USEFUL INFORMATION Official name
República de Panamá. Population
3.45m -29.2% under 15 years old. Ethnic groups
Mestizo (mixed Indian and European ancestry) 70%, West Indian 14%, Caucasian 10%, Indian 6%.
Location
Approximately 9° North, 80° West, at the geographical divide between North and South America, bordering the Caribbean Sea to the north and the Pacific Ocean to the south.
Geography
Panama’s total land area is 75,517sq km. A mountain range with peaks over 2,500mtr forms the spine of this S-shaped country. Panama occupies the southeastern end of the isthmus forming the land bridge between North and South America. Lowlands make up over 85% of the territory, with tropical rain forests to be found near the Canal, along the Caribbean coast and in Darien province.
Terrain
Mountainous. Highest elevation: Volcano Baru 3,475mtr; Coastline 2,857km.
Climate
Tropical, with an average year-round daytime temperature of 27°C, in the mountains the average is 10-15°C. Humidity averages 70%. The rainy season lasts from May to December.
GDP in 2010
$26.77bn (current prices) $20.86bn (constant prices)
Inflation 2010 3.5% Q1, 11: 4.8%
Annual growth rate 2010 7.5%
Natural resources Timber, seafood, tourism.
Foreign trade (excludes Colón Free Zone) 2010 Exports of goods (FOB): $725.1m (-11.7% vs 2009) fish products and agricultural products, clothing. Imports (CIF): $8.27bn (+16.8% vs 2009) consumer goods: $4.04bn; intermediary goods: $2.22bn; capital goods: $1.99bn.
Colon Free Zone trade Turn over: $21.62bn Imports: $10.23bn (+23.8% vs 2009) China (+21.9%), Singapore (+21.8%), Taiwan (+10.1), Hong Kong (+10%), US (+8.1%) Re-exports: $11.39bn - Colombia (+35%)
Panama Register
8,029 vessels exceeding 500gt, totaling 202.1m gt and an average fleet age of 16
years as of December 2010, according to Lloyd’s Register.
Services
78% of GDP: Trade, finance, insurance, maritime services including the Panama Canal, ports and related services.
Agriculture and industry
Primary sector (8.7% of GDP): includes agriculture 4.7%, fishing 3% and mining 1%. Products: bananas and other fruits, corn, sugar, ice, coffee, shrimp, timber, vegetables and cattle. Secondary sector industry: food and drink processing 8.4% and infrastructure 32.6% of GDP of which; real estate 16.5% and Colon Free Zone 7.4%, financing 8.4%. Government services 16.2% of GDP.
Land
Agricultural 24%, exploitable forest 20%, other 56%.
Government
Panama is a democratic republic with elections held every five years. It is composed of three governing branches; Executive, Legislative and Judicial. Panama is divided into nine Provinces and four Comarcas or Indian territories. These are divided into 67 districts. Ricardo Martinelli, from the Cambio Democratico (Democratic Change, CD) party was elected May 3, 2009 and was sworn in for a five-year term at a ceremony July 1, 2009.
Government branches Executive: President (head of state), two Vice Presidents. Legislative: Legislative Assembly (71 members). Judicial: Supreme Court: The president proposes judges for the Supreme Court; they are approved by the Legislative Assembly and sit for terms of 10 years; a system of appeal originates in courts of first instance, rising to the Supreme Court at the apex Subdivisions: Nine provinces and four (Indian) territories or Comarcas.
Religions
Roman Catholic 85%, Protestant 15%. Languages
Spanish (official); various indigenous native languages.
Education
Compulsory over 6 years of age. Including universities and smaller colleges, there are 14 institutions of higher education in Panama attended by 90,000 students.
Literacy Approx. 93% overall (urban 94%, rural 64%). Moveable dates Carnival Tuesday, Easter Friday
Workforce
1,200,000: Government & community services 250,000, private sector 500,000, others 350,000.
GDP per capita 2010 $5,953 (constant prices) +5.8%/2009
Unemployment
6.2% (2010) – 5.2% (Q1, 2011) Major cities
Panama City: 1,500,000 (estimated), Colón: 160,000, David: 130,000.
Time zone
Panama is on Eastern Standard Time all year (GMT -5hrs).
Electricity and telecommunications The national power supply is 110v, 60hz. Panama has an excellent and modern telephone service with international direct- dial facilities. Country code is 507.
Currency and local taxes
The US dollar has been legal tender in Panama since 1904. The Balboa, the Panamanian currency unit, trades at parity with the dollar although the Balboa only exists in forms of coins. Prices may be quoted as Balboas (B/.) or dollars ($). All major credit cards are widely accepted. VAT on services and restaurants is 10% as well as hotel taxes. There is a US$20 tax payable on departure from Panama City’s Tocumen International Airport.
Banking
Some 93 national and international banks have branches in Panama, 44 of them with general licence. Opening hours vary but most are: Mon to Fri from 8am to 1pm/3pm. Most banks are also open on Saturday morning.
Colón Free Zone
Some 2,100 international and national companies and 20 foreign and national banks are established in the Colón duty free zone.
Measures Metric system. Source
Comptroller-general’s office: Annual report ’10. Public holidays
January 1: New Year’s Day January 9: Martyrs’ Day May1: Workers’ Day
November 3: Independence from Colombia Day November 10: First Cry of Independence Day November 28: Independence from Spain Day December 8: Mothers Day December 25: Christmas Day
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