Country Facts - Panama

The People

Ethnic Composition

Mestizo (mixed Indian and European ancestry) 70%

Amerindian and mixed (West Indian)     14%

White       10%

Indian    6%

Religious Composition

Roman Catholic 85%

Protestant 15%

Nationality

Panamanian(s)

Languages Spoken

Spanish (official), and English are widely spoken. Many Panamanians are bilingual.

Education and Literacy

Education is free and compulsory for children ages 7 through 15. Fees may be charged for higher education. Nearly 91 percent of the population can read and write.

Labor Force

Total: 1.1 million (2000)

By occupation:

Agriculture	20.8%
Industry	18%
Services	61.2%

Note: shortage of skilled labor, but an oversupply of unskilled labor

Geography

Land Mass Total

30,193 sq mi (78,200 sq km)

Land

29,339 sq mi (75,990 sq km)

Water

853 sq mi (2,210 sq km)

Land Boundaries

Total: 344 mi (555 km)
Border countries: Colombia 139 mi (225 km), Costa Rica 205 mi (330 km)

Coastline

1,547 mi (2,490 km)

Maritime claim

Contiguous zone: 24 nm
Exclusive economic zone: 200 nm
Territorial sea: 12 nm

Climate/Weather

Tropical maritime; hot, humid, cloudy; prolonged rainy season (May to January), short dry season (January to May).

Terrain

Interior mostly steep, rugged mountains and dissected, upland plains; coastal areas largely plains and rolling hills

Elevation extremes

Lowest: Pacific Ocean 0 ft (0 m)
Highest: Volcan de Chiriqu í 11,400 ft (3,475 m)

Natural Resources

Copper, mahogany forests, shrimp, hydropower

Land use

Arable land	7%
Permanent crops	2%
Other	91%

(1998)

Natural hazards

Occasional severe storms and forest fires in the Darien area

Environment - current issues

Water pollution from agricultural runoff threatens fishery resources; deforestation of tropical rain forest; land degradation and soil erosion threatens siltation of Panama Canal; air pollution in urban areas; mining threatens natural resources.

Geography Note

Strategic location on eastern end of isthmus forming land bridge connecting North and South America; controls Panama Canal that links North Atlantic Ocean via Caribbean Sea with North Pacific Ocean.

Demographics

Population

2,882,329 (July 2002)

Age structure

0-14 years:	29.6%	Male: 433,494	Female: 418,120
15-64 years:	64.3%	Male: 939,550	Female: 914,646
65 years and over:	6.1%	Male: 84,130	Female: 92,389

(2002))

Growth Rate

1.26% (2002)

Life Expectancy

75.89 years (2002)
Female: 78.74 years
Male: 73.14 years

GDP Per Capita

Purchasing power parity
US$5,900 (2001)

Infant Mortality

19.57 deaths/1,000 live births (2002)

Sex ratio

At birth:	1.04 male(s)/female
Under 15 years:	1.04 male(s)/female
15-64 years:	1.03 male(s)/female
65 years and over:	0.91 male(s)/female
Total population:	1.02 male(s)/female

Net migration rate

-1.04 migrant(s)/1,000 population (2002)

Economy & Trade

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, the global slowdown, and the withdrawal of U.S. military forces held back economic growth in 2000-01. The government plans public works programs, tax reforms, and new regional trade agreements in order to stimulate growth. Tourism took a surge in 2002 and is expected to carry over into 2003. Government borrowing is at its lowest since 1997, and GDP growth is expected to top 2.8 percent in 2003. Although unemployment will exceed 13 percent in 2003 it is still descending at 0.5 percent points per year for the last four years. Panama's biggest problem is the downturn in the usage of the Canal Zone that followed the September 11th terrorist attacks in the U.S.

Unemployment

13% (2000)

Inflation Rate

1% (2000)

Industries

Construction, petroleum refining, brewing, cement and other construction materials, sugar milling.

Exports

US$5.9 billion (f.o.b., 2001)

Imports

US$6.7 billion (f.o.b., 2001)

Total Trade

Purchasing power parity
GDP US $16.9 billion (2001)

Top Export Partners

US 45.9%, Sweden 8.1%, Benelux 5.3%, Costa Rica 5.1% (2000)

Top Import Partners

US 33.1%, Ecuador 7.2%, Venezuela 6.6%, Japan 5.5% (2000)

Top Exports

Bananas, shrimp, sugar, coffee, clothing

Top Imports

Capital goods, crude oil, foodstuffs, consumer goods, chemicals

Debt - external

US$7.6 billion (2001)

Economic aid

US$197.1 million (1995)

Fiscal Year:

Calendar year

Business Workweek

	Monday - Friday	Saturday - Sunday
Offices	8a.m. to noon, 2p.m. to 5p.m. or 6p.m.	Saturday 9a.m. to noon.
Retail	9a.m. to 6p.m.	Saturday 9a.m. to 6p.m. Retail hours vary, but they are slightly shorter on the weekends. Many businesses are closed Sunday.
Banks	8a.m. to 1:30p.m.	Closed
Government	Office hours for government offices vary, and it is advisable to check prior to visiting any government office; however, many are open Monday to Friday 8:30a.m. to 4:30p.m.	Closed

Holidays

Official Holidays

Holidays	2003	2004	2005
New Year's Day	January 1	January 1	January 1
Dia de los Tres Reyes Magos	January 6	January 6	January 6
Martyr's Day	January 9	January 9	January 9
Carnival¹	March 3 and 4	February 23 and 24	February 5 to 8
Ash Wednesday²	March 5	February 25	February 9
Dia de los Maestros	March 11	March 11	March 11
Good Friday	April 18	April 9	March 25
Easter³	April 20	April 11	March 27
Labor Day	May 1	May1	May 1
Dia del Padre	June 16	June 16	June 16
Anniversary of the Founding of Panama City	August 15	August 15	August 15
Children's Day	November 1	November 1	November 1
All Souls' Day	November 2	November 2	November 2
Anniversary of Separation from Colombia	November 3	November 3	November 3
Flag Day	November 4	November 4	November 4
Colon Day (Colon only)	November 5	November 5	November 5
Anniversary of the First Call for Independence	November 10	November 10	November 10
Anniversary of Independence from Spain	November 28	November 28	November 28
Mother's Day	December 8	December 8	December 8
Christmas Eve	December 24	December 24	December 24
Christmas Day*¹	December 25	December 25	December 25
New Year's Eve	December 31	December 31	December 31

¹	Carnival takes place one week before the beginning of Lent. This is mainly a Catholic observance.
²	Ash Wednesday marks the beginning of Lent, the time of penance, reflection and fasting. Mainly observed in the Catholic church, Ash Wednesday occurs 40 days before Easter.
³	Easter, a Christian holiday celebrating the resurrection of Jesus Christ, is the first Sunday after the full moon and the vernal equinox (fixed in the Gregorian calendar at March 21), and often observed with Good Friday and Easter Monday. In the West, Easter is predicted using the Gregorian calendar, while Eastern Orthodox Christians use the much older Julian calendar, and celebrate 13 days later.
*¹	Christmas celebrates the birth of Jesus Christ. In A.D.320, Pope Julius I fixed the date at December 25 based on the Gregorian calendar. The Orthodox church calculates Christmas using the Julian calendar and celebrates 13 days later on January 7.

Country information used by permission of World Trade Press