Overview: GDP expanded by roughly 8% in 1992, following growth of 9.3% in 1991. The economy thus continues to recover from the crisis that preceded the ouster of Manuel NORIEGA, even though the government's structural adjustment program has been hampered by a lack of popular support and a passive administration. Public investment has been limited as the administration has kept the fiscal deficit below 3% of GDP. Unemployment and economic reform are the two major issues the government must face in 1993-94.

National product: GDP - exchange rate conversion - $6 billion (1992 est.)

National product real growth rate: 8% (1992 est.)

National product per capita: $2,400 (1992 est.)

Inflation rate (consumer prices): 1.8% (1992 est.)

Unemployment rate: 15% (1992 est.)

Budget: revenues $1.8 billion; expenditures $1.9 billion, including capital expenditures of $200 million (1992 est.)

External debt: $5.2 billion (year-end 1992 est.)

Industrial production: growth rate 7.6% (1992 est.); accounts for about 9% of GDP

Electricity: 1,584,000 kW capacity; 4,360 billion kWh produced, 1,720 kWh per capita (1992)

Industries: manufacturing and construction activities, petroleum refining, brewing, cement and other construction material, sugar milling

Agriculture: accounts for 10.5% of GDP (1992 est.), 27% of labor force (1992); crops - bananas, rice, corn, coffee, sugarcane; livestock; fishing; importer of food grain, vegetables

Illicit drugs: major cocaine transshipment point and drug money laundering center

Economic aid: US commitments, including Ex-Im (FY70-89), $516 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $582 million; Communist countries (1970-89), $4 million

Currency: 1 balboa (B)=100 centesimos

Exchange rates: balboas (B) per US$1 - 1.000 (fixed rate)

Fiscal year: calendar year