Country Summary: Panama (Republic of Panama)
Country Name: Panama (Republic of Panama)
Capital: Panama City
Government Type: presidential republic
Background: 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. 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.
Continent: Central America
Population: 4,404,108 (2023 est.)
Ethnic Groups: Mestizo (mixed Indigenous and White) 65%, Indigenous 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 bilingual
Religions: Roman Catholic 48.6%, Evangelical 30.2%, other 4.7%, agnostic 0.2%, atheist 0.2%, none 12.3%, unspecified 3.7% (2018 est.)
Economic Overview: upper middle-income Central American economy; increasing Chinese trade; US dollar user; canal expansion fueling broader infrastructure investment; services sector dominates economy; historic money-laundering and illegal drug hub
Currency: United States Dollar (USD)
Reserves of Foreign Exchange & Gold: $6.876 billion (2022 est.) note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Real GDP (Purchasing Power Parity): $146.658 billion (2022 est.) note: data in 2017 dollars
Real GDP Growth Rate: 10.81% (2022 est.) note: annual GDP % growth based on constant local currency
Real GDP per Capita: $33,300 (2022 est.) note: data in 2017 dollars
Exports:
$36.145 billion (2022 est.) note: balance of payments - exports of goods and services in current dollars
Comparison Ranking: 75
Export Commodities: refined petroleum, copper, bananas, ships, coal tar oil, packaged medicines (2019)
Export Partners: Ecuador 20%, Guatemala 14%, China 8%, United States 6%, Netherlands 6% (2019)
Imports:
$35.692 billion (2022 est.) note: balance of payments - imports of goods and services in current dollars
Comparison Ranking: 74
Import Commodities: ships, refined petroleum, crude petroleum, tanker ships, packaged medicines (2019)
Import Partners: China 21%, United States 19%, Japan 16%, Colombia 6%, Ecuador 5% (2019)
Natural Resources: copper, mahogany forests, shrimp, hydropower
Agricultural Products: sugar cane, bananas, rice, poultry, milk, plantains, pineapples, maize, beef, pork
Industries: construction, brewing, cement and other construction materials, sugar milling
Industrial Production Growth Rate:
12.73% (2022 est.) note: annual % change in industrial value added based on constant local currency
Comparison Ranking: 13
Labor Force: 2.05 million (2022 est.)
Unemployment Rate: 8.2% (2022 est.) note: % of labor force seeking employment
Natural Hazards: occasional severe storms and forest fires in the Darien area
Geography:
Total: 75,420 sq km
Land: 74,340 sq km
Water: 1,080 sq km
(Country Summary, The World Factbook, CIA.gov)
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