(CBS)
Explored and settled by the Spanish in the 16th century, Panama broke with Spain in 1821 and joined a union of Colombia, Ecuador, and Venezuela - named the Republic of Gran Colombia. When the latter dissolved in 1830, Panama remained part of Colombia.
With US backing, Panama seceded from Colombia in 1903 and promptly signed a treaty with the US allowing for the construction of a canal and US sovereignty over a strip of land on either side of the structure (the Panama Canal Zone).
The Panama Canal was built by the US Army Corps of Engineers between 1904 and 1914. In 1977, an agreement was signed for the complete transfer of the Canal from the US to Panama by the end of the century. Certain portions of the Zone and increasing responsibility over the Canal were turned over in the subsequent decades. With US help, dictator Manuel NORIEGA was deposed in 1989.
The entire Panama Canal, the area supporting the Canal, and remaining US military bases were transferred to Panama by the end of 1999. In October 2006, Panamanians approved an ambitious plan to expand the Canal.
The project, which began in 2007 and could double the Canal's capacity, is expected to be completed in 2014-15.
Source: CIA World Fact Book
(AP)
3,360,474 (July 2009 est.)
country comparison to the world: 135
Age structure: 0-14 years: 29.3% (male 501,950/female 481,750)
15-64 years: 63.9% (male 1,085,435/female 1,061,530)
65 years and over: 6.8% (male 106,934/female 122,875) (2009 est.)
Median age: total: 27 years
male: 26.6 years
female: 27.3 years (2009 est.)
Population growth rate: 1.503% (2009 est.)
country comparison to the world: 87
Birth rate: 20.18 births/1,000 population (2009 est.)
country comparison to the world: 96
Death rate: 4.71 deaths/1,000 population (2008 est.)
country comparison to the world: 196
Net migration rate: -0.49 migrant(s)/1,000 population (2009 est.)
country comparison to the world: 112
Urbanization: urban population: 73% of total population (2008)
rate of urbanization: 2.7% annual rate of change (2005-10 est.)
Sex ratio: at birth: 1.04 male(s)/female
under 15 years: 1.04 male(s)/female
15-64 years: 1.02 male(s)/female
65 years and over: 0.87 male(s)/female
total population: 1.02 male(s)/female (2009 est.)
Infant mortality rate: total: 12.67 deaths/1,000 live births
country comparison to the world: 139 male: 13.53 deaths/1,000 live births
female: 11.77 deaths/1,000 live births (2009 est.)
Life expectancy at birth: total population: 77.25 years
country comparison to the world: 59 male: 74.47 years
female: 80.16 years (2009 est.)
Total fertility rate: 2.53 children born/woman (2009 est.)
country comparison to the world: 92
HIV/AIDS - adult prevalence rate: 1% (2007 est.)
country comparison to the world: 53
HIV/AIDS - people living with HIV/AIDS: 20,000 (2007 est.)
country comparison to the world: 80
HIV/AIDS - deaths: fewer than 1,000 (2007 est.)
country comparison to the world: 77
Major infectious diseases: degree of risk: intermediate
food or waterborne diseases: bacterial diarrhea
vectorborne disease: dengue fever and malaria (2009)
Nationality: noun: Panamanian(s)
adjective: Panamanian
Ethnic groups: mestizo (mixed Amerindian and white) 70%, Amerindian and mixed (West Indian) 14%, white 10%, Amerindian 6%
Religions: Roman Catholic 85%, Protestant 15%
Languages: Spanish (official), English 14%; note - many Panamanians bilingual
Literacy: definition: age 15 and over can read and write
total population: 91.9%
male: 92.5%
female: 91.2% (2000 census)
School life expectancy (primary to tertiary education): total: 13 years
male: 13 years
female: 14 years (2006)
Education expenditures: 3.8% of GDP (2004)
country comparison to the world: 114
(AP)
Panama's dollarized economy rests primarily on a well-developed services sector that accounts for 80% 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 is scheduled to be completed by 2014 at a cost of $5.3 billion - about 25% 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. Strong economic performance has reduced the national poverty level to 29% in 2008; however, Panama has the second most unequal income distribution in Latin America. 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): $38.49 billion (2008 est.)
country comparison to the world: 98 $35.54 billion (2007)
$31.96 billion (2006)
note: data are in 2008 US dollars
GDP (official exchange rate): $23.42 billion (2008 est.)
GDP - real growth rate: 8.3% (2008)
country comparison to the world: 17 11.2% (2007 est.)
8.7% (2006 est.)
GDP - per capita (PPP): $11,600 (2008 est.)
country comparison to the world: 95 $10,900 (2007 est.)
$10,000 (2006 est.)
note: data are in 2008 US dollars
GDP - composition by sector: agriculture: 6.2%
industry: 16.1%
services: 77.6% (2008 est.)
Labor force: 1.392 million
country comparison to the world: 124 note: shortage of skilled labor, but an oversupply of unskilled labor (2008 est.)
Labor force - by occupation: agriculture: 15%
industry: 18%
services: 67% (2006)
Unemployment rate: 6.3% (2008 est.)
country comparison to the world: 76
Household income or consumption by percentage share: lowest 10%: 0.7%
highest 10%: 43% (2003)
Distribution of family income - Gini index: 56.1 (2003)
country comparison to the world: 12
Investment (gross fixed): 24.9% of GDP (2008 est.)
country comparison to the world: 52
Budget: revenues: $6.09 billion
expenditures: $6 billion (2008 est.)
Public debt: 46.4% of GDP (2008 est.)
country comparison to the world: 42
Inflation rate (consumer prices): 10.6% (2008 est.)
country comparison to the world: 156
Commercial bank prime lending rate: 8.25% (31 December 2007)
country comparison to the world: 113
Stock of money: $3.054 billion (31 December 2007)
country comparison to the world: 82
Stock of quasi money: $14.26 billion (31 December 2007)
country comparison to the world: 58
Stock of domestic credit: $17.4 billion (31 December 2007)
country comparison to the world: 74
Market value of publicly traded shares: $6.219 billion (31 December 2007)
country comparison to the world: 80
Agriculture - products: bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp
Industries: construction, brewing, cement and other construction materials, sugar milling
Industrial production growth rate: 6.6% (2008 est.)
country comparison to the world: 36
Electricity - production: 5.805 billion kWh (2006 est.)
country comparison to the world: 105
Electricity - consumption: 4.768 billion kWh (2006 est.)
country comparison to the world: 108
Electricity - exports: 124.9 million kWh (2007 est.)
Electricity - imports: 8.74 million kWh (2007 est.)
Oil - production: 0 bbl/day (2007 est.)
country comparison to the world: 121
Oil - consumption: 92,790 bbl/day (2006 est.)
country comparison to the world: 77
Oil - exports: 4,447 bbl/day (2005)
country comparison to the world: 104
Oil - imports: 88,790 bbl/day (2005)
country comparison to the world: 69
Oil - proved reserves: 0 bbl (1 January 2006 est.)
country comparison to the world: 139
Natural gas - production: 0 cu m (2007 est.)
country comparison to the world: 150
Natural gas - consumption: 0 cu m (2007 est.)
country comparison to the world: 143
Natural gas - exports: 0 cu m (2007 est.)
country comparison to the world: 138
Natural gas - imports: 0 cu m (2007 est.)
country comparison to the world: 129
Natural gas - proved reserves: 0 cu m (1 January 2006 est.)
country comparison to the world: 145
Current account balance: -$2.536 billion (2008 est.)
country comparison to the world: 149
Exports: $10.37 billion f.o.b.; note - includes the Colon Free Zone (2008 est.)
country comparison to the world: 84
Exports - commodities: bananas, shrimp, sugar, coffee, clothing
Exports - partners: US 35.6%, Netherlands 10.2%, China 6%, Sweden 5.5%, UK 5.4%, Costa Rica 5.1%, Spain 5% (2007)
Imports: $15.18 billion f.o.b.
country comparison to the world: 84 note: includes the Colon Free Zone (2008 est.)
Imports - commodities: capital goods, foodstuffs, consumer goods, chemicals
Imports - partners: US 32.8%, Netherlands Antilles 7.6%, China 5.6%, Japan 5.1%, Costa Rica 5.1%, South Korea 4.1% (2007)
Reserves of foreign exchange and gold: $1.655 billion (31 December 2008 est.)
country comparison to the world: 118
Debt - external: $10.89 billion (31 December 2008 est.)
country comparison to the world: 80
Stock of direct foreign investment - at home: $NA
Stock of direct foreign investment - abroad: $NA
Exchange rates: balboas (PAB) per US dollar - 1 (2008 est.), 1 (2007), 1 (2006), 1 (2005), 1 (2004)
note: the US dollar is the legal currency
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