Diplomatic representation: Ambassador Eduardo VALLARINO;
Chancery at 2862 McGill Terrace NW, Washington DC 20008; telephone
(202) 483-1407; the status of the Consulates General and Consulates has
not yet been determined;
US—Ambassador Deane R. HINTON; Embassy at Avenida Balboa and
Calle 38, Apartado 6959, Panama City 5 (mailing address is Box E,
APO Miami 34002); telephone [507] 27-1777
Flag: divided into four, equal rectangles; the top quadrants are white with a blue five-pointed star in the center (hoist side) and plain red, the bottom quadrants are plain blue (hoist side) and white with a red five-pointed star in the center
- Economy Overview: The GDP contracted an estimated 7.5% in 1989, following a drop of 20% in 1988. Political instability, lack of credit, and the erosion of business confidence prompted declines of 20-70% in the financial, agricultural, commercial, manufacturing, and construction sectors between 1987 and 1989. Transits through the Panama Canal were off slightly, as were toll revenues. Unemployment remained about 23% during 1989. Imports of foodstuffs and crude oil increased during 1989, but capital goods imports continued their slide. Exports were widely promoted by Noriega trade delegations, but sales abroad remained stagnant.
GDP: $3.9 billion, per capita $1,648; real growth rate - 7.5% (1989 est.)
Inflation rate (consumer prices): - 0.1% (1989 est.)
Unemployment rate: 23% (1989 est.)
Budget: revenues $598 million; expenditures $750 million, including capital expenditures of $NA (1989 est.)
Exports: $220 million (f.o.b., 1989 est.); commodities—bananas 40%, shrimp 27%, coffee 4%, sugar, petroleum products; partners—US 90%, Central America and Caribbean, EC (1989 est.)
Imports: $830 million (f.o.b., 1989 est.); commodities—foodstuffs 16%, capital goods 9%, crude oil 16%, consumer goods, chemicals; partners—US 35%, Central America and Caribbean, EC, Mexico, Venezuela (1989 est.)
External debt: $5.2 billion (November 1989 est.)