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PANAMA PROFILE |
Lying at the crossroads of the North and South American continents and the Atlantic and Pacific oceans, Panama is of immense strategic importance.
People
Population: 3,310,000.
Annual growth rate: 1.5%.
Ethnic groups: Mestizo (mixed African, Amerindian, and European ancestry) 70%, Amerindian and mixed (West Indian) 14%, Caucasian 10%, Amerindian 6%.
Religions: Roman Catholic 84%, Protestant 15%, other 1%.
Languages: Spanish (official); 14% speak English as their native tongue; various indigenous languages.
Cities: Capital--Panama City (1.1 million). Other cities--Colon (198,551), David (138,241).
Panamanians' culture, customs, and language are predominantly Caribbean Spanish. The majority of the population is ethnically mestizo or mixed Spanish, Indigenous, Chinese, and West Indian. Spanish is the official and dominant language; English is a common second language spoken by the West Indians and by many businesspeople and professionals. More than half the population lives in the Panama City-Colon metropolitan corridor.
Economy:
GDP: USD 23.42 billion.
Annual growth rate: 8.1%; (2007): 11.5%; (2008): 9.2%.
Per capita GDP: USD 11,900.
Panama's economy is based primarily on a well-developed services sector that accounts for nearly 80% of GDP. Services include the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, tourism, and medical and healthcare.
In October 2006, Panamanians voted in favor of a $5.25 billion Canal expansion project to construct a third set of locks, which is expected to take eight to ten years to complete. The Government of Panama expects the project to be a transforming event for Panama that will provide 7,000-9,000 direct new jobs during the peak construction period of 2009-2011 and set the tone economically for years to come. The expansion is expected to be financed through a combination of loans from multilateral institutions and current revenues. |
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