Panama

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Panama - In Short.

Overview of Panama

Explored and settled by the Spanish in the 16th century, Panama broke with Spain in 1821 and joined a union of Colombia, Ecuador, and Venezuela – named the Republic of Gran Colombia. When the latter dissolved in 1830, Panama remained part of Colombia. With US backing, Panama seceded from Colombia in 1903 and promptly signed a treaty with the US allowing for the construction of a canal and US sovereignty over a strip of land on either side of the structure (the Panama Canal Zone). The Panama Canal was built by the US Army Corps of Engineers between 1904 and 1914. In 1977, an agreement was signed for the complete transfer of the Canal from the US to Panama by the end of the century. Certain portions of the Zone and increasing responsibility over the Canal were turned over in the subsequent decades. With US help, dictator Manuel NORIEGA was deposed in 1989. The entire Panama Canal, the area supporting the Canal, and remaining US military bases were transferred to Panama by the end of 1999. An ambitious expansion project to more than double the Canal’s capacity – by allowing for more Canal transits and larger ships – was carried out between 2007 and 2016.
Value
Country Full Name
Panama
Country Code
PAN
Region
Latin America & Caribbean
Income Group
Upper middle income
Currency Unit
GDP
53977036995
Population
4314768
Land Area
74177
Net National Income Per Capita
10878.63012
GDP per Capita (PPP)
26782.48498

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Panama - Economic

Economy of Panama

Panama’s dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, and tourism and Panama is a center for offshore banking. Panama’s transportation and logistics services sectors, along with infrastructure development projects, have boosted economic growth; however, public debt surpassed $37 billion in 2016 because of excessive government spending and public works projects. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012.Future growth will be bolstered by the Panama Canal expansion project that began in 2007 and was completed in 2016 at a cost of $5.3 billion – about 10-15% of current GDP. The expansion project more than doubled the Canal’s capacity, enabling it to accommodate high-capacity vessels such as tankers and neopanamax vessels that are too large to traverse the existing canal. The US and China are the top users of the Canal.Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points.

Unemployment Rate

Inflation Rate

Panama - GDP Composition

GDP Composiiton & Value Added of Panama

Last Updated: Jan, 2021, Updated For 2020.

Panama - GDP, Value Added

Demographics of Panama

population is concentrated towards the center of the country, particularly around the Canal, but a sizeable segment of the populace also lives in the far west around David; the eastern third of the country is sparsely inhabited
Geographic Location

Central America, bordering both the Caribbean Sea and the North Pacific Ocean, between Colombia and Costa Rica

Races

Mestizo (mixed Amerindian and White) 65%, Native American 12.3% (Ngabe 7.6%, Kuna 2.4%, Embera 0.9%, Bugle 0.8%, other 0.4%, unspecified 0.2%), Black or African descent 9.2%, Mulatto 6.8%, White 6.7% (2010 est.)

Languages

Spanish (official), indigenous languages (including Ngabere (or Guaymi), Buglere, Kuna, Embera, Wounaan, Naso (or Teribe), and Bri Bri), Panamanian English Creole (similar to Jamaican English Creole; a mixture of English and Spanish with elements of Ngabere; also known as Guari Guari and Colon Creole), English, Chinese (Yue and Hakka), Arabic, French Creole, other (Yiddish, Hebrew, Korean, Japanese); note - many Panamanians are bilingualmajor-language

Religion

Roman Catholic 48.6%, Evangelical 30.2%, other 4.7%, agnostic 0.2%, atheist 0.2%, none 12.3%, unspecified 3.7% (2018 est.)

Dependency & Expectancy of Panama

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Panama - Social Media Briefing

Panama - Social Media & Social Commerce

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Politics & Policies of Panama

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

BCIE, CAN (observer), CD, CELAC, FAO, G-77, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAES, LAIA, MIGA, NAM, OAS, OPANAL, OPCW, Pacific Alliance (observer), PCA, SICA, UN, UNASUR (observer), UNCTAD, UNESCO, UNIDO, Union Latina, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Panama

Export of Panama

Import Destination

Export Destination