%) 11.9 12.2 8.0 7.0 5.5 5.0 5.0 5.0

Outstanding External Debt/GDP (%) 61.1 67.9 68.7 68.2 63.3 59.4 56.9 54.2

Source: World Bank

VI

BANKING

- 78 -

Table 6.1: SUNMKRY ACCOUNTS OF THE PRIVATE BANKING SYSTEM, 1973-77

(millions of Balboas)

1973 1974 1975 1976 1977

Net foreign reserves 979.5 _,629.0 1,871.1 2,768.8 3,284.1Assets 1,042.3 1,747.0 1,972.3 2,870.0 3,535.6Foreign currencies (21.2) (18.7) (17.9) (16.5) (32.9)Deposits abroad (786.7) (1,588.1) (1,838.7) (2,736.2) (3,189.8)Deinand deposits [113.9] [237.0] [642.41 1838.71 1737.91Time deposits [672.8] [1,351.11 (1,196.31 [1,897.51 [2,451.91

Other unclassified (234.4) (140.2) (115.7) (117.3) (312.9)Liabilities -62.8 -118.0 -101.2 -101.2 -'251.5

Overseas operations (net) -1,342.7 -2,173.9 -2,504.5 IL4.4 -p4.2

Credit to nornresidents 1,285.5 3,048i.1 4,510,3 4,826.6 6,426.2Deposits frosm nooresidents -2,587.4 -5,19'.9 -6,975.4 -7,789.3 -10,280.3For2ign banks (-2,004.4) (-4,590.1) (-5,837.7) (-6,483.3) (-8,878.2)Demand deposits 1-83,7) 1-129.01 l-46.7) 1-182.71 1-98.8)Titme deposits [-1,920.7] 1-4,461.11 1-5,791.03 [-6,300.6] [-8,779.41

Private nonre sident s (-583.0) (603.8) (-1,137.7) (-1 306.0) (-1,402.1)Demand deposits [-43.51 1--59.61 [-96.21 C-127.8J [-120.51Time deposits [-539.5] [-544.21 [-1,041.5I [-1,178.2] 1-1,281.6]

Other foreign liabilities -40.8 -28.1 -39.4 -481.7 -70.L

Net domestic reserves 53.8 33.2 74.5 46.7 101.0Domescic currency 2.9 2.2 2.3 2.3 2.0Interbank deposits (net) 29.8 -3.8 49.9 9.0 59.6Otlher liquid assets 21.1 34.8 22.3 35.4 39.4

Net domestic credit 808.6 1,127.6 1,238.6 1,309.1 1,387.2Central Government (net) 22.7 32.2 90.9 201.3 130,6Rest of pablic sector (net) 15.8 21.7 104.4 123.5 131.7Private sector 781.3 1,052.6 1,060.6 1,091.4 1,150.9Unclassified assets (net) -11.2 21.1 -17.3 -7.1 -26.0

Liabilities to domestic*private sector 499.2 615.9 679.7 680.2 858.1

Demand deposits 133.9; 172.7 149.2 163.8 184.5Time deposits 256.6' 310.4 349.3 357.5 420.8Other deposits 2.8 -- --

Private capital and surplus 105.9 132.8 181.2 158.9 252.8

Source: WMF.

Table 6.2: SUMMARY ACCOUNTS OF THE NATIONAL BANK OF PANAMA, 1973-77

(millions of Balboas)

1973 1974 1975 1976 1977

Net foreign reserves 14.6 -31.8 -72.9 -78.3 -71.1Assets 41.8 38.4 28.1 74.0 65.8'

Reserve position with IMF (9.7) (--) (--) (--) (--)

SDR holdings (3.1) (2.8) (7.9) (6.4) (5.6)Foreign currencies (10.7) (12.2) (12.3) (14.1) (20.6)Deposi'ts abroad (13.3) (23.4) (7.9) (53.5) (39.6)Demand deposits 17.31 [13.9] [5.9] [13.5] [30.0]Time deposits [11.01 [9.5] [2.0] [40.0] [9.6]

Other unclassified (--) (--) (--) (--) (--)Li.bilities -27.2 -70.2 -101.0 -152.3 -136.9'14F draWings (net) (-) (-9.3) (-21.9) (-45.9) (-45.5)Other liabilities (-27.2) (-60.9) (-79.1) (-113.1) (-91.4)

Overseas operations (net:) --0.2 -3.1 0.7 3.6 3.8'Credit: to nonresidents -- 0.3 5.4 5.5 5.2Deposits fronm private nonresidents -0.2 -3.4 -4.7 -1.9 -1.4

PcLt doiwe^stic reserve -15.7 -12.9 -11.3 -56.5 -37.7Dom2stic currency 2.4i 3.1 3.2 3.4 3.0Interbank deDosits (net) -23.8 -25.3 -25.5 -66.1 -53.5T'hecks in clearing 10.0 17.9 14.5 10.9 1.6.1C-shiier's checks in circulation (net) -4.3 -8.6 -3.5 -4.5 -3.3

NtN.t domestic credit 62.0 109.7 153.7 211.7 19t .0Central Government 0.8 16.9 38.9 99.6 62.5Credit (27.1) (48.6) (71.5) (129.3) (117.5)Deposits (-26.3) (-31.7) (-32.5) (-29.7) (-55.0)

Rest of public sector -33.7 -25.9 -15.8 -14.5 -9.9Credit (9.1) (10.8) (23.5) (61.5) (47.3)Deposits (-42.8) (-36.7) (-39.3) (-76.0) (-57.2)

Private sector 114.6 130.5 140.7 125.7 122.6U!nclassified assets -2.1 4.0 7.9 19.3 42.2Official capital and surplus -17.6 -15.8 -18.0 -18.4 -21.4

L,ong--term foreign liabilities 3.4 5.0 9.1 11.6 12.6

SDR allocation 14.9 14.9 14.9 14.9 14.9

Liabilities to domestic_private sector /2.4 42.0 46.2 54.0 63.5lDemand deposits 20.1 18.6 20.8 23.5 25.6Time and savings deposits 19.9 20.4 21.0 25.0 32.4Otlher deposits 2.4 3.0 4.4 5.5 5.5

Source: IMF.

- 80 -

Table 6.3: SUMMARY ACCOUNTS OF THE CONSOLIDATED BANKING SYSTEM, 1973-77 -

(million of Balboas)

1973 1974 1975 1976 1977

Net foreign reserves 995.1 1,597.6 1,798.6 2,691.6 3,214.2Assets 1,085.2 1,786.4 2,001.3 2,945.1 3,602.6Foreign currencies (32.9) (31.9) (30.2) (31.7) (54.7)Reserve position with IMF (9.7) (-) (-) (--) (--)SDR holdings (3.1) (2.8) (7.9) (6.4) (5.6)Deposits abroad (805.0) (1,611.5) (1,846.6) (2,789.7) (3,229.4)Demand deposits |121.1] 1250.91 [648.31 1852.2) [767.91Time deposits [683.81 [1,360.6] [1,198.3] [1,937.5] [2,461.5]

Other unclassified (234.4) (140.2) (116.5) (117.3) (312.9)Liabilities -90.0 -188.8 -202.7 -253.5 -388.4IMF drawings (net) (-) (-9.3) (-21.9) (-45.9) (-45.5)Other liabilities (-90.1) (-179.5) (-180.8) (-207.6) (-342.9)

Overseas operations (net) -1,342.9 -2,177.0 -2,503.8 -3,440.8 -3,910.4Credit to nonresidents 1,285.5 3,o48.4 4,515.7 4,832.1 6,441.4Deposits from nonresidents -2,587.6 -5,197.3 -6,980.1 -7,791.2 -10,281.7Foreign banks (-2,004.4) (-4,590.1) (-5,837.7) (-6,483.3) (-8,878.2)Demanid deposits [83.7-] [--129.01 [46.7] 1-182.71 1-98.81Time deposits [-1,920.7] [-4,461.4] [-5,791.0] [-6,300.63 [-8,779.4]

Private nonresidents (-583.2) (-607.2) (-1,142.4) (-1,307.9) (-1,402.1)Demand deposits [-43.7] 1-63.o0 [-96.2] 1-127.8] 1-120.5]Time deposits [-539.5] [-544.2] [-1,046.2] [-1,180.1] [-1,281.6]

Other foreign liabilities -40.8 -28.1 -39.4 -481.7 -70.1

Domestic c irrency in vault 5.4 5.4 5.6 5.8 5.1

Net domestic asseLs 979.4 1,333.7 1,538.5 1,610.6 1,763.3Central Governmen?- (net) 24.o 50.3 130.4 179.5 193.5Credit (50.3) (82.0) (163.0) (209.2) (248.5)Deposits (-26.3) (-31.7) (-32.6) (-29.7) (-55.0)

Rest of public sector (net) -17.9 -4.2 88.6 131.0 121.8Credit (24.9) (32.5) (127.9) (207.0) (179.0'Deposits (-42.8) (-36.7) (-39.3) (-76.0) (-57.2)

Private sector 965.1 1,260.5 1,279.2 1,-93.4 1,369.3Unclassified assets -11.5 26.6 -5.4 15.3 18.8Official capital and reserves -23.9 -24.5 -24.9 -25.4 -28.5Interbank float 43.6 25.0 70.6 6.8. 88.4

Long-term foreign liabilities 4.8 6.2 10.3 12.6 13.5

SDR allocation 14.9 14.9 14.9 14.9 14.9

Liabilities to domesticpfrivate sector 617.3 738.6 813.7 839.7 1-043.8Demanid deposits 154.0 191.3 170.0 187.3 210.1Time and savings deposits 352.2 411.5 458.1 488.0 575.4Other deposits 5.2 3.0 4.4 5.5 5.5Private capital and surplus 105.9 132.8 181.2. 158.9 252.8

1/ Including Tables 6.1, 6.2 and the Saving Bank (Caja de Ahorros)

Source: IMF

Table 6.4: PANAMA - DEPOSITS AND CREDITS OF THE BANKING SYSTEM, 1970-1977(million Balboas)-

Year DEPOSITS CREDITSTotal Domestic Foreign Total Domestic Foreign

1970 752.1 341.2 410.9 665.2 419.8 295.4

1971 1,029.1 426.9 602.2 938.3 562.9 375.4

1972 1,710.2 601.8 1,108.4 1,374.4 765.9 608.5

1973 3,168.1 580.5 2.587.6 2,325.8 1,040.3 1,285.5

1974 5,871.5 674.2 5,197.3 4,423.4 1,375.0 3,048.4

1975 7,684.5 704.4 6,980.1 6,085.8 1,570.1 4,515.7 O

1976 8,577.7 786.5 7,791.2 6,551.7 1,719.6 4,832.1

1977 11,184.9 903.2 10,281.7 8,238.2 1,796.8 6,441.4

Source: National Banking Commission.

- 82 -

Table 6.5: PRIVATE LICENSE ONE BANKS -/ DEPOSITS,1970-77

(in millions of Balboas)

Demand Deposits Term Deposits

End of year Domestic Foreign Domestic Foreign

1970 85.1 23.6 140.6 108.5

1971 88.3 27.3 179.5 160.3

1972 119.2 33.4 216.8 242.3

1973 133.9 127.2 259.4 2,460.2

1974 172.7 188.6 310.4 5,005.3

1975 149.2 142.9 349.3 6,832.5

1976 163.8 310.5 357.5 7,478.8

1977 184.5 219.3 420.8 10,061.0

1/ Banks which may engage in both domestic and offshore business

Sources: National Banking Commission and IMF.

Table 6. 6: GENERAL INDICATORS OF DOMESTIC REAL CREDIT EXPANSION, 1970-77

UNIT 1970-1971 1971-1972 1972-1973 1973-1974 1974-1975 1975-1976 1976-1977

Rate of Growth ofDomesticCredit % 34.0 36.0 35.8 32.1 14.1 9.5 4.4

Rate of Growth ofReal DomesticCredit!/ % 29.3 27.2 24.9 6.9 3.9 4.2 -3.7

Consumer Price Index % 1.8 5.3 6.8 16.7 5.5 2.3 9.3

Wholesale Price Index % 5.4 8.5 10.5 30.2 14.0 7.8 7.2

Average % 3.6 6.9 8.7 23.5 9.75 5.05 8.3

Average Price Index(1970 = 100) 103.6 110.75 120.38 148.67 163.17 171.41 185.63

Increase in RealInternal Credit(constant prices Million1970 base) Balboas 138.1 183.3 227.9 225.3 119.6 87.2 41.6

Increase in Nominal MillionDomestic Credit Balboas 143.1 203.0 274.4 334.7 195.1 149.5 77.2

1/ Deflated by the average of the wholesale and consumer price index.

Source: National Banking Commission and Controller General.

- 84 -

VII

AGRICULTURE

Table 7.1: GROSS VALUE OF PRODUCTION FROM AGRICULTURE, FORESTRY AND FiSHING 1970-77

(1960 BRiDb..)

1/ 2/ 3/1970 1971 1972 1973 19 74 1975 1976 0977 CG nen-d Averae OAennu OiLG th Raites

milOIuRn Percent MiIli.n Percet milli.. P-rDet Mi111cc Percent illi.n Percet milli.. Percen 001ic Percen 0111c- Percet 1950/52-1960/62 196062-1970/72 197217D975/77D.ers CHa,e DRlace Chacgc Dollars Ch-nge DolRare Ch-nge Dollare Chang DelO- e inge D Ca ge r Ch… -------------------- Pe t--------------------------

Cr-D-eetic C-ns-mptioe 86.5 -2 91.1 +5 94.5 -4 103.4 +9 113.5 9.8 117.5 3.5 110.8 -5.7 109.1 -1.5 2.8 4.0 4.3Export 45.3 +2 46.0 +3 46.1 .1 42.0 -9 32.1 -23.6 37.9 18.8 38.4 1.3 39.2 2.1 4.7 8.4 -3.F

Total 131.8 -1 137.9 +5 140.6 +2 145.4 +3 145.6 0.1 155.4 6.7 149.2 -4.0 148.3 -0.6 3.2 5.3 1.3

L -k4/

Cattle 18.2 +4 19.6 +8 10.7 -5 17.6 -6 17.6 0.0 10.2 3.4 19.5 7.1 19.4 -0.5 4.2 5.3 0.0

Other 27.0 -8 25.4 -6 31.4 +24 33.8 +8 29.7 -12.1 27.7 -607 31U4 13.4 35.2 12.1 5.5 3.4 2,4

Total 45.2 -4 45.0 4/ 50.1 +11 51.4 +3 47.3 -8.0 45.9 -3.0 50.9 10.9 54.6 7.3 5.0 4.2 1.5

T-tl Aereclenre 177.0 -2 184.9 +4 190.7 +3 196.8 +3 192.9 -2.0 201.3 4.7 200.1 -0.6 202.9 1.4 3.7 5.0 1.b

Forestry 1.2 +10 1.4 +17 1.2 -14 1.3 +8 1.4 7.7 1.1 -21.4 1.3 18.2 1.1 -15.4 6.1 3.7 -2.1

Fi.hi-e 12.2 +18 12.3 +1 10.7 -13 11.9 +11 11.3 0.3 11.0 2.7 14.2 22.4 13.0 11.3 10.3 2.8 2.9

G-end Total 190 _4 198.0 R4 202.5 +2 210.1 -2.1 214.0 4 1 213 1 0.7 219.0 1.9 4.1 4_8 1.0

1/ Prelicloary.2/ Estlcate.3/ Baced on thres-y-er a--rcgc.4/ For catele and pig., includes thangee in steck.

Source: ConcrollecU G eral, Di-recc-in de Estadistica y Ceens

Table 7.2: PRINCIPAL STAPLE CROPS, AREA, PRODUCTION AND YIELDS 1970-1977

Compound Average Growth Rate Li70-71 71-72 72-73 73-74 74-75 75-76 76-77 77-78 1961/63-1970/72 1970/72-1975/77

(9 years) (5 years)

RiceArea (1,000 ha.) 93.1 95.6 105.2 105.4 112.2 115.4 122.4 110.0 - 0.2% 3.4%% change - 2.6 10.0 1.9 6.5 2.9 6.1 10.3

Production(1,000 cwt) 2,891.5 3,002.1 2,760.6 3,574.6 3,932.4 4,074.9 3,184.9 4,104.7 2.1% 5.6%% change 3.8 -8.0 29.5 10.0 3.6 21.8 28.9

Ave. yield per ha (cwt) 31.0 31.4 26.2 33.9 35.0 35.3 26.0 37.3 2.3% 8.4%% change - 1.3 -16.6 29.4 3.2 0.9 -26.3 43.5

CornArea (1,000 ha.) 64.9 63.1 65.7 67.6 75.5 74.3 83.2 82.8 -2.6% 21.4%% change - -2.8 4.1 2.9 11.7 -1.6 12.0 -0.5 o

Production (1,000 cwt) 1,243.8 1,192.2 977.7 1,208.0 1,308.7 1,437.7 1,410.3 1,757.0 -2.7% 6.2%% change - -4.1 -18.0 26.6 8.3 9.9 -1.9 24.6

Ave. yield per ha (cwt) 19.2 18.9 14.9 17.9 17.3 19.3 17.0 21.2 -0.2% 1.8%% change -1.6 -21.2 20.1 -3.4 11.6 -11.9 24.7

Dry BeansArea (1,000 ha.) 13.6 12.0 10.3 12.1 16.1 16.6 15.6 14.8 -6.5% 5.5%% change - -11.8 14.2 17.5 33.1 3.1 6.0 5.1

Production (1,000 cwt) 72.7 72.9 68.8 77.1 89.4 92.5 72.7 88.9 -6.5% 3.5%% change - 0.3 -5.6 12.1 16.0 3.5 -21.4 22.3Ave. yield per ha (cwt) 5.4 6.1 6.7 6.4 5.6 5.6 4.7 6.0 _ 7.1%% change - 13.0 9.8 -4.5 -12.5 0.0 16.1 27.7

I/ Based on three-year averages.


Table 7*3: PRINCIPAL EXPORTS OF PRODUCTS OF AGRICULTURE AND FISHERIES, AVERAGE FORSELECTE YEARS IN 1950's AND 1960-1972, IN VOLUME AND VALUE

E X P O R T SProduct and Years Covered 1950's Average 1960 1961 1962 1963Physical Unit in 1950's yolume Value Volume Value Volume Value Volume Value Volume Velue

Average (000) (000$) (000) (000$) (000) (000$) (000) (000$) (000) (000$)

.Bananas(bunches) 1955-59 7,010 12,279 6,652 11,640 7,655 13,394 6,680 11,685 7,791 13,634

Shrimp(kilos, net) 1955-59 3,212 4,807 3,780 4,990 4,336 5,854 4,648 7,941 4,325 6,173

Sugar(kilos, net) 1957-59 a/ 3,934 547 2,535 403 4,?74 780 3,314 534 10,026 1,564

Meat(kilos, net) 1958-59 163 129 2 3 97 59 156 85 472 155

Coffee 1955, 1958,(kilos, net) 1959 b/ 824 802 1,260 1,106 312 258 1,713 1,412 458 392

Fish Flour(kilos, net) 1956-59 c/ 673 77 - - 1,196 128 854 100 704 82

Cacao(kilos, net) 1950-59 1,332 1,023 1,449 770 1,195 507 1s103 483 893 455

COMBINED VALUE 19,664dI/ 18,912 20,980 22,240 22,6455

WITHOUr BANANAS 7,385 7,272 7,586 1Q,555 8,821

WITHOUr BANANAS, SHRIMPAND FISH FLOUR- 2,501 2,282 1,604 2,51k 2,566

Table 7.3: PRINCIPAL EXWRTS OF PRODUCTS OF AhD1ICULTURE MAD FImIERIES, AVERAGE FORSELECTED YERS 1N 1950's AND 1960-1972, DI VOLUME AND VALUE

E X P O R T SProduct and Years Covered 1964__ 1965 '966 1967 1968 1969Physical Unit in 1950's Volume Value Volume Value Volume Value Volume Value Volume Value Volum Value

Average (000) (000$) (000) (000$) (000) (000$) (000) (000$) (000) (000$) (000) (°0°$)

Bananas(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 7,1i05 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,U6 u,689 1,561 28,833 3,913 32,647 4,623 361,406 5,4lI4 1

cc~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) 1959 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 o/ 2,145 235 4,460 612 10,211 1,399 9,040 1,123 8,940 954 2,032 276

Cacao(Idlos, not) 1950-59 827 382 649 2411 436 208 396 210 379 232 1h26 369

OO BID1 VALUE 32,417 42,009 48,545 59,111 70,821 79,469

WITHOUT BRANAS 11,958 311,477 13,797 17,108 17,775 18,228

WrMO BANANAS,, SHRDIAND FISN FLOME 4,318 3,083 3,426 6,800 7,0914 8,211

Table 7.3: PRINCIPAL EXPORTS OF PRODUCTS OE AGRICULTURE AND FISHERIES,IN VOLUME AND VALUE 1970-77

Product and 1970. 1971 1972 197' 1974 1975 1976 1977 IPhysical Unit Volume Value Volume Value Volume Value Volume Value Volume Value Volume Value Volume Value Volume Value

(000) (000$) (000) (ooo$) (000) (ooo$) (000) (000$) (000) (ooo$) (000) (000$) (000) (ooo$) (000) (ooo$)

Bananas(bunches) 20,972 60,831 22,916 62,907 23,603 64,705 23,107 63,824 18,476 49,548 20,649 59,513 20,616 61,498 22,417 66,454

Shrimp

(kilos, net) 5,047 10,168 4,976 11,953 4,512 14,631 4,404 16,707 4,235 15,183 4,429 19,010 5,121 33,517 5,047 29,984

Sugar(kilos, net) 32,028 4,966 40,461 6,330 35,440 5,907 45,531 8,783 58,439 27,525 80,760 49,428 84,382 28,319 114,376 21,874

Meat(kilso, net) 2,138 2,189 1,200 1,381 2,428 3,149 996 1,581 1,208 1,775 1,220 1,561 3,007 3,804 1,051 1,465

Coffee(kilos, net) 1,558 1,705 1,787 1,553 2,450 2,502 1,763 2,060 1,446 2,131 1,562 2,253 1,904 3,374 1,376 5,489

Fish Flour(kilos, net) 4,626 789 5,839 982 7,314 1,432 7,778 3,108 3,929 1,310 7,043 1,686 15,449 4,468 30,416 10,463

Cacao(kilos, net) 19 12 - - 461 250 452 296 453 624 723 848 779 1,339 610 2.115

COMBINED VALUE 80,660 85,106 92,576 96,359 98,095 134,299 134,978 137,844

WITHOUT BANANAS 19,829 22,199 27,871 32,535 48,547 74,786 73,481 71,390

WITHOUT BANANAS, SHRIMPAIID FISH FLOUR 8,872 9,264 11,808 12,720 32,055 54,090 35,497 30,943

I/ PreliminarySource: Comptroller General, Direccion de Estadistica y Censo.

Table 7.4: LAND ACUI5OSIIION FOR AGRARIAN RE897024 1966.77

1969 1970 1971 1972 1973 1974 1975 1976 1977 1963-68 1969-72 1973-77 1969-77ba h No. h. No. h. No. h. No. h. No. ha -N.. ho No. h. No. ho o. No. h No. ho ho. h. No. h.

Fam qired hy:Eoproprlorloo 1~~~~~2 27,162 19 4,833 20 4,239 39 9,997 11 22,389 40 Z4,008 24 0.613 - - 9 9,487 1 4,467 109 46,251 04 54,497 194 100,748hale - - 2 239 17 1/ 4,107 44 8549 10 686 23 31,562 3/ 13 10,482 236 4/ 41.014 25 3,347 11 4,991 63 12.8914 3037 67,091 370 99,985

A 01000 - 16 187.732 2 ,5 5 59,698 1 ,80 - - 2 6.010 - - - 23 253,086 3'201 2h 260,796C ...llahloo of hItla 1 608 1 15 - 4 895 18 1, 930 - - 8 -514 i5 845 55 3,268 - - - 96 6,557 101 7,467E-h- - -. g- -- 1 50 - - - -- - 4 251 - -6 1,518 5 301 5 301lonatino- 3 15,028 14 1/ 3,005 1 233 - / 3,000 12 204 1 3 1 199 18 10,261 13 3,207 32 22 ,076R-oc.tio,- - - - - -- - 1 46 1i 5 - -- - 2 SI 5Iotal 34 27,770 40 207,847 53 17.022 93 79,371 41 26,055 63 45,570 45 22,609 266 48.119 91 16,361 13 5,657 275 332,010 510 158,714 730 490.7:4

Nonhor of ha.. fililry ft.ilioaby p..vinco:

BI'll l oo - 60 -- 22 -- 0.0. 60 22 82 Co-Ic 909 81 122 -171 3 0..1,112 1734 1,286Colo 455 116 489 418 59 127 12 137 - .. 14835183Chirl.o 56 -1,400 156 12 22 -12 0 .0 1, 612 54 1, 666Dala - - - 372 - - ..- 37 2 -372H oca132 -190 68 34 -- 235 59 0..300 323 623L.. S..t100 - - - .28 - 4 0.a. - 32 32Panama ~~~~~~~~953 171 923 2.339 2,027 602 312 81 443 0..4,386 3,465 7,05 1Onragoas ~~~~~~2.451 566 148 738 -- 85 .101 69 377 0.0. 3.903 632 4.535Tota1 4,956 934 3.060 3,901 2,504 1,007 475 529 894 12.851 5.409 18,260

Prop-rty ilhl-c 840 12,085 990 15,987 2,075 36.412 1,809 29,099 1,290 19,845 958 14,294 808 11,035 1,039 13,720 092 11,622 2,864 44,781 5,714 93,583 4,979 70,524 10,693 164.107

1/A Aqolred fro baoaoono-paoioa lh-ooh purhas an..d do...cio..2/ Donatad by hboaa copnr. 0k600 number 011 farms.3/ 26,311 h. p-rhosed for tho Moy... 1rrigti- Proj-o.4/ I-cl.d.. 219 farin lith an ara of 39,485 ha p-rhane.d from baancn,pal

S--ca 11Iaf-on d. Actioidadaa", sa-ara ia...... MIiotry of Agrlc-l.lor ond Li-el-kh D-IelP.-ot, Nat-Inl Dilret-ro for Agronion Robf-

- 91 -

Table 7.5: GEOGRAPHICAL DISTRIBUTION OF LAND ACQUIRED FORAGRARIAN REFORM: 1969-1977

- (1000 ha and percent)

Excluding BananaLand Acquired and Coconut Lands

Total Land % of Land % of Land % of LandProvince in Farms /1 Area Acquired in Farms Area in Farms

Bocas del Toro 49.5 26.4 5.4 53.3 2.7 5.5Cocle 235.6 11.7 2.4 5.0 11.7 5.0Colon 84.o 19.8 4.0 26.6 19.8 23.6Chiriqui 477.2 32.1 6.5 6.7 5.2 1.1Darien 27.5 18.2 3.7 66.2 18.2 66.2Herrera 167.3 6.7 1.4 4.0 6.7 4.0Los Santos 283.6 0.2 - 0.1 0.2 0.1Panama 294.0 179.3 36.5 61.0 179.3 61.0Veraguas 479.2 196.3 40.5 41.0 42.3 8.8

Total 2,098.1 490.7 100.0 23.4 286.1 13.6

/1 In 1970.

Source: MIDA, National Directorate for Agrarian Reform

Table 7.6 AVERAGE PRODUCER PRICES RECEIVED BY FARMERS, 1960, 1965, 1970-77

(Balboas)

Unit 1960 1965 1970 1971 1972 1973 1974 1975 1976 1977

Rice, rough 1/ 100 lb. 5.26 6.00 5.63 5.86 5.84 5.88 6.98 8.92 9.07 9.49Corn 100 lb. 3.28 3.42 4.40 4.78 4.75 5.02 6.66 8.05 8.12 8.13Beans 2_ 100 lb. 8.74 10.91 11.10 10.89 11.84 13.01 20.64 22.63 14.92 16.22Yuca 100 lb. 1.58 1.74 1.93 2.08 2.18 2.20 2.41 2.91 3.00 3.10Potatoes 100 lb. 7.68 6.14 6.87 6.74 7.22 7.79 8.92 9.82 10.28 12.28Coffee 100 lb. 29.50 35.82 33.58 35.14 34.05 35.66 49.12 47.99 49.08 58.06Tobacco 1/ 100 lb. 30.32 31.51 44.73 50.28 49.19 56.30 75.14 72.33 71.12 69.72Cocoa lb. 0.12 0.09 0.28 0.22 0.20 0.32 0.48 0.45 0.54 0.94Oranges 10 lb. 0.80 0.83 0.90 0.93 1.10 1.14 1.32 1.37 1.45 1.72Bananas stalk 0.48 0.78 0.74 0.78 0.79 0.78 0.86 0.96 1.00 1.11Tomatoes 3/ lb. 0.13 0.12 0.18 0.16 0.17 0.18 0.22 0.26 0.26 0.29Cabbage lb. 0.07 0.05 0.09 0.08 0.08 0.11 0.12 0.12 0.15 0.15Carrots lb. 0.09 0.07 0.09 0.07 0.09 0.13 0.15 0.15 0.15 0.16Lettuce American lb. 0.12 0.09 0.12 0.09 0.11 0.15 0.19 0.22 0.21 0.21Chickens lb. 0.39 0.41 0.46 0.49 0.52 0.54 0.62 0.70 0.71 0.72Milk Fresh bottle 0.12 0.11 0.12 0.12 0.12 0.14 0.16 0.17 0.18 0.19Eggs dozen 0.53 0.50 0.54 0.56 0.59 0.60 0.69 0.72 0.71 0.73

1/ First Grade/ Colorado or Chiricano

i/ Large

Source: Controller General, Direcci6n de Estadfstica y Censo, Estadistica Panamnefla: Precios Recibidos Dor el Aericultor.

Table 7.7. INDEX OF AVERAGE PRODUCER PRICES RECEIVED BY FARMERS, 1970-77

(1960 = 100)

1970 1971 1972 1973 1974 1975 1976 1977

General Index 115.3 118.5 121.8 129.7 164.0 179.3 182.0 194.0

Grains 114.2 117.3 119.0 126.7 162.8 196.7 188.7 195.8

Rice 106.5 110.6 110.7 113.6 133.7 168.8 174.0 181.7

Corn 130.6 134.0 133.0 153.0 203.0 240.7 244.0 249.7

Beans 127.0 125.6 135.5 148.8 236.1 258.9 170.9 185.6

Tubers 118.6 126.1 132.6 140.8 168.8 194.9 206.5 217.7

Fruits & Industrials 124.9 129.1 132.1 138.1 164.8 183.1 194.9 220.1

of which:Coffee 113.8 119.1 115.4 120.9 166.5 162.7 166.4 196.8

Tobacco 140.7 152.5 158.2 182.9 251.1 248.8 238.2 238.8

Oranges 154.2 162.5 164.6 162.5 179.2 200.0 208.3 231.3

Vegetables 127.2 116.1 124.3 136.9 158.2 180.7 186.2 203.9

Livestock Products 1/ 105.0 108.1 111.8 120.9 138.5 149.3 153.2 158.8

1/ Includes chicken, milk, cheese and eggs.

Source: Controller General, Direcci6n de Estadistica y Censo, Estadistica Panamefla, Serie HI, Several Issues

- 94 -

VIII

OTHER SECTORS

Table 8.1: MANUFACTURING STATISTICS, 1961-76

(Value in '000 of Balboas)

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

Average Employment (Number) 12,118 12.643 13,199 14,228 15,058 16,639 18,591 19,623 20,613 22.181 25,665 26,258

Owners, Family 294 250 226 245 221 173 253 218 210 171 259 159Employees 11,824 12,393 12,973 13,983 14,837 16,466 18,338 19,405 20,403 22,010 25,406 26,099(Administrators, Clerks & Technicians) (2,280) (2,325) (2,611) (2,677) (2,830) (3,194) (3,626) (3,925) (4,131) (4,482) (4,812) (5,258)(Workers) (9,544) (10,068) (10,362) (11,306) (12,007) (13,272) (14,712) (15,480) (16,272) (17,528) (20,594) (20,841)

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 44,169 45,362

Employee Remuneration 18.249 20,675 24.399 26.276 28.835 33.281 38.342 42,145 46,595 52.132 61.656 69,783

Wages and Salaries 16,794 18,965 22,184 23,647 25,809 29,785 34,495 37,725 41,590 46,483 53,415 58,225Bonuses and Other Non-Wages 669 753 863 846 978 1,121 1,357 1,531 1,787 2,009 3,284 5 966Social Security Taxes 786 957 1,352 1,783 2,048 2,375 2,490 2,889 3,218 3,640 4,957 5,592 *n

Investment 8,355 11,382 14,526 9,612 12,630 17,411 31,593 16,615 18,181 28,729 39.647 36,032

New Investment 6,707 7,789 8,555 8,361 9,424 15,547 25,080 12,529 13,382 21,327 22,549 28,911Stock Changes 1,648 3,593 5,971 1,251 3,206 1,864 6,505 4,086 4,799 7,402 17,098 7,121

Value of Sales 100,553 110,939 160,763 182,478 201,481 228,582 259,855 285,618 312,554 354,977 430,415 477,548

Value of Production 102,235 113,070 166,392 183,376 204,031 229,161 264,089 287,099 314,010 356,529 438,277 483,200

Value of Intermediate Purchases 53,182 62,521 105,897 111,462 125,292 139,679 164,539 178,032 199,036 209,788 274,366 309,285

Value Added 49,053 50,549 60,495 71,914 78,739 89,482 99,550 109,067 114,974 146,741 163,911 173,915

NOTE: For firms with five or more employees; hence not comparable to tables with national output estimates.


- 96 -

Table 8.1: MANIUFACTURING STATISTICS, 1961- 76

(Value in '000 of Balboas)

1973 1974 1975 1976

Average Employment (Number) 27,855 27,182 27,158 27,100

Owners, Family, Non-salaried Workers 134 119 107 137Employees 27,721 27,063 27,051 26,963(Administrators, Clerks & Technicians) (5,804) (5,738) (5,970) (6,048)(Workers) (21,917) (21,325) (21,081) (20,915)

Man-hours of workers (thousands) 47,240 46,790 46,154 45,729

Employee Remuneration 79,092 87,840 96.282 100,549

Wages and Salaries 65,639 72,636 78,803 82,355Bonuses and Other Non-Wages 7,120 8,015 8,481 8,942Social Security Taxes 6,333 7,189 8,998 9,252

Investment 78.251 91,200 42,949 63,371New Investment 49,839 34,367 32,866 45,853Stock Changes 28,412 56,833 10,083 17,518

Value of Sales 563,130 838,051 969,379 938,408

Value of Production 579,069 861,290 975,513 943,532

Value of Intermediate Purchases 366,043 603,670 703,356 671,001

Value Added 213,026 257,620 272,157 272,531

Note: For firms with five or more employees; hence not comparable to tables with nationaloutput estimates.


Table 8.2 : REAL VALUE ADDED IN lkNUFACTURiNG, 1950- 77(rillions of 1960 Balboas )

;ite Narae 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960

20 Fbod 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.!

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

24 Clothing and shoes 2.7 2.2 3.1 3.0 3.1 3.Ij 3.6 3.8 4.1 4.2 5.1

25 Wood 0.8 1.3 1.9 2.1 0.9 1.3 0.9 1.1 1.1 1.3 1.6

26 Funmtture 0.3 0.5 0.5 0.6 0.6 0.7 1.4 1.9 2.2 2.1 2.6

27 Paper and Products 0 0 0.1 0.2 C.3 0.3 0.3 0.h C.5 O.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 Product,s 0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.4 0-5 0.5 0.6

30 Rubber awd Products - 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2

31 Chottic2.s 0.6 0.6 0.9 0.8 0.8 0.9 1.2 1.4 1.14 1.8 1.9

32 Pvel'or6c" Derivativos - - - - - - -_ _

3.3 NC:. ;~t~Mc isr ... Cn1.ncram,, 1.8 2.3 2.7 2.6 2.6 2.6 2.9 3.8 3. [4.5 5.2

31[ Basic tnel,aic c Inerals - - - - - - - - - 0.1 0.1

35 HstaJ. Produ cts 0 0 2 0.5 0.7 0.8 1.8 1.I4 1Li 2.0

-. -I-) otboe indujstrJes 1.19 1.3 1.4 1 .4 1.5 1.9 2.1 .2.0 2.1 2.2 2w39)Tct~9 23.5 25.5 30-2 X 3 32 f [)5.1 k9u .L .

... .. . _ . _ . .. . v . _ .~~~~~~~~~~~~_ .- D . ., a _ ......

Table 8.2: REAL VALUE ADDED IN MANUFACTURING, 1950-77

(millions of 1960 balboas)

No. Name 1961 1962 1963 1964 1965 1966 1967 1968 1969 170 1971 1972 1973 1974 1975 1976- 1977

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 51.4 50.8 55.1 62.4 64.2 69.2

21 Beverages 9.k 10.0 10.8 1.4 13.0 13o9 149 15.4 17.1 18.0 19.5 18.4 21L4 20.7 21.5 23.8 23.3

22 Tobacco 3.0 3.1 3.0 3.3 3.3 3.3 3.6 3.7 3.8 3.9 4k0 3.9 4.1 4.2 4.1 4.3 3.8

23 Textiles 0 0 0 0 0 0 0 0 0 0 0 0 - - - - -

24 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 8.8 9.2 8.9 8.9 7.5 6.2

25 Wood 2.0 2.3 2.7 2.4 2.4 2.1 2.9 2.5 2.5 2.6 3.2 2.8 2.9 3.1 2.3 3.0 2.5

26 Fumiture 2o4 4.0 4k4 4.8 4.6 5.6 6,8 8,2 8.5 9.1 9.2 9o1 10o0 9.8 10.8 10.0 9.5

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 9.7 9.4 8.9 9.5 7.1 6.1

28 Publishing 4.2 4o6 5.2 5.6 6.0 7.0 7.9 8,5 12.9 10.9 8.6 11.2 8,1 6.6 4.3 4.0 3.8

29 Leather and Products 0.6 o.4 0.7 0.8 0.5 o.4 0,6 0o6 0.5 0.5 0.6 0.6 0.7 0.8 0.7 1.0 0.8

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 0.4 04 0.4 0.5 0.4 0.4

31 Chmiioals L.8 L19 3.0 2.9 3.3 2.7 3,6 3.4 3.5 3.5 3.1 3.5 3.4 3.8 6.1 6.0 6.5

32 Petroleuc Derivatives 0 4.5 4.5 5.4 4k5 4k6 6,1 7.1 8.4 10.0 11.3 12.5 11.9 3.1 -0.8 0.2 9.6

33 Non Netallic Minerals 5.1 6.5 7.4 6.8 7.8 8.4 9°5 10.5 U.4 13.4 16.3 17.2 21.0 19.5 15.8 15.4 15.2

34 Basic Metalic Minerals - 01 0.2 0,2 0,2 0.3 0.3 0,3 o.4 0.3 0.5 0.5 o.4 0.2 0.1 0.2 0.2

35 Metal Products k.8 5.9 6o4 8.4 8,6 11.0 11.9 12.7 13.5 16.7 17.9 19.3 22.9 23.0 19.0 16.2 14.5

36-39 Other Industries 3.2 3.4 3.9 3.9 403 4.9 5.1 5,6 5.8 6.3 7.0 7.8 8.0 8.3 9.7 8.7 8.2

Total 63.o 75.3 85.6 90.5 98.1 107.0 120.1 I37 lkk.0 153.6 166,7 177.1 184 6 176.4 174.9 172.0 179.8

1/ Preliminary EstimationsSources Controller Oeneral

Table 8.3: VALUE ADDED IN MANUFACTURING, 1960-75

(millions of balboas)

SiteNo. Name 1960 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975

20 Food Products 17.0 29.6 31.1 34.9 39.8 42.6 46.5 55.0 61.6 65.3 88.6 110.121 Beverages 8.4 12.8 114.2 214.9 15.5 17.0 18.7 20.4 23.2 26.6 32.1 32.122 Tobacco 2.6 4.0 4.1 4.5 4.6 4.8 5.7 6.3 6.9 8.0 8.7 10.6

23 Textile. - - - - 0.1 0.1 - - - - - _

24 Clothing and Shoe. 5.4 7.5 7.7 9.3 9.1 10.3 10.4 11.5 13.3 12.2 14.1 14.625 Wood (escept furniture) 1.6 2.5 2.8 3.2 3.6 3.6 3.8 5.5 5.2 6.3 7.5 7.9

26 Furniture 2.6 4.7 5.8 7.3 8.7 9.0 9.9 10.3 10.7 12.3 13.2 15.227 Paper and products 0.8 3.0 3.4 3.8 4.0 4.5 5.2 5.5 7.1 7.6 8.6 9.228 Publishing 3.6 5.8 6.5 6.9 7.7 1u.5 1014 9.2 11.3 10.5 14.0 10.129 Leather 0.6 0.5 0.5 0.6 0.7 0.6 0o6 0.7 11 0.9 1.3 1.130 Rubber and products 0.2 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.5 0.6 0.6 0.831 Chmiwas 1.9 3.0 2.5 3.2 2.9 3.2 3.2 3.0 4.4 3.8 5.1 7.6 %o

32 Petroleum derivatives 0 4.5 4.6 6.1 7.1 8.4 10.0 11.3 12.5 11.9 3.1 -0.833 Non-metali minerals 5.2 7.8 8.3 8.9 10.6 11.8 13.3 15.1 16*7 21.9 27.2 22.034 Basic metallic metals Ol 0.3 0.3 0.3 0.4 0.4 0.5 0.8 0.7 0.7 1.2 0.435 Metal Products 2.0 10.5 12.1 24.2 16.1 1358 21.2 22.7 23.9 26.8 31.4 35.238 Transport naterial 2.0 3.3 3.7 3.8 4.3 4.5 4.9 5.4 5.8 6.236) 9.7 11.237) Other Industrie / 0.5 1.2 1.4 1.5 1.6 1.6 1.7 2.4 2.8 2.939)

TOTAf5Le5 l O L 3 1 3 12307 33732 150e 166.4 185.6 207.7 224 JL66.4 287.4

/ Because there is such a mall electrical and non-electrial machinery industzy, it h a been oambined withmother industries.*

Souroes Controller feneral

Table 8.4: INDUSTRIAL STRUCTURE. 1968-75(percent)

1 96 8 1 9 70 17 1 1 9 72Value Employees Establish- Value Added/ Value Employees Establish- Value Added/ Value Employees Establish- Value Added/ Value Employees Establish- Value Added/Employees Added ments Employee Added ments Employee Added ments Employee Added ments Employee(Balboas) (Balboas) (Balboas) (Balboas)

5-9 2.8 5.8 28.6 2,668 2.2 4.2 23.0 3,485 3.1 S.6 29.6 3,398 2.6 4.6 26.1 3,806

lo-1g 7.2 10.9 27.2 3,646 6.o 9.6 27.3 4,138 s.8 9.8 25.3 3,828 7.4 9.6 26.o 5,o54

20-29 7.6 10.0 14.4 4,231 8.2 10.1 15.9 5,389 6.7 8.3 12.3 5,177 6.7 7.9 12.6 5.579

30-49 9.7 12.5 11.6 4,341 11.5 14.9 14.8 5,104 9.3 12.8 12.2 4,757 12.0 14.0 14.2 5,662

50-99 20.7 21.1 10.3 5,441 12.6 18.1 10.1 4,599 11.5 16.6 9.0 4,419 20.0 21.5 12.2 6,161

1oo-199 25.5 23.8 6.1 5,951 25.0 25.8 6.8 6,417 9.6 13.2 4.4 4,652 19.3 22.5 6.3 5,671

200 and more 26.5 15.9 1.8 9,291 34.4 17.2 2.0 13,259 47.8 27.0 4.2 11,287 32.0 19.8 2.6 10,718

Total 100.0 100.0 100.0 5,558 100.0 100.0 100.0 6,615 93.8 6,387 100.0 100.0 100.0 6,623

Proportion of Value Added in Manufacturing by Province: 1968 1970 1971 1972

Panama 68.5 64.5 66.1 68.5

Colon 11.9 17.1 16.1 12.8

Others 19.6 18.4 17.8 18.7

TOTAL 100.0 100.0 100.0 100.0


T 4le 8.4: INDUSTRIAL STRUCTURE, 1968-75

(percent)

1 9 7 3 1 9 7 4 1 9 7 5Employees Value Employees Establish- Value Added/ Value Employees Establish- Value Added/ Value Employees Establish- Value Added

Added ments Employee Added metits Employee Added ments Employee(balboas) (balboas) (balboas)

5-9 2.4 3.9 23.3 4,687 2.5 3.6 21.9 6,415 2.2 4.0 24.5 5,551

10-19 5.5 8.5 24.9 4,969 4.9 7.8 23.2 5,908 5.1 7.6 21.9 6,734

20-29 6.7 8.1 13.7 6,352 7.4 9.3 16.1 7,581 5.4 7.9 14.1 6,769

30-49 13.3 14.2 15.3 7,165 10.4 12.9 14.4 7,612 11.4 14.1 16.0 8,092

50-99 18.6 22.2 13.2 6,395 14.9 21.5 13.6 6,584 17.7 22.9 14.0 7,7380

100-199 21.7 21.7 6.7 7,634 29.0 24.6 8.0 11,165 19.0 21.1 6.8 9,035 I

200 and more 31.9 21.4 3.0 11,362 31.0 20.3 2.7 14,460 39.3 22.5 2.6 17,533

Total 100.0 100.0 100.0 7,648 100.0 100.0 100.0 9,478 100.0 100.0 100.0 10,021

Proportion of value added in manufacturing by province: 1973 1974 1975

Panama 66.8 62.0 59.3

Colon 15.7 13.9 5.7

Others 17.5 24.1 35.0

TOTAL 100.0 100.0 100.0


Table 8.5: ELECTRIC POWER, 1950-75

'Is ProportionTotal Country IRHE ___(Percent)

Capacity PrgRct- Conaump- apalt.y ±rWduct- CUap- 'Waa(K-w) (thousad (thusand -(Kw) (thousoand (housn (Kw) (tKohuH (thKousd

KWH) KWH) KWH -KW`W

1950 33,100 103,200 70,0001951 33,500 107,700 77,4001952 33,900 1i6,400 85,7001953 35,206 127,980 93,4001954 35,503 135,224 98,3001955 38,223 144.,123 107,6001956 39,201 153,825 117,8001957 47,740 172,017 131,5001958 54,800 190,8L2 147,6001959 53,300 216,311 165,0001960 66,920 234,691 176,7001961 67,050 261,900 198,7001962 70,952 291,421 229,691 5,389 11,7114 9,445 7.6 1.0 4.1-1963 72,330 326,509 257,535 6,346 13,799 11,082 8.8 4.2 4.31964 86,123 368,873 299,215 7,728 15,462 12,276 9.0 h.2 4.11965 87,838 451,926 378,399 7,473 16,835 12,948 8,5 3.7 3.41966 118,678 471,545 386,722 9,5014 19,580 15,252 8.0 4.2 3.91967 123,747 520,136 420,932 15,823 22,349 17,634 12.8 4.3 4.2*1968 124,265 604,437 488,314 15,329 29,153 21,072 12.3 4.8 4.31969 163,9'l 773,783 624,774 53,9L5 170,1431 152,796 32.9 22.0 24.51970 1662 856,560 707,5L41 53,915 276,849 252.625 32.4 32.3 35.71971 i64, 7o0 918,622 758,809 82,275 302,441 28j;,386 32.0 32.9 37.519722/ 233,367 1a936v093 887,715 J78,000 934,380 809,459 76.3 902 91.21973-2/ 270,07B 1,238,028 1,00o4,452 223,820 1,098,545 894,521 82.9 88.7 89.01974 300,022 1,300,144 1,076,1741975 300,212 1,304,491 1,o80,533

1/ IRHE began operations in 1962.

2/ IRHE's production and consumption (sales) for 1972 and 1973 included operations of the expropriatedFuerza y Luz Company.

Sources: Controller General and IRHE.

Table 8.6 PANAMA CITY PRIVATE RESIDENTIAL CONSTRUCTION PERMITS, 1950 -76

(Balboas)

______ ____ ~ ~~ypeof Housinp

Year T o t a 1 Individual Houses ADartments Poplar Rot __rouects Value Units Value Projects Units Value Prqj_ts Units Value

1950 339 4,077,816 304 3,105,056 26 164 876,860 9 106 95, 00)1951 234 3,037,400 186 1,993,821 35 134 896,729 13 190 146,8)01952 162 2,316,955 118 1,321,484s 34 208 927,471 10 110 68,0001953 283 4,316,079 202 2,193,606 71 461 2,009,690 10 101 112,T-h31954 352 4,337,385 272 2,337,026 65 490 1,915,859 15 106 84,50'1955 361 5,525,649 283 2,846,287 63 567 2,476,862 15 166 202,',001956 414 6,522,742 305 2,969,094 83 742 3,245,428 26 432 308 ,?2'0195? 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 2164001S53 257 6,473,564 153 1,859,112 87 893 4,249,904 17 388 36/,4FS-1961 215 3,998,402 163 1,881,452 50 413 2,093,950 2 17 23,0(01962 325 6,011,328 257 2,853,134 65 514 3,098,194 3 73 60,00u)1963 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 i7,191,702 1 6 18,0001972 1,412 46.111.238 1.211 14,044.474 201 2.578 32.066.824 0 0 01973 1,530 60,513,251 1s,281 18,686,176 2419 2,856 41 ,827,075 0 0 01974 998 27,130,916 884 9,379,728 114 1,238 17,751,188 0 0 0197 449 9,895,817 414 5,434,012 35 427 4,461,805 n.a. n.a. n.a.1976 571 11,942,297 519 9,278,849 52 228 2,663,488 n.a. n.s. n.a.

l/ Housing of two or more units that do not have individual plumbing facilities.

Sources Controller General

. - 104 -

Table 8.7: TRAVELLERS TO PANAMA, 1950-77

(No. of travellers)

Year Total Tourists and Transit 1/ Other 2/Businessmen

1950 107,334 20,906 86,428

1951 118,061 22,419 95,642

1952 135,282 26,419 108,863 -

1953 140,049 21,135 115,467 3,447

1954 145,518 24,497 117,094 3,927

1955 147,997 26,262 118,361 3,374

1956 172,304 30,765 136,544 4,995

1957 196,761 35,014 157,792 3,955

1958 214,009 33,806 176,456 3,747

1959 234,110 37,985 193,663 2,462

1960 267,847 31,702 232,813 3,332

1961 273,501 40,681 225,512 7,308

1962 296,569 42,654 247,346 6,569

1963 302,653 57,563 242,011 3,079

1964 309,892 48,364 256,293 5,235

1965 354,064 67,469 279,139 7,456

1966 369,567 77,225 279,914 12,428

1967 404,937 82,302 304,804 17,831

1968 427,925 76,891 334,179 16,855

1969 443,432 92,340 333,811 17,191

1970 498,317 116,193 367,520 14,604

1971 507,639 143,948 354,759 8,932

1972 525,972 146,642 358,481 20,849

1973 558,412 165,409 354,447 38,556

1974 579,189 200,059 341,123 38,007

1975 598,127 202,718 350,250 45,159

1976 641,142 223,597 368,080 49,465

1977 696,975 320,088 373,964 2,923

1/ Includes travellers only changing planes and those who remained in Panamaup to 48 hours.

2/ Includes Panamanians living abroad returning for temporary stay, travel-lers arriving for medical attention, and others.


- 105 -

Ix

PRICES

- 1)6 -

Table ,l : COST OF LIVING INDEX, PANAMA AND COLON CITIES, 1962-77

(1962 = 100)

Year Total Food and Housing Clothing OtherBeverage

1963 100.5 100.8 100.3 100.7 100.3

1964 103.1 105.8 100.7 101.2 102.1

1965 103.6 106.1 101.5 102.0 102.7

1966 103.9 106.0 102.1 102.8 103.2

1967 105.4 107.9 103.6 104.2 104.4

1968 107.0 110.9 104.6 104.2 104.7

1969 108.8 113.0 105.5 105.0 107.1

1970 111.9 116.4 105.4 105.8 113.0

1971 114.2 118.9 108.6 107.5 114.2

1972 120.3 124.4 112.8 111.5 123.6

1973 128.6 136.6 115.3 116.2 131.8

1974 150.2 167.8 128.0 127.8 149.7

1975 158.5 179.2 131.9 136.8 156.9

1976 162.2 181.3 137.2 138.2 162.5

1977 177.4 192.8 160.5 153.6 176.0

Note: Based on consumption costs of 864 families in Panama City with monthlyincome up to B/. 600 (i.e., low and middle class) and 145 families inColon City with monthly income up to B/.370 (i.e., low class).After 1971 the figures exclude Colon.


- 107 -

Table 9.2 : SELECTED PRICE INDICES, 1970-77

(1961 = loo)

Wholesale Agricultural Industry Imports Internal Terms

1970 112.0 119.2 1o6.9 115.3 111.5March 110.4 116.6 105.9 113.2June 111.8 119.3 106.8 114.7September 112.2 118.7 107.0 115.9December 113.8 122.2 107.9 117.5

1971 118.1 124.5 112.9 121.6 110.3March 114.9 122.0 108.8 119.4June 117.2 123.5 112.5 120.2September 118.7 125.3 113.9 121.8December 121.5 127.1 116.4 125.2





1976 226.7 223.8 231.4 222.2 96.7March 220.6 226.6 220.1June 230.6 221.6 240.4 222.3September 226.0 225.1 229.3 222.2December 226.7 227.7 229.2 223.6


1/ Ratio between agricultural and industrial wholesale price indices.


Table 9.3: PANAMA - AVERAGE SALARIES BY SELECTED AREAS AND EMPLOYERS, 1958-76(Balboas per month)

Total Sample Private Companies Banana Zones R National Government Public Autonomous Entities 3 Canal Zone

Year Employees Average Salary Employees Average Salary Employees Average Salary Employees Average Salary Employees Average Salary Employees Average Salary

1958 40,742 106.68 36,390 101.78 -- -- -- -- 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 4o,88o 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 7,523 136.43 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 8,387 153.68 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 12,775 296.68

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 1

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 D

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

1972 201,249 204.23 107,283 182.85 12,272 149.90 48,317 185.62 19,418 229.82 13,959 444.97

1973 213,127 212.89 114,171 191.52 11,129 156.28 49,250 195.72 24,543 227.46 14,034 466.45

1974 226,600 250.13 119,639 231.88 10,168 202.47 53,317 231.16 28,843 251.80 14,633 498.20

1975 231,281 264.15 117,344 246.34 11,176 187.99 54,823 239,33 33,491 263.90 14,447 590.50

1976 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 242.31 n.a. n.a. n.a. 604.70

j From Social Security reports. As social security coverage was extended from 8 urban centers in 1958 to virtually all towns and cities by 1971, the average salary became more a

national sample rather than a Colon-Panama City sample. Excludes banana company.

/ After 1965 includes wages of independent producers.

3/ Includes Municipalities.

Sources: Controller General

Table 9.4: NUMBER OF PUBLIC AND PRIVATE SECTOR EMPLOYEES, SALARY SCALE, 1969-75

1969 1970 1971 1972 1973 1974 1975

Total 137,951 157,333 177,949 187,920 199,093 212,006 216,834

Less than 25.00 649 0 0 0 0 0 n.a.

25.00 - 49.00 2,815 0 0 0 0 0 n.a.

50.00 - 74.99 11,546 15,901 17,290 19,174 19,547 12,303 11,930

75.00 - 99.99 18,733 18,081 20,455 18,392 19,348 12,473 9,767

100.00 - 149.99 47,239 55,157 55,276 60,296 58,579 47,327 46,814

150.00 - 199.99 26,283 30,542 38,183 40,120 42,747 52,760 50,703

200.00 - 299.99 16,003 19,859 24,398 24,964 30,377 46,359 51,501 1

300.00 - 499.99 9,396 11,627 14,391 15,699 18,275 26,105 28,996 H

More than 500.00 5,287 6,566 7,956 8,645 10,220 14,679 17,123

Source: Controller General, Direcci6n de Estadistica y Censo, EstadisticaPanamefna: Estadisticas del Trabajo

Table 9.5: NUMBER OF PRIVATE SECTOR EMPLOYEES, SALARY SCALE, 1969-75

1969 1970 1971 1972 1973 1974 1975

Total Private Sector 91,999 102,175 117,198 119,555 125,300 129,846 128,520

Under 25.00 649 0 0 0 0 0 n.a.25.00 - 49.99 2,815 0 0 0 0 ° n.a.50.00 - 74.99 8,866 13,308 14,678 16,942 16,828 18,891 10,59275-00 - 99-99 13,442 12,569 13,034 13,917 14,467 9,880 8,321100.00 - 149.99 32,126 35,687 40,594 40,314 39,628 32,156 29,810150.00 - 199.99 14,929 17,203 20,551 20,048 21,251 28,289 28,544200.00 - 299.99 10,049 12,077 14,747 14,096 16,397 24,113 24,929300.00 - 499.99 5,465 6,811 8,065 8,460 9,887 14,680 15,527500.00 and over 3,658 4,520 5,529 5,778 6,842 9,837 10,797

Private Companies 77,609 86,437 102,330 107,283 114,171 119,678 117,344

Under 25.00 548 0 0 0 0 0 n.a.25.00 - 49.99 2,670 0 0 0 0 0 n.a.50.00 - 74.99 8,200 12,467 14,329 16,715 16,625 10,818 10,50675.00 - 99.99 9,835 9,793 10,330 12,552 13,573 9,669 8,109 -

100.00 - 149.99 25,621 27,890 32,328 33,536 33,762 29,662 26,163 o150.00 - 199.99 13,109 14,838 18,438 17,361 18,605 24,307 23,984200.00 - 299.99 9,291 10,806 13,828 13,301 15,353 21,754 23,056300.00 - 499.99 4,976 6,315 7,707 8,180 9,534 13,838 14,882500.00 and over 3,359 4,328 5,370 5,638 6,719 9,630 10,644

Banana Zones (Bocas del Toro,Puerto Armuelles) 14,390 15,738 14,868 12,272 11,129 10.168 11,176

Under 25.00 101 0 0 0 0 0 n.a.25.00 - 49.99 145 0 0 0 0 0 n.a.50.00 - 74.99 666 841 349 227 203 73 8675.00 - 99.99 3,607 2,776 2,704 1,365 894 211 212100.00 - 149.99 6,505 7,797 8,266 6,778 5,866 2,494 3,647150.00 - 199.99 1,820 2,365 2,113 2,687 2,646 3,982 4,560200.00 - 299.99 758 1,271 919 795 1,044 2,359 1,873300.00 - 499.99 4b9 496 35 t 2b0 353 842 645500.00 and over 299 192 159 140 123 207 153

Source: Controller General, Direccion de Estadistica y Censo, Estadistica Panamena: Estadisticas delTrabajo

Table 9.6: NUMBER OF PUBLIC SECTOR WLOY10S, SALARY SCALE, 1969-75

1969 1970 1971 1972 1973 1974 1975

Total Public Sector 45,952 55,556 60,751 67,735 73,793 82.160 88.314

Under 75.00 2,680 2,593 2,612 2,232 2,719 1,412 1,33875.00 - 99.99 5,291 5,512 7,421 4,475 4,881 2,593 1,446

100.00 - 149.99 15,113 19,470 14,682 19,982 18,951 15,171 17,004150.00 - 199.99 11,354 13,339 17,632 20,072 21,496 24,471 22,159200.00- 299.99 5,954 7,782 9,651 10,868 13,980 22,246 26,572300.00- 499.99 3,931 4,816 6,326 7,239 8,388 11,425 13,469500.00 and over 1,629 2,046 2,427 2,867 3,378 4,842 6,326

National Government 34,862 41,380 43,932 48,317 49,250 53,317 54,823

Under 75.00 1,512 1,637 1,695 1,272 439 491 34175.00 - 99.99 4,105 4,409 6,219 3,385 3,460 262 112

100.00 - 149.99 11,428 14,885 9,539 14,603 13,280 10,413 10,695150.00 - 199.99 9,485 10,486 14,079 15,555 15,956 17,094 13,764200.00 - 299.99 4,514 5,671 6,923 7,520 9,272 15,567 19,045300.00 - 499.99 2,826 3,277 4,338 4,695 5,356 7,215 8,135500.00 and over 992 1,015 1,139 1,287 1,487 2,275 2,731 H

Autonomous and Semi-AutonomousInstitutions 9,007 11,883 14,066 16,708 21,573 25,704 29,929

Under 75.00 299 217 192 352 1,694 523 59675.00 - 99.99 886 790 848 745 1,097 2,118 1,078

100.00 - 149.99 3,249 3,930 4,271 4,605 4,720 3,883 5,454150.00 - 199.99 1,662 2,590 3,191 4,053 5,007 6,634 7,415200.00 - 299.99 1,253 1,903 2,447 3,043 4,364 6,099 6,873300.00 - 499.99 1,030 1,453 1,880 2,387 2,860 3,965 5,025500.00 and over 628 1,000 1,237 1,523 1,831 2,482 3,488

Municipalities 2,083 2,295 2,753 2,710 2,970 3.139 3,562

Under 75.00 869 739 725 608 586 398 40175.00 - 99.99 300 313 354 345 324 213 256

100.00 - 149.99 436 655 872 774 951 875 855150.00 - 199.99 207 263 362 464 533 743 980200.00 - 299.99 187 208 281 305 344 580 654300.00 - 499.99 75 86 108 157 172 245 309500.00 and over 9 31 51 57 60 85 107

Source: Controller General, Direccion de Estadistica y Censo, Estadistica Panamena: Estadisticas delTrabajo

- 112 -

x

PANAMA CANAL

- 113 -

Table 10.1: FLOW OF FUNDS BETWEEN PANAMA AND THE CANAL ZONE, 1973-1977(in thousands of Balboas)

1973 1974 1975 19761/ 19772/

1. Exports 175,222 223,214 238,519 229,716 235,490

a) Sales of merchandise 24,920 62,806 63,660 49,704 49,591Petroleum products (2,470) (33,504) (34,248) (27,790) (24,933)Electricity (794) (769) (604) (1,313) (4,032)Other exports and re-exports (21,656) (28,533) (28,808) (20,601) (20,6Z6)

b) Sales of services 22,485 23,702 29,129 28,891 29,336Government service (6,952) (7,893) (9,953) (8,980) (9,077)Others (15,533) (15,809) (19,176) (19,911) (20,259)

c) Purchase by CZ residents 39,036 40,331 39,636 39,692 39,886in Panama

d) Wages earned in CZ 76,886 81,980 89,393 93,975 100,494U.S. agencies (68,977) (75,659) (82,129) (86,433) (92,454)Contractors (2,709) (2,321) (3,329) (3,021) (3,888)Private organizations (5,200) (4,ooo) (3,935) (4,521) (4,152)

e) Private transfers 9,800 12,067 14,373 15,126 13,855

f) Annuity 2,095 2,328 2,328 2,328 2,328

2. Imports 6,861 8,282 7,921 6,997 8,684

a) Purchase of merchandise 4,244 5,468 4,845 4,294 5,718Water (1,893) (1,888) (1,759) (1,861) (2,672)Electricity (319) (835) (1,206) (493) (858)Other imports (2,032) (2,745) (1,880) (1,940) (2,188)

b) Purchase of services 1,617 1,814 2,076 1,703 1,966Freight and transport (1,196) (1,343) (1,560) (1,129) (1,344)Others (421) (471) (516) (574) (622)

c) Illegal purchases in CZ by 1,000 1,000 1,000 1,000 1,000Panamanians

3. Balance 168,361 214,932 230,598 222,719 226,806

1/ Preliminary

2/ Estimates


Table 10.2: CIVILIAN IABCR FCRCE IN CANAL ZONE BY EMPLOYER, FFn970-1977

U.S. Non-U.S. U.S. Non-U.S. U.S. Non-T.S. U.S. Non-U.S. U.S. Nor-U.S. IT.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.

Panana Canal Company 2,313 10,103 2,411 9,581 2,372 9,444 2,272 9,313 2,318 9,414 2,457 9,179 2,208 8,335 2,080 8,773

Canal Zone Government 1,690 1,623 1,785 1,652 1,756 1,658 1,782 1,704 1,658 1,692 1,665 1,709 1,631 1,687 1,675 1,663

U.S. Dept. of Defense 2,074 2,901 1,431 3,307 1,316 3,516 1,396 3,339 1,371 3,305 1,387 3,38h 1,129 3,711 1,129 3,609

Other U.S. Agencies 172 74 166 83 161 89 135 51 142 60 149 72 164 65 164 63 H

Contractors 38 1,140 28 1,236 24 819 13 1,021 9 836 20 852 45 1,368 4 5 1,406

Total M 6.287 L5.846 5,821 15,859 5,629 15,526 5,598 ,42B 5498 15,307 5,678 15,196 5,177 15,166 5,093 15,514

I/ Excludes military, B.S. Cristobal, and employees in the United States

Source: Canal Zone Goverment/Panama Canal Company (Personnel Bureau)

- 115 -

Table 10.3: FULLTIME CIVILIAN LABOR FORCE OF THE CANAL ZONE GOVERNMENTAND PANAMA CANAL COMPANY, 1/ VARIOUS YEARS

Rate Base

Fiscal Year U.S. Local Total

1912 4,940 30,017 34,9571922 2,553 7,623 10,1761932 3,148 9,120 12,2681942 8,550 28,686 37,2361952 4,358 13,881 18,239

Citizenship

U.S. Non-U.S.

1960 3,606 9,161 12,7671961 3,686 9,660 13,3461962 3,688 9,975 13,6631963 3,766 10,370 14,1361964 3,794 10,277 14,0711965 3,821 10,444 14,2651966 3,873 10,519 14,3921967 3,970 10,870 14,8401968 4,010 11,314 15,3241969 3,986 11,146 15,1321970 3,965 11,089 15,0541971 3,892 10,635 14,5271972 3,845 10,551 14,3961973 3,795 10,495 14,2901974 3,805 10,628 14,4331975 3,923 10,442 14,3651976 3,504 9,635 13,1391977 3,440 9,929 13,369

1/ Excludes employees in the United States, S.S. Cristobal crew,military, and employees in part-time and non-pay status.

Source: Canal Zone Government/Panama Canal Company (Personnel Bureau).

- 116 -

Table 10.4: WAGE AVERAGES: FULL-TIME PERMANENT CANAL ZONE, FY1970-77

(in dollars)

MinimumU. S. Non-U. S. Legal Wage

Fiscal Year Per Hour Per Annum Per Hour Per Annum Per Hour

1970 6.38 13,440 2.23 4,633 n.a.

1971 6.61 13,749 2.32 4,826 n.a.

1972 -/ 6.20 12,887 2.53 5,267 n.a.

1973 6.61 13,739 2.69 5,592 1.60

1974 7.14 14,854 2.93 6,100 1.90

1975 7.76 16,141 3.25 6,753 2.00

1976 8.22 17,088 3.64 7,564 2.20

1977 8.87 18,445 3.94 8,201 2.30

1/ Beginning with 1972 tropical differential is excluded to permit comparison ofbasic rates.

Source: Canal Zone Government/Panama Canal Company (Personnel Bureau)

- 117 -

Table 10.5: PANAMA CANAL TRAFFIC

Long tons Panama CanalFiscal Year Transits Tolls of Cargo Net Tonnage

($'O00) ('000) ('OOO)

1915 1,108 4,368 4,938 n.a.1922 3,050 11,198 11,085 n.a.1932 5,075 20,708 19,929 n.a.1942 4,643 9,772 14,187 n.a.1950 7,694 24,512 30,365 n.a.1951 7,751 23,959 31,282 n.a.1952 9,169 30,410 36,903 n.a.1953 10,210 37,530 41,203 n.a.1954 10,218 37,191 41,882 n.a.1955 9,811 35,137 41,548 n.a.1956 9,744 37,451 46,332 42,6191957 10,169 39,654 50,659 44,8451958 lo,608 42,834 48,982 49,0741959 11,912 46,547 52,329 53,4061960 12,147 51,803 60,402 59,6371961 12,019 55,173 65,217 63,3771962 12,106 58,347 69,063 66,9481963 12,005 57,856 63,877 66,4131964 12,945 62,546 72,169 71,5011965 12,918 67,148 78,923 76,9871966 13,304 72,594 85,323 83,0631967 14,070 82,297 92,998 95,0661968 15,511 93,154 105,538 107,4661969 15,327 95,880 108,793 110,4801970 15,523 100,910 118,909 115,5681971 15,348 100,567 121,011 114,6991972 15,198 101,489 111,077 116,0451973 15,109 113,381 127,562 128,8011974 15,269 121,320 149,679 137,8731975 14,735 143,332 140,636 136,3991976 13,201 134,988 117,402 128,501TQ 1/ 3,313 35,465 30,945 33,8231977 13,087 164,685 123,195 134,004

1/ In 1976 the fiscal year for all U.S. Government agencies was changed fromJuly 1 through June 30, to October 1 through September 30. For continuitypurposes, July, August, and September 1976 were designated the TransitionQuarter.

Source: Panama Canal Company/Canal Zone Government

1/Table 10.6: PRINCIPAL COMMODITIES SHIPPED THROUGH CANAL, FY1973-1977

(thousands of long tons)

1973 1974 1975 1976 TQ 1977

A - P P - A A - P P - A A - P P - A A - P P -A A -P P -A A -P P- A

Canned and Refrigerated Foods 593 3,353 613 3,583 503 3,640 483 3,614 112 928 487 3,706Chemical and Petroleum Chemicals 2,131 510 2,679 724 1,740 904 1,978 532 698 92 2,221 485Coal and Coke 13,645 355 18,233 619 24,788 1,515 15,712 992 3,545 120 12,422 499Grains 19,447 481 23,348 691 17,229 550 17,470 1,605 5,138 427 21,233 2,101Lumber and Products 219 6,908 572 7,302 284 5,457 216 5,432 73 1,614 191 6,700Machinery and Equipment 1,016 1,550 1,149 1,296 1,215 1,358 1,007 1,308 202 257 801 1,169Manufactures of Iron and Steel 1,768 7,867 2,052 6,737 1,706 9,531 797 8,074 287 2,061 885 7,834Minerals, miscellaneous 690 1,739 785 1,560 505 1,899 690 1,575 181 468 604 2,123Nitrates, Phosphates, and Potash 6,418 1,458 7,416 1,434 7,353 2,037 4,669 1,549 1,062 442 5,817 1,346Ores and Metals 6,132 6,341 6,317 7,045 5,021 8,274 3,118 5,492 579 1,896 2,754 7,225Other Agricultural Commodities 2,735 5,764 2,796 5,414 1,995 5,156 1,058 4,899 230 1,344 888 5,176Petroleum and Products 12,876 10,090 18,254 13,712 15,714 8,191 13,048 8,880 3,889 1,889 14,760 7,933Miscellaneous 5,724 6,294 7,118 6,458 6,039 7,497 5,749 7,265 1,575 1,779 6,469 7,150

Total 73,394 52,710 91.332 56,575 84.092 56,009 65,995 51,217 17.571 13,317 69,532 53,477

1/ Includes only commercial vessels of 300 net tons and over (Panama Canal measurement) for vessels paying tolls on net tonnage basis, orof 500 displacement tons and over for vessels paying cn displacement tonnage.

2/ A - P: Atlantic to Pacific3/ P - A: Pacific to Atlantic

Source: Panama Canal Company/Canal Zone Government, Annual Report

Table 10.7: ORIGIN AND DESTINATION OF COMMERCIAL CARGO FROM ATLANTIC TO PACIFIC BY PRINCIPAL TRADE AREAS, FY1977

(thousands of long tons)

West Coast West Coast DistributionDestination West Coast West Coast Central South of Origin

Origin U.S. Canada America America Oceania Asia Total (

East Coast U.S. 3,097 673 2,002 2,983 1,359 37,659 47,773 68.7East Coast Canada 53 - 26 86 277 1,355 1.797 2.6East Coast Central America 52 - 1,156 116 5 151 1.480 2.1East Coast South America 764 45 2,581 2,828 82 724 7.024 10.1West Indies 2,941 6 710 1,698 337 799 6.491 9.3Europe 1,368 310 705 1,026 756 565 4.730 6.8Asia (Middle East) 41 1 3 3 - 16 64 0.1Africa 102 - 6 6 - 60 174 0.3

Total 8.418 1,035 7.189 8.746 2.816 41,329 69.533

Distribution of Destination (%) 12.1 1.5 10.3 12.6 4.1 59.4 100.0


Table 10.8: ORIGIN AND DESTINATION OF COMMERCIAL CARGO FROM PACIFIC TO ATLANTIC BY PRINCIPAL TRADE AREAS, FY1977(thousands of long tons)

Destination East Coast East Coast Asia DistributionEast Coast East Coast Central South (Middle of Origin

Origin U.S. Canada America America West Indies Europe East) Africa Total (

West Coast U.S. 2,202 2 2 220 287 4,433 66 217 7.429 13.9

West Coast Canada 1,333 151 - 295 119 5,572 97 586 8.153 15.3West Coast Central America 1,269 7 20 55 198 772 93 41 2.455 4.6

West Coast South America 4,827 19 1,381 2,029 701 4,361 148 59 13.525 25.3

Oceania 2,387 566 98 158 103 1,827 - - 5.139 9,6Asia 11,971 465 222 1,853 912 1,277 22 24 16.746 31.3

Total 23,989 1,210 1.723 4.610 2.320 18,242 426 927 53.447

Distribution of Destination (%) 44.9 2.3 3.2 8.6 4.3 34.1 0.8 1.7 100.0

So


Table 10.9: Comparative Distances to Selected Ports ViaPanama Canal and Alternate Routes

From Via To

Los San Seattle Mel- Well-Angeles Francisco (Vane.) Guyaquil Callao Valparaiso Yokohama Shanghai Singapore Bombay bourne ington

PC 4,931 5,263 6,038 2,842 3,3b8 4,634 . 9,700 10,584 12,523 NA 9,942 8,523 Distances to______ ~~~~Pacific Ports

New Y12,805 13,122 13,898 10,241 9,605 8,366 16,209 16,761 16,619 NA 12,393 11,568 Relative toS 18,004 17,490 17,205 19,934 19,927 19,019 13 026 12,344 10,137 8,168 12,961 14,326 DistaNces fromGH 20,247 19,733 19,442 19,740 19,733 18,825 15,269 14,587 * 12,380 11,382 12,641 14,132 Those Ports

PC 5,251 5,583 6,358 3,162 3,688 4,954 10,020 .10,904 12,843 NA 10,262 8,843 NY + 320Halifax (N.S.) M 12,670 12,987 13,763 10,106 9,470 8,231 16,014 16,626 NA NA 12,258 11,433 NY - 135

S NA 16,964 NA NA NA NA 12,500 11,818 9,611 7,642 12,435 13,800 NY - 526GH NA NA NA NA NA NA 14,970 14,288 12,081 11,083 12,342 13,833 NY - 299

PC 4,735 5,067 5,842 2,646 3,172 4,438 9,604 10,388 12,327 NA 9,746 8,327 NY - 196Norfolk (Newport M 12,751 13,068 13,844 10,187 9,551 8,312 16,155 16,707 NA NA 12,339 11,514 NY - 54

News, Va.) S NA NA NA NA NA NA 13,185 12,503 10,296 8,327 13,120 14,485 NY + 159GH NA NA NA NA NA NA 15,270 14,588 12,381 11,383 12,642 14,133 NY+ 1.

PC 4,357 4,639 5,464 2,268 2,794 4,060 9,126 10,010 11,949 NA 9,368 7,949 NY - 574 H

New Orleans (La.) M 13,178 13,495 14,271 10,614 9,978 8,739 16,5829 17,134 NA NA 12,766 11,941 NY + 373S NA NA NA NA NA NA 14,383 13,701 11,49-4 9,525 NA NA NY + 1,357GH NA NA NA NA NA NA 15,762 15,080 12,873 11,875 13,131 14,625 NY + 493

PC 3,590 3,922 4,697 1,501 2,027 3;293 8,359 9,243 11,182 NA 8,601 7,182 NY - 1,341ArubaNeth In) M 11,689 12,006 12,782 9,125 8,489 7,250 15,093 15,645 NA NA 11,277 10,452 NY - 1,116A a) S NA NA NA NA NA NA 13,618 12,936 10,729 8,760 NA NA NY + 592

OH NA NA NA NA NA NA 14,279 13,597 11,390 10,392 11,651 13,142 NY - 990

PC 7,324 7,656 8,431 5,235 5,761 7,027 12,093 12,977 NA NA NA 10,916 NY + 2,393Rio de Janeiro M 8,109 8,426 9,202 5,545 4,909 3,670 11,513 12,065 11,923 NA 7,697 6,872 NY - 4,696

(Brazil) S NA NA NA NA NA NA NA 13,348 11,141 NA NA 15,330 NY + 1,004GH NA NA NA NA NA NA 11,791 11,109 8,902 7,904 9,163 10,654 NY - 3,473

PC 8,342 8,674 9,449 6,253 6,779 NA NA NA NA NA NA NA NY + 3,411Buenos Aires M 7,265 7,582 8,358 4,701 4,065 2,826 10,669 11,221 11,079 NA 6,853 6,028 NY - 5,540

(Argenina) S NA NA NA NA NA NA NA NA NA 10,272 NA NA NY + 2,104CH NA NA NA NA NA NA 12,172 11,490 9,283 8,285 9,544 NA NY - 3,097

Table 10.9: Comparative Distances to Selected Ports ViaFanama Canal and A'Crnate Routes

From Via ToDistau toPadfc partsR"eai, to

Distances h-mLos San Seattle Mel- Well_ New York to

Angeles Francisco (Vane.) Guyaqtul Callao Vaparaiso Yokoha.na Shanghib Sinppere Bombay bourne ington Those Ports

PC 7,301 7,633 8,408 5,212 5,738 7,004 12,070 12,954 NA NA 12,312 10,893 NY + 2,370Bishops Rock (for M 12,890 13,207 13,983 10,326 9,690 8,451 16,294 16,846 NA NA 12,478 11,653 NY + 85

European ports)2 S NA 15,283 14.998 NA. NA NA 10,819 10,137 7,930 5,961 10,754 12,119 NY - 2,207GH NA 18,722 NA NA NA NA. 14,258 13,576 11,369 10,371 11,630 13,121 NY - 1,011

PC 7,264 7,596 8,371 5,175 5,701 6,967 12,033 12,917 NA NA 12,275 10,856 NY + 2,333Gibraltar (for Medit. M 12,23 12,5410 i3,3f6 9,659 9,023 7,784 15,627 16,179 NA NA 11,811 10,936 NY - 582

ports) S 12,885 12,371 12,086 14,815 NA NA 7,907 7,225 5,018 3,049 7,842 9,207 NY - 5,119CH NA NA NA NA NA NA 13,550 12,868 10,661 9,663 10,922 12,413 NY - 1,719

PC 6,933 7,265 8,040 4,844 5,370 6,636 11,702 12,586 14,525 NA 11,944 10,525 NY + 2,002 '\

Freeto%vn M 1C,602 10,919 11,695 8,038 7,402 6,103 14,006 14,558 14,416 NA 10,190 9,365 NY -2,203(Sierra Leone) S 16,794 16,280 15,995 18,724 18,717 17,809 11,816 11,134 8,927 6,958 11,751 13,116 NY - 1,210

CH 16,636 16,122 15,831 16,129 16,122 15,214 11,658 10,976 8,769 7,771 9,030 10,521 NY - 3,611

PC 8,006 8,338 9,113 5,917 6,443 7,709 NA NA NA NA NA 11,598 NY + 3,075Lagos(Nige) *m 11,205 11,522 12,298 8,641 8,005 6,76 NA NA NA NA 10,793 9,908 NY - 1,600

Lagos (Nigeria) S NA NA NA NA NA NA NA NA NA 8,092 NA NA NY- 78

OH NA NA NA NA NA NA 11,220 10,538 8,331 7,333 8,592 10,081 NY - 4,049

Letter abbreviations refer to Panamna Canal; Strdits of Magellan; Suez Canal; Cape of Good Hope.NA = Not applicable.Underscored figures indicate that shortest route is via the Panama Canal.Complied from U.S. Hydrographic Office, Table of Distances. H.O. Publication 141. Washington: Government Printing Office, 1965.

2 Distances from Bishops Rock to sarrple Western European ports are: London, 413 nautical miles; Liverpool, 297 n.m.; Rotterdam 454 n.m.; Bergen 911 n.L; Oslo947 n.m.

Source: Panama Canal Company

- 123 -

Table 10.10: 7OLLS, TONNAGE, AND ANNUITY BASED ONTON2NAGE AT VARIOUS RATES

1979 - 1985(In thodsands oL dollars)

Panama Annuity atCanal 30 Cents

Tolls. Wet Tons Per TonAt existing rates

1979 .............. $194,943 155,954 $46,7861980 ......... . ..... 198,385 158,708 47,6121981 ..... . 200,127 160,102 48,0311982 .................. 202,802 162,242 48,7631983 ................. 205,480 164,384 49,3151984 .................. 208,157 166,526 49,9581985 .................. 210,833 168,666 50,600

At 15% toll rate increase1979 2.....*.5..*7.... 223,567 155,525 46,6581980 . .227,758 158,440 47,5321981 . ... 229,776 159,844 47,9531982 ................. 231,794 161,248. 48,3741983. 233,811 162,651 48,7951984 235,829 164,055 49,2171985 237,847 165,459 49,638

At 257. toll rate increase1979 ................. 241,998 154,879 46,4641980............ 244,517 156,491 46,9471981 ................. 246,057 157,476 47,2431982 2 ...... 1 ......... 247,596 158,461 47,5381983 ........ , ....... 249,136 159,447 47,8341984 ................. 250,675 160,432 48,1301985 ................. 252,215 161,418 48,425

At 30% toll rate increase1979 ................ 249,109 153,298 45)9891980 ..,.,.... 251,412 154,715 46,4151981 ................ 252,615 155,455 46,6371982 ................ 253,819 156,196 46,8591983 ................ 255,022 156,937 47,081

1984 ........... 256,226 157,678 47,3031985 ................ 257,429 158,418 47,525

At 40% toll rate increase1979 ................. 266,392 152,224 45,6671980 ................ 267,605 152,917 45,8751981 ........... ...... 268,129 153,217. 45,9651982 ........... 268,652 153,515 46,0551983 ................ 269,176 153,815 46,1441984 ................. 269,699 154,114 46,234

1985 ............... 270,223 154,413 46,234


Table 10.11: PCRT STATISTICS, FY1973-1977

1973 1974 1975 1976 TQ 1977

1. Cargo Handled Across Piers (in thousands of Revenue Tons)

Local in 1,148 1,233 1,128 1,060 283 1,207Local out 134 172 180 196 55 228Transfer in 69 76 56 32 15 38Transfer out 68 76 55 31 14 35Rehandled 99 102 105 139 43 155Stevedored 975 1,163 1,101 1,015 286 1,185

Total 2,493 2,822 2,625 2,473 696 2.848

2. Vessels Serviced at Docks and Piers

Cargo vessels 2,079 2,004 1,788 1,890 461 1,728Other vessels 6,099 6,527 6,467 5,220 1,308 b,475

Total Berthing 6.178 8.531 8,255 7,110 1,769 6,203

3. Marine Buikering (in thousands)

Barrels received 28,194 29,322 29,501 20,245 6,209 17,672Barrels issued 28,323 29,624 29,675 21,640 6,154 19,335

Total Barrels Handled 56,517 58,946 59,176 41,885 12,363. 37,007

Barrels delivered as bunkers 25,700 27,000 25,900 18,900 5,308 15,443Tankers discharging (number) 315 313 225 179 51 181Vessels bunkering (number) 6,575 6,930 6,839 5,502 1,368 4,776


- 125 -

Table 10.12: OPERATION EXPENSES AND REVENUES OP THE PANAMA CANAL COMPANY, FY1976

(in thousand of dollars)

InterdivisionalGross Operating Sales and Net Operating

Expenses Services Expenses Revenues

1. Canal Operations 142,055 49,439 92,616 28,029

Maintenance of channels and harbors 24,001 6,494 17,507 276Pilotage, tugs and vessel control 32,733 232 32,501 21,923Lock operations 22,622 722 21,900 -General repair, storehouse, engineering 48,689 41,161 7,528 5,712

and maintenance 1General Canal expenses 14,010 830 13,180 118

2. Supporting Operations 117,093 34,635 82,458 86,696

a) PortsMarine bunkering, handling, wharfage 17,646 1,390 16,256 20,627

b) Retailing and HousingHousing 4,950 96 4,854 4,892Retail stores and other related facilities 41,173 4,825 36,348 33,205Cafeterias and vending sites 4,042 467 3,575 3,186Theaters and bowling alleys 585 12 573 408

c) TransportPanama Railroad 3,363 964 2,399 2,123Motor transportation 7,440 7,069 371 340S. S. Cristobal 7,871 5,109 2,762 2,600

d) Public UtilitiesElectric power generation and distribution 15,633 4,742 10,891 14,208Communications 3/ 3,406 2,725 681 751Water purification and distribution - 4,114 1,333 2,781 3,261

e) OthersGrounds, refuse collection and other 6,870 5,903 967 1,095

community services

3. General Administration -/ 43,431 399

Administrative 21,648 -General 21,783 399

4. Net Cost of Canal Zone Government 4 22,337 -

5. Interest Payment to U.S. Treasury 5/ 16,627 -

6. Tolls - 134,988

TOTAL 257M469 25Q112

Net Loss (7,357)

1/ Fiscal 1976: July 1, 1975 to June 30, 1976.2/ Includes Annuity Payment of $519 thousand to U.S. Treasury.3/ Includes central air conditioning service.

The figures differ from those in the Annual Report due to a change in the accounting system.5/ The Panama Canal Company is required to reimburse the U.S. Treasury for the interest cost of funds or other

other assets invested.

For FY1976

Interest-bearing investment $319 millionInterest rate 5.2 percentInterest paid $16.6 million

Source: Panama Canal Company.

- i26 -

Table 10.13: OPERATION EXPENSES AND REVENUES OF THE CANAL ZONE GOVERNNENT,FY1976

Expenses Recoveries

1. Civil Functions 40,483 28,265

Customs and immigration 1,326 23Postal services 2,530 1,729Fire protection 3,069 3,372Educatior. 20,939 22,131Police protection 7,440 46Judicial system 277 201Maintenance of sewage, streetsand other public facilities 3,828 -Others 1,074 763

2. Health and Sanitation 26,842 25,129

Hospitals and clinics 22,978 24,386Other public health services 3,864 743

3. General Administration 4,810 -3,596

TOTAL 72.i3549l9228

Net costs of Canal Zone Government (22,337)

l/! The figure differs from that in the Annual Report due to change inaccounting procedures.

Source: Panama, Canal Company.

Table 10.14: STATEMENT OF OPERATIONS UNDER THE TREATY FY1979-1984(in thousands of dollars)

-re.ldent'sBudget Estimates With Treaty-Imposed Chnnxes1979 1979 1980 1981 1982 1983 1934

0perating Expenses:.-aintenance of channels and harbors . ....... 25,578 25,528 25,563 25,568 25,568 25,568 25,568Navigation service and control ....... 45,643 42,942 42,887 42,797 42.641 42,641 .42,641Locks operation .............. ,. 27,187 27,187 27,187 27,187. 27,187 27,187 27,187Ceneral repair, storehouse, engineering and maittenanceservice ... 8,107 6,357 5,992 5,739 5,536 5,536 5,536N.rine terminals ....................... .............. .. 22,868 76 - - - -Transportation and utilities . .. 22,986 27,262 27,629 27,358. 27,659 27,684 27,426Retail anrd housing .. .................. ?...... .... 53,549 5,184 5,184 5,184 5,184 5,184 5,184 1Geacral and administrative . ... . .............. 55,448 47,763 47,564 45,146 43,615 43,502 47,639 HInterest... . 20,058 - - - - - -Goveri-ental activities........ -90,976 22,271 21,310 16,790 13,377 13,366 13,3314Other .. ....... 18,596 15.230 15.255 15,255 15,255 15.255 15,255Total.operating expense c..... 390.996 219.800 218.571 211,024 206.022 205.923 209. 817

C0erating Revenues:Navigation service and control .... ..... 30,975 27,209 27,209 27,209 27,209 27,209 27,209Ceneral repair, storehouse, engineering, and maintenance. service ........................ .............. 5,500 1,127 1,065 784 484 484 4841 arine terninals ............................... ....... 28,213 - - - - - -Transportation and utilities. . ... .......... 24,884 26,737 26,656 26,687 26,659 26,651 25,891Retail and housing...... 47,284 4,850 4,850 4,850 4,850 4,850 4,850Governmental activities...... 66,122 2,648 2,648 2,595 2,595 2,595 2,595Cther......... 2.365 678 2.165 665 665 2.165 665Total revenues and recoveries other than tolls ...... 205.343 63.249 64.593 62.790 62.462 63,95 61,694

Net operating expenses exclusive of paymeats to Panamaand transition costs . s..... ... ,,., 185.653 156.551 153.978 148.234 143.560 141.969 148.12-3

Payments to Panama:Fixed annuity to Panama ... 10.000.10,000...10.000 10,0oo 10,000 10,000Public services payment to Panama ....................... - 10,000 10,000 10,000 10,000 10,000 10,000Anruity to Pan2ma based on FCC ret tons ..... - 46.786 47.612 48.031 48.673 49.315 49,958Total payments to Panama ..................... ,....... . 66.786 67.612 68.031 68.673 69.3151 69.953

ret operating expenses including payments to Panama ..... 18!5.53 2238337 ,21,590 16,265 212,:33 211.ZS4 218.0SI.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~1 5 .

Table 10.14: STATEMENT OF OPERATIONS.UNDER THE TREATY FY1979 - 1984(in thousands of dollars)

Estirates with Treaty-Tnosed Chans=en1979 1980 1981 1982 1983 1984

Zet cperating expenses including payments to Panam .... . ................ 223,337 221,*590 216,265 212,233 211,284 218,081

Transition Costs:Severance pay ............... * .4,271 174 733 - - -Rc;atriation . . ..... 1,909 287 1,099 _ 192 - -

Plant relocations . . ..... 931 2,999 3,053 2,313 -

Inventory -oves and storage. .. 665 -

Total operating expenses to be recovered from tolls. 231,113 225,050 221,150 214,738 211,284 218,C8I

Capital progra= requirements in excess of aepreciation .. 544 1.993 1; 377 1.099 2,237 2335

Total costs recoverable from tolls before inflation . ......... 231,657 227,043 222,527 215,837 213,521 220,417 1

NOTE: The impact in 1978 of treaty-related requirements are as follows: Capital expendituresfor relocations, $1.9 million; cost increases, including relocations classified as expense,$2.3 million; revenue losses, $0.9 million; a total of $5.0 million. There is an estimatedpotential loss of $2.0 million on retail inventories. In addition, there is $1.2 millionof operating supplies and matcrials inventories related to those facilities to be trans-ferred to Panama and other U S Government agencies, the value of which may not be fullyrecoverable.


- 129 -

Table 20.15: PERSONNEL REDUCTIONS AND TRANSFERS BY ACTIVITIES

Change from President's Budget Estimate for FY 1979to Yeas End Force Estinates for 1964

FTP OThER _TOTAUS .ION US US N;O0N US US NON US

Redbced erployments in activities ter-minated or reduced in scope upon entryinto force of Treaty:

1iArine terminals ................ . ..... 60 1,472 4 29 64 1,501Retail stores, etc . . ....... 75 762 36 250 1 II 1,012Railroad ........................... . .. 42 132 1 2 43 134Postal.o 4 9 16 7 20 16Custors .... ^ . .. ....... ..............58 4 - - 58 4Fire protection. .. - 22 - 22Locks ..........- ........Maintenance, storehouse, generalrepairs, L tc ....... . ....... 48 116 4 (33) 52 83General and administrative ....... ,.... 42 15 12 5 54 20Supporting services (power, water, etc.) 21 26 - 6 21 26Uavigation service and control.... 4 97 - - 4 97Crounds, custodial, and other...... 1 200 1 10 2 210Guard services .. ........... 65 (39) 1 - 66 (39)others.... .............. 30 ...... 3 - - 5 - 3 5

423 2,8316 75 281 498 3,097

Reduced employments in activities trans-ferred to other government agencies:

,ospitals and public health........... 433 915 12 41 445 956Education....... 539 222 160 40 699 262Retail units... 7 105 - - 7 105Postal . ................ ...... 49 31 - - 49 31O)ther, ... ... , ,,, , ..,,, . _ 16 184 - 16 184

I.044 1.457 172 8 1. 216h 1.53

Reduced employments 30 months after entryInto force:-

Police . . ... .. ; .2 ........ 221 86 7 9 228 95Courts and other civil affairs . . 25 8 2 3 27 11

* 246 94 9 12 255 106

Increase:Reorganization stafff... 10 - _ _ 10 _Locks.. 2 39 - - 2 39Apprenticeship staff . ...... (3) 60 - - (3) 60Dredg eng . . ..... (11) 4 6 58 (5) 62havigation service and control........: , 1 81 1 81

TOTAL......... , .,,,,,,,,,, .,..5 4,264 249 235 1,964 4,499


- 130 -

Table 10.16: MAJOR FACILITIES TRANSFERRED TO PANAMA

1. Upon entry into force of the Treaty

Balboa and Cristobal Port FacilitiesPanama Railroad and Freight HousesBalboa and Coco Solito Fire StationsBalboa and Gamboa Port OfficesTitle of Housing in Housing AreasTownsites of Rainbow City, Paraiso and Pedro MiguelTitle to Civil Affairs BuildingBalboa Cafeteria, Theater, Bowling AlleyAncon Elementary School BuildingBridge of AmericasPublic HighwaysMt. Hope CemetarySummit Garden

2. After 30/36 months

a) From Panama Canal Commission

Balboa Police Station Complex (30 months)Balboa Magistrate Court (30 months)Ancon District CourtCristobal Police Training CenterCanal Zone Penitentiary

b) From U. S. Department of Defense

Curundu Antenna FarmCurundu Housing Area

3. After Five years

a) From Panama Canal Commission

Mt. Hope Warehouse AreaMt. Hope Motor Transportation Area

b) From U. S. Department of Defense

Fort Gulick, except family housing, community service areas andammunition storage facilities

France Field (part)

4. Unspecified

From U. S. Department of Defense

Fort Clayton Training AreaFort AmadorFort Gulick family housing, community service areas and ammunitionstorage facilities

Coco Solo Family HousingBalboa and Coco Solo Commissary Installations (within 30 months)

Source: Panama Canal Treaties

- 131 -

Table 10.17: SUMMARY OF THE TRANSFER OF FUNCTIONS RESULTING FROM THE NEW TREATY

Function Transferred to Remarks

1. Canal Operations PCC

2. Supporting Operations(a) Ports APN(b) Retailing and Housing Panama (undecided) Panama will provide housing for U.S. employees of the PCC and the

U.S. Dept. of Defense(c) Transport

Panama Railroad APNMotor transportation Panama (undecided)S.S. Cristobal PCC

(d) Public utilitiesElectric power generation IRHE/PCC IRHE will assume responsibility for distribution in areasand distribution reverted to Panama

Communication system INTEL/PCC INTEL will assume responsibility for service in areas revertedto Panama

Water purification and IDAAN/PCC IDAAN will assume responsibility for distribution in areasdistribution reverted to Panama

(e) Grounds, Refuse Collection Govt.of Panamaand other Community Services

3. Government(a) Civil Functions

Customs and immigration Govt.of PanamaPostal services Govt.of PanamaFire protection Govt.of PanamaEducation U.S.Dept.of DefensePolice protection Govt.of Panama For the first 30 months, police, courts and prison system willJudicial system Govt.of Panama be operated jointly by the PCC and the Govt. of PanamaMaintenance of sewage,streets Govt.of Panama

and other public facilitiesOthers Govt.of Panama PCC will continue activities related to the operation of the Canal

(b) Health and SanitationHospitals and clinics U.S.Dept.of DefenseOther public health services Govt.of Panama

Note: PCC: Panama Canal CommissionAPN: (Panamanian) National Port Authority

Source: Panama Canal Treaties

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