telephone: [507] 207-7000
FAX: [507] 227-1964
Flag description: divided into four, equal rectangles; the top quadrants are white (hoist side) with a blue five-pointed star in the center and plain red; the bottom quadrants are plain blue (hoist side) and white with a red five-pointed star in the center
Panama Economy
Economy - overview: Panama's economy is based primarily on a well-developed services sector that accounts for three-fourths of GDP. Services include the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. A slump in Colon Free Zone and agricultural exports, high oil prices, and the withdrawal of US military forces held back economic growth in 2000. The government plans public works programs, tax reforms, and new regional trade agreements in order to stimulate growth in 2001.
GDP: purchasing power parity - $16.6 billion (2000 est.)
GDP - real growth rate: 2.5% (2000 est.)
GDP - per capita: purchasing power parity - $6,000 (2000 est.)
GDP - composition by sector: agriculture: 7%
industry: 16.5%