Latin America guide


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Panama: The Economy

Panama has a strategic location in Central
America. It relies in the isthmus which meansPanama has coped up its economy due to the
that is borders the North and South part offact that the population of Panama has
America. It has diverse opportunities forcontributed its government reforms. At this
economic development as it servestime, the economy of Panama has been more
international trade, commerce and shipping.open and accessible to foreign investments.
However, its economy is mainly into serviceThe increase in foreign investment which
industry which comprises 80% percent of thecontributed growth to economy of Panama paved
Gross Domestic Products. The economy ofway for more development in Panama as seen in
Panama in the service industries includesthe recent years. The result is steady
finance, health, insurance,economic growth. One of the targets of Panama
telecommunications, transportation, banking,foreign investment is the real estate that
maritime service and Canal, logistics due thedraws investors from America, Asia, and
Colon Free Zone and the strategic ports,Europe. As soon as the real estate boom
tourism  and  general  commerce.started in Panama, the prices of Panama
properties and the value had increased up.
The economy of Panama has been successfullyHowever, the demands continued to rise and
progressing the recent years. It is more intomore property constructions and project
banking, commerce, trade, and tourism. Itsdevelopments are build in different provinces
economic activities are focused on the Panamaand neighborhoods in Panama. As the economy
Canal where international trade passesof Panama continued to progress, starting the
through it. The canal turnover from the USexpansion of the Panama canal. When this
administration and the US military bases wasproject is culminated, more investments are
one of the pioneers of the rise of newexpected  in  Panama.
projects in Panama and the start-up of
economic development. Currently the PanamaGrowth in GDP has been remarkable in the last
Canal is under the Panamanian governmentyear compared to past years. So far, Panama
administration developing a high qualitybecomes the third largest GDP per capita
standard being one of the most transit canalsamong other countries in Central America. The
in the maritime industry, the government ofgrowth in GDP was mostly on the sectors of
Panama has improved several public programs,transportation and telecommunications. GDP as
reforms on taxes, and trade agreementof 2006 was 15 dollars billion and the annual
domestically and internationally thatgrowth from 2005 was 8 percent. The per
contributed to another phase of growth. Asidecapita of GDP in 2006 was four thousand
from the service industries that has greatdollars.
contribution to economy of Panama, Panama is
also into agricultural and industry butIn conclusion, the road to the progress of
comprises only a small percentage of the GDP.the economy of Panama has not been easy. Just
Agriculture focuses on banana, watermelon,like other countries that pass several stages
sugar, corn, timber, coffee, livestock,of economic development, Panama has not been
vegetables and tuna exports while industryexempted. The combination of the
comprise aircraft manufacturing, cements,industriousness of its population and the
automobiles, drinks, adhesives and textilesgovernment programs had made it possible for
among  many  other  products.Panama to rise above economic difficulties.



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