Country Info >> Panama

Panama's dollarized economy rests primarily on a well-developed services sector that accounts for three-fourths of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and should be completed by 2014 at a cost of $5.3 billion (about 30% of current GDP). The expansion project will more than double the Canal's capacity, enabling it to accommodate ships that are now too large to transverse the transoceanic crossway and should help to reduce the high unemployment rate. The government has implemented tax reforms, as well as social security reforms, and backs regional trade agreements and development of tourism. Not a CAFTA signatory, Panama in December 2006 independently negotiated a free trade agreement with the US, which, when implemented, will help promote the country's economic growth.

Source:  CIA-The World Factbook

Per Capita GDP
$9,000 as of (2007 est.) Source: CIA-The World Factbook

Main-Line Phones
432,900 as of (2006) Source: CIA-The World Factbook

Mobile Phones
1,694,000 as of (2005) Source: CIA-The World Factbook

Internet Users
220,000 as of (2006) Source: CIA-The World Factbook

Cable TV Households
100,000 as of (2007) Source: LMS est.

Time Zone Vs. Eastern Time (New York, Miami)
-1 hr (Daylight Standard Time)

Country Statistics

Government Type
Constitutional Democracy
President Martin Torrijos
Spanish (with many Panamanians speaking English also)
Primary Religion(s)
Roman Catholic (85%)
Panamanian Balboa (PAB)
Exchange Rate
1 PAB per US$1
3,242,173 (July 2007 est.)
Central America, bordering both the Caribbean Sea and the North Pacific Ocean
78,200 sq kms, slightly smaller than South Carolina
Border Countries
Colombia, Costa Rica
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