Military spending in Panama
Panama: Military spending was 1.04 billion constant 2022 US$ in 2023. ◆ Volatile
Latest (2023)
1.04 billion constant 2022 US$
Change on year
up 2.7%
World rank
87th
of 172 countries
All-time high
1.04 billion constant 2022 US$
in 2023
All-time low
447,880 constant 2022 US$
in 1924
Years of data
121
1903–2023
Military spending in Panama, 1903–2023
Source: Barnum et al. – Global Military Spending Dataset (2025) – with minor processing by Our World in Data. Measured in constant 2022 US$.
Analysis
The most recent figure for military spending in Panama is 1.04 billion constant 2022 US$, measured in 2023. That is the highest value across all 121 years on record.
The figure is up 2.7% on the previous year and up 48.7% over ten years.
Over the whole period, military spending in Panama peaked at 1.04 billion constant 2022 US$ in 2023 and was at its lowest, 447,880 constant 2022 US$, in 1924.
Panama ranks 87th of 172 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Military spending in Panama, year by year
| Year | constant 2022 US$ | Change |
|---|---|---|
| 1903 | 6.04 million constant 2022 US$ | — |
| 1904 | 5.46 million constant 2022 US$ | -9.7% |
| 1905 | 5.33 million constant 2022 US$ | -2.4% |
| 1906 | 4.84 million constant 2022 US$ | -9.2% |
| 1907 | 4.11 million constant 2022 US$ | -15.0% |
| 1908 | 3.78 million constant 2022 US$ | -8.1% |
| 1909 | 3.60 million constant 2022 US$ | -4.7% |
| 1910 | 3.20 million constant 2022 US$ | -11.2% |
| 1911 | 2.99 million constant 2022 US$ | -6.7% |
| 1912 | 2.53 million constant 2022 US$ | -15.2% |
| 1913 | 2.58 million constant 2022 US$ | +1.9% |
| 1914 | 1.95 million constant 2022 US$ | -24.3% |
| 1915 | 1.87 million constant 2022 US$ | -4.3% |
| 1916 | 1.60 million constant 2022 US$ | -14.5% |
| 1917 | 1.26 million constant 2022 US$ | -21.0% |
| 1918 | 1.06 million constant 2022 US$ | -16.1% |
| 1919 | 799,233 constant 2022 US$ | -24.5% |
| 1920 | 542,351 constant 2022 US$ | -32.1% |
| 1921 | 597,740 constant 2022 US$ | +10.2% |
| 1922 | 559,211 constant 2022 US$ | -6.4% |
| 1923 | 460,274 constant 2022 US$ | -17.7% |
| 1924 | 447,880 constant 2022 US$ | -2.7% |
| 1925 | 490,023 constant 2022 US$ | +9.4% |
| 1926 | 515,978 constant 2022 US$ | +5.3% |
| 1927 | 558,736 constant 2022 US$ | +8.3% |
| 1928 | 571,949 constant 2022 US$ | +2.4% |
| 1929 | 566,610 constant 2022 US$ | -0.9% |
| 1930 | 584,891 constant 2022 US$ | +3.2% |
| 1931 | 621,737 constant 2022 US$ | +6.3% |
| 1932 | 636,307 constant 2022 US$ | +2.3% |
| 1933 | 632,156 constant 2022 US$ | -0.7% |
| 1934 | 747,885 constant 2022 US$ | +18.3% |
| 1935 | 740,781 constant 2022 US$ | -0.9% |
| 1936 | 733,311 constant 2022 US$ | -1.0% |
| 1937 | 698,869 constant 2022 US$ | -4.7% |
| 1938 | 768,170 constant 2022 US$ | +9.9% |
| 1939 | 775,677 constant 2022 US$ | +1.0% |
| 1940 | 767,397 constant 2022 US$ | -1.1% |
| 1941 | 12.20 million constant 2022 US$ | +1490.1% |
| 1942 | 38.57 million constant 2022 US$ | +216.1% |
| 1943 | 43.40 million constant 2022 US$ | +12.5% |
| 1944 | 42.64 million constant 2022 US$ | -1.8% |
| 1945 | 44.35 million constant 2022 US$ | +4.0% |
| 1946 | 33.48 million constant 2022 US$ | -24.5% |
| 1947 | 26.69 million constant 2022 US$ | -20.3% |
| 1948 | 22.44 million constant 2022 US$ | -15.9% |
| 1949 | 22.58 million constant 2022 US$ | +0.6% |
| 1950 | 18.97 million constant 2022 US$ | -16.0% |
| 1951 | 16.16 million constant 2022 US$ | -14.8% |
| 1952 | 15.99 million constant 2022 US$ | -1.1% |
| 1953 | 14.67 million constant 2022 US$ | -8.2% |
| 1954 | 13.28 million constant 2022 US$ | -9.5% |
| 1955 | 11.71 million constant 2022 US$ | -11.9% |
| 1956 | 11.17 million constant 2022 US$ | -4.5% |
| 1957 | 9.39 million constant 2022 US$ | -15.9% |
| 1958 | 8.49 million constant 2022 US$ | -9.6% |
| 1959 | 7.17 million constant 2022 US$ | -15.5% |
| 1960 | 6.33 million constant 2022 US$ | -11.7% |
| 1961 | 7.81 million constant 2022 US$ | +23.4% |
| 1962 | 8.99 million constant 2022 US$ | +15.0% |
| 1963 | 7.89 million constant 2022 US$ | -12.2% |
| 1964 | 8.24 million constant 2022 US$ | +4.5% |
| 1965 | 8.88 million constant 2022 US$ | +7.8% |
| 1966 | 8.90 million constant 2022 US$ | +0.2% |
| 1967 | 13.37 million constant 2022 US$ | +50.1% |
| 1968 | 15.20 million constant 2022 US$ | +13.7% |
| 1969 | 21.52 million constant 2022 US$ | +41.6% |
| 1970 | 26.65 million constant 2022 US$ | +23.8% |
| 1971 | 41.03 million constant 2022 US$ | +54.0% |
| 1972 | 41.35 million constant 2022 US$ | +0.8% |
| 1973 | 43.64 million constant 2022 US$ | +5.6% |
| 1974 | 52.95 million constant 2022 US$ | +21.3% |
| 1975 | 57.43 million constant 2022 US$ | +8.5% |
| 1976 | 56.31 million constant 2022 US$ | -2.0% |
| 1977 | 56.93 million constant 2022 US$ | +1.1% |
| 1978 | 65.07 million constant 2022 US$ | +14.3% |
| 1979 | 63.70 million constant 2022 US$ | -2.1% |
| 1980 | 66.63 million constant 2022 US$ | +4.6% |
| 1981 | 90.95 million constant 2022 US$ | +36.5% |
| 1982 | 112.43 million constant 2022 US$ | +23.6% |
| 1983 | 137.65 million constant 2022 US$ | +22.4% |
| 1984 | 178.85 million constant 2022 US$ | +29.9% |
| 1985 | 190.02 million constant 2022 US$ | +6.2% |
| 1986 | 196.38 million constant 2022 US$ | +3.3% |
| 1987 | 179.24 million constant 2022 US$ | -8.7% |
| 1988 | 190.16 million constant 2022 US$ | +6.1% |
| 1989 | 190.54 million constant 2022 US$ | +0.2% |
| 1990 | 159.14 million constant 2022 US$ | -16.5% |
| 1991 | 144.36 million constant 2022 US$ | -9.3% |
| 1992 | 154.84 million constant 2022 US$ | +7.3% |
| 1993 | 165.38 million constant 2022 US$ | +6.8% |
| 1994 | 171.61 million constant 2022 US$ | +3.8% |
| 1995 | 171.69 million constant 2022 US$ | +0.0% |
| 1996 | 176.28 million constant 2022 US$ | +2.7% |
| 1997 | 186.22 million constant 2022 US$ | +5.6% |
| 1998 | 187.23 million constant 2022 US$ | +0.5% |
| 1999 | 185.60 million constant 2022 US$ | -0.9% |
| 2000 | 188.73 million constant 2022 US$ | +1.7% |
| 2001 | 185.83 million constant 2022 US$ | -1.5% |
| 2002 | 184.38 million constant 2022 US$ | -0.8% |
| 2003 | 178.99 million constant 2022 US$ | -2.9% |
| 2004 | 211.43 million constant 2022 US$ | +18.1% |
| 2005 | 213.47 million constant 2022 US$ | +1.0% |
| 2006 | 236.90 million constant 2022 US$ | +11.0% |
| 2007 | 243.61 million constant 2022 US$ | +2.8% |
| 2008 | 287.42 million constant 2022 US$ | +18.0% |
| 2009 | 332.08 million constant 2022 US$ | +15.5% |
| 2010 | 395.07 million constant 2022 US$ | +19.0% |
| 2011 | 539.82 million constant 2022 US$ | +36.6% |
| 2012 | 633.04 million constant 2022 US$ | +17.3% |
| 2013 | 698.88 million constant 2022 US$ | +10.4% |
| 2014 | 767.46 million constant 2022 US$ | +9.8% |
| 2015 | 809.88 million constant 2022 US$ | +5.5% |
| 2016 | 858.13 million constant 2022 US$ | +6.0% |
| 2017 | 933.31 million constant 2022 US$ | +8.8% |
| 2018 | 942.07 million constant 2022 US$ | +0.9% |
| 2019 | 1.00 billion constant 2022 US$ | +6.2% |
| 2020 | 1.01 billion constant 2022 US$ | +0.8% |
| 2021 | 1.01 billion constant 2022 US$ | -0.0% |
| 2022 | 1.01 billion constant 2022 US$ | +0.4% |
| 2023 | 1.04 billion constant 2022 US$ | +2.7% |
Panama compared with similar countries
- Panama's 1.04 billion constant 2022 US$ is below the median for high income countries, which is 6.50 billion constant 2022 US$, 16% of the median. (55 countries reporting)
- Panama's 1.04 billion constant 2022 US$ is above the median for Latin America & Caribbean, which is 509.92 million constant 2022 US$, 2.0× the median. (27 countries reporting)
Biggest year-on-year movements
Years where Military spending in Panama changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1941 | +1490.1% | 767,397 constant 2022 US$ | 12.20 million constant 2022 US$ |
| 1942 | +216.1% | 12.20 million constant 2022 US$ | 38.57 million constant 2022 US$ |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1900s | 4.74 million constant 2022 US$ | 3.60 million constant 2022 US$ | 6.04 million constant 2022 US$ | 7 |
| 1910s | 1.98 million constant 2022 US$ | 799,233 constant 2022 US$ | 3.20 million constant 2022 US$ | 10 |
| 1920s | 531,075 constant 2022 US$ | 447,880 constant 2022 US$ | 597,740 constant 2022 US$ | 10 |
| 1930s | 693,978 constant 2022 US$ | 584,891 constant 2022 US$ | 775,677 constant 2022 US$ | 10 |
| 1940s | 28.71 million constant 2022 US$ | 767,397 constant 2022 US$ | 44.35 million constant 2022 US$ | 10 |
| 1950s | 12.70 million constant 2022 US$ | 7.17 million constant 2022 US$ | 18.97 million constant 2022 US$ | 10 |
| 1960s | 10.71 million constant 2022 US$ | 6.33 million constant 2022 US$ | 21.52 million constant 2022 US$ | 10 |
| 1970s | 50.51 million constant 2022 US$ | 26.65 million constant 2022 US$ | 65.07 million constant 2022 US$ | 10 |
| 1980s | 153.28 million constant 2022 US$ | 66.63 million constant 2022 US$ | 196.38 million constant 2022 US$ | 10 |
| 1990s | 170.24 million constant 2022 US$ | 144.36 million constant 2022 US$ | 187.23 million constant 2022 US$ | 10 |
| 2000s | 226.28 million constant 2022 US$ | 178.99 million constant 2022 US$ | 332.08 million constant 2022 US$ | 10 |
| 2010s | 757.80 million constant 2022 US$ | 395.07 million constant 2022 US$ | 1.00 billion constant 2022 US$ | 10 |
| 2020s | 1.02 billion constant 2022 US$ | 1.01 billion constant 2022 US$ | 1.04 billion constant 2022 US$ | 4 |
Countries ranked near Panama
- 84 Uganda 1.15 billion constant 2022 US$ compare
- 85 Ethiopia 1.14 billion constant 2022 US$ compare
- 86 Latvia 1.10 billion constant 2022 US$ compare
- 88 Tanzania 1.03 billion constant 2022 US$ compare
- 89 Dominican Republic 984.06 million constant 2022 US$ compare
- 90 Slovenia 974.21 million constant 2022 US$ compare
More reference data data for Panama
- Emission Totals - Indirect emissions (N2O) - Manure applied to Soils 0.1446 (2050)
- Emission Totals - Indirect emissions (N2O) - Manure left on Pasture 0.6179 (2050)
- Emission Totals - Indirect emissions (N2O) - IPCC Agriculture 0.9793 (2050)
- Emission Totals - Indirect emissions (N2O) - Crop Residues 0.0285 (2050)
- Emission Totals - Indirect emissions (N2O) - Agricultural Soils 0.9793 (2050)
- Emission Totals - Emissions (N2O) - Manure applied to Soils 0.4849 (2050)
- Emission Totals - Emissions (N2O) - Manure Management 0.2267 (2050)
- Emission Totals - Emissions (N2O) - Manure left on Pasture 3.44 (2050)
- Emission Totals - Emissions (N2O) - IPCC Agriculture 5.08 (2050)
- Emission Totals - Emissions (N2O) - Crop Residues 0.1553 (2050)
Frequently asked questions
- What is military spending in Panama?
- Military spending in Panama was 1.04 billion constant 2022 US$ in 2023, according to Barnum et al. – Global Military Spending Dataset (2025) – with minor processing by Our World in Data.
- What is the highest military spending recorded in Panama?
- The highest recorded value was 1.04 billion constant 2022 US$ in 2023.
- What is the lowest military spending recorded in Panama?
- The lowest recorded value was 447,880 constant 2022 US$ in 1924.
- How does Panama rank for military spending?
- Panama ranks 87th out of 172 countries with data for 2023.
- Is military spending rising or falling in Panama?
- Over the last ten years it is up 48.7%. The long-run trend across the full record is volatile.
- Where does this Panama data come from?
- The figures come from Barnum et al. – Global Military Spending Dataset (2025) – with minor processing by Our World in Data, published as part of Military spending. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 121 observations, free to reuse under CC BY 4.0 (Our World in Data).
About this data
This data is expressed in US dollars. It is adjusted for inflation but does not account for differences in the cost of living between countries.