Interesting Facts About Panama: FYI
General information about Panama
The Republic of Panama has a cosmopolitan capital city, incredible rainforests and some of the best diving, bird watching and marine fishing in the world. It could be true that internationally Panama is best known for its canal, boxing or the US invasion of 1989, but none of this does it justice. In reality it is a proud, beatiful and prosperous nation that honors its seven indigenous tribes, respects and tolerates all religions and races without prejudice.
Panama City at nightPanama is unique in Central America, with its dollar based economy and stable political situation, sustained by its Canal, Free Trade Zone, and international banking. Many Fortune 500 companies are based in the Republic of Panama. All these factors together with the initiative in the tourism sector are encouraging all types of investment in Panama.
The capital, Panama city, is full of contrasts, both big and small. It surprises first-time visitors with its downtown area of high-rise towers of offices and luxury condos. The city extends for 6 miles along the Pacific Coast and encompasses the ruins of Panama Viejo, the first establishment of Spaniards in the region, Casco Viejo, the colonial area built after Panama Viejo was destroyed, and the modern city center with its financial district, residential areas, and commercial and entertainment districts. Panama City is one of the mot diverse and cosmopolitan Central American cities. With a wide array of entertainment options and a variety of views including that of the bay of Panama, the Canal, the Bridge of the Americas, and surrounding mountain-side, Panama City offers a unique environment with much to see and enjoy.
Central Panama City's financial district is home to well over 100 national and international banks. This, the most modern area of the city, features high-rise buildings and venues for sophisticated entertainment. Panama City, as a major business center, boasts numerous luxury hotels designed with the business person and upscale tourist in mind as well as middle range and budget hotels and hostels. In addition to its claim to fame as the center of commerce this area is also the epicenter for entertainment due to its plethora of restaurants, bars, and
Panamanian Flag Location:
Central America, bordering both the Caribbean Sea and the North Pacific Ocean, between Colombia and Costa Rica; strategically located on the eastern end of the isthmus forming a land bridge connecting North and South America; controls the Panama Canal that links North Atlantic Ocean via Caribbean Sea with North Pacific Ocean.
Panama map Area:
total: 78,200 sq km
land: 75,990 sq km
water: 2,210 sq km
Area Comparison: slightly smaller than the US state of South Carolina
Coastline: 2,490 km
Climate: tropical maritime; hot, humid, cloudy; prolonged rainy season (May to January), short dry season (January to May)
Population: 3.2 million (July 2006 est.)
Anthem: Himno Nacional, beginning "Alcanzamos por fin la victoria" ("We reach victory at last").
Ethnic groups: mestizo (mixed Amerindian and white) 70%, Amerindian and mixed (West Indian) 14%, white 10%, Amerindian 6%
Religions: Roman Catholic 85%, Protestant 15%
Languages: Spanish (official), English 14%; note - many Panamanians are bilingual
Government: Constitutional democratic republic with 9 provinces and 3 territories* (comarcas); Bocas del Toro, Chiriqui, Cocle, Colon, Darien, Herrera, Los Santos, Panama, Veraguas, and Comarca Kuna Yala*, Comarca Ngabe-Bugle*, Comarca Embera-Woonan*
Panama is a representative democracy with an elected executive composed of a president and 2 vice presidents, an elected 71-member unicameral legislature, and an appointed judiciary.
Panama has had no military forces since 1989. In 1990 the Government created the Panamanian Public Forces, which consist of the Panamanian National Police (PNP), the National Maritime Service (SMN), the National Air Service (SAN), and the Institutional Protection Service (SPI). In 1994 a constitutional amendment formally prohibited the establishment of a permanent military, although it contains a provision for the temporary formation of a "special police force" to protect the borders in case of a "threat of external aggression." The Judicial Technical Police (PTJ), a semiautonomous body with leadership appointed by the Supreme Court, is a separate branch of law enforcement under the Attorney General's Office, and performs criminal investigations in support of public prosecutors. The Ministry of Government and Justice oversees the PNP, the SMN, and SAN; the Ministry of the Presidency supervises the SPI and the PTJ. Police forces respond to civilian authority.
GDP: US$8.8 billion
GDP per head: US$3200
Annual growth: 2.1%
Inflation: 1.3%
Major industries: Banking, construction, petroleum refining, brewing, tourism, cement and other construction materials, sugar milling, shipping, ecommerce and agriculture.
Major trading partners: USA, EU, Central America & Caribbean, Japan.
Economic Overview: Panama's dollarised 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. A slump in the Colon Free Zone and agricultural exports, the global slowdown, and the withdrawal of US military forces held back economic growth in 2000-03; growth picked up in 2004 and 2005 led by export-oriented services and a construction boom stimulated by tax incentives. The government has implemented tax reforms, as well as social security reforms, and backs regional trade agreements.
