Diplomatic representation from the US:
chief of mission: Ambassador William A. EATON embassy: Edificio 783, Avenida Demetrio Basilio Lakas Panama, Apartado Postal 0816-02561, Zona 5, Panama City mailing address: American Embassy Panama, Unit 0945, APO AA 34002 telephone: [507] 207-7000 FAX: [507] 317-5568
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
Economy
Panama
Economy - overview:
Panama's dollarized economy rests primarily on a well-developed services sector that accounts for two-thirds of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and should be completed by 2014 at a cost of $5.3 billion (about 30% of current GDP). The expansion project will more than double the Canal's capacity, enabling it to accommodate ships that are now too large to transverse the transoceanic crossway and should help to reduce the high unemployment rate. The government has implemented tax reforms, as well as social security reforms, and backs regional trade agreements and development of tourism. Not a CAFTA signatory, Panama in December 2006 independently negotiated a free trade agreement with the US, which, when implemented, will help promote the country's economic growth.
GDP (purchasing power parity):
$34.81 billion (2007 est.)
GDP (official exchange rate):