View Intelligence Dossier Back to 1998 CSV Excel Print All Years

Economy

Agricultural products (Agriculture-products) [time series]

bananas, rice, corn, coffee, sugarcane, vegetables; livestock; fishing (shrimp)

Budget [time series]

revenues: $2.4 billion expenditures: $2.4 billion, including capital expenditures of $341 million (1997 est.)

Exchange rates (Currency) [time series]

1 balboa (B) = 100 centesimos

Debt - external (Debt-external) [time series]

$7.26 billion (1996 est.)

Economic aid [time series]

recipient: NA

Economic overview (Economy-overview) [time series]

Because of its key geographic location, Panama's economy is service-based, heavily weighted toward banking, commerce, and tourism. Since taking office in 1994, President PEREZ BALLADARES has advanced an economic reform program designed to liberalize the trade regime, attract foreign investment, privatize state-owned enterprises, institute fiscal reform, and encourage job creation through labor code reform. The government privatized its two remaining ports along the Panama Canal in 1997 and approved the sale of the railroad in early 1998. It also plans to sell other assets, including the electric company. Panama joined the World Trade Organization (WTrO) and approved a tariff reduction that will give the country the lowest average tariff rates in Latin America. A banking reform law was approved by the legislature in early 1998 and will take effect in June. After two years of near stagnation, the reforms are beginning to take root; GDP grew by 3.6% in 1997 and is expected to grow by more than 5% in 1998. The most important sectors driving growth have been the Panama Canal and the shipping and port activities. The Colon Free Zone also rebounded from a slow year in 1996.

Electricity - capacity (Electricity-capacity) [time series]

957 million kW (1995)

Electricity - consumption per capita (Electricity-consumption per capita) [time series]

1,355 kWh (1995)

Electricity - production (Electricity-production) [time series]

3.6 billion kWh (1995)

Exchange rates [time series]

balboas (B) per US$1-1.000 (fixed rate)

Exports [time series]

total value: $592 million (f.o.b., 1997 est.) commodities: bananas 43%, shrimp 11%, sugar 4%, clothing 5%, coffee 2% partners: US 37%, EU, Central America and Caribbean

Fiscal year [time series]

calendar year Communications

Real GDP (purchasing power parity) (GDP) [time series]

purchasing power parity-$18 billion (1997 est.)

GDP - composition, by sector of origin (GDP-composition by sector) [time series]

agriculture: 8% industry: 18% services: 74% (1997 est.)

Real GDP per capita (GDP-per capita) [time series]

purchasing power parity-$6,700 (1997 est.)

Real GDP growth rate (GDP-real growth rate) [time series]

3.6% (1997 est.)

Imports [time series]

total value: $2.95 billion (c.i.f., 1997 est.) commodities: capital goods 21%, crude oil 11%, foodstuffs 9%, consumer goods, chemicals partners: US 48%, EU, Central America and Caribbean, Japan

Industrial production growth rate [time series]

0.4% (1995 est.)

Industries [time series]

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

Inflation rate (consumer prices) (Inflation rate-consumer price index) [time series]

1.2% (1997)

Labor force [time series]

total: 1.044 million (1997 est.) by occupation: government and community services 31.8%, agriculture, hunting, and fishing 26.8%, commerce, restaurants, and hotels 16.4%, manufacturing and mining 9.4%, construction 3.2%, transportation and communications 6.2%, finance, insurance, and real estate 4.3% note: shortage of skilled labor, but an oversupply of unskilled labor

Broadcast media (Radio broadcast stations) [time series]

AM 91, FM 0, shortwave 0

Radios [time series]

564,000 (1992 est.)

Telecommunication systems (Telephone system) [time series]

domestic and international facilities well developed domestic: NA international: 1 coaxial submarine cable; satellite earth stations-2 Intelsat (Atlantic Ocean); connected to the Central American Microwave System

Telephones - fixed lines (Telephones) [time series]

273,000 (1991 est.)

Broadcast media (Television broadcast stations) [time series]

Televisions [time series]

420,000 (1992 est.)

Unemployment rate [time series]

13.1% (1997 est.)

Geography

Area [time series]

total: 78,200 sq km land: 75,990 sq km water: 2,210 sq km

Area - comparative (Area-comparative) [time series]

slightly smaller than South Carolina

Climate [time series]

tropical; hot, humid, cloudy; prolonged rainy season (May to January), short dry season (January to May)

Coastline [time series]

2,490 km

Elevation (Elevation extremes) [time series]

lowest point: Pacific Ocean 0 m highest point: Volcan de Chiriqui 3,475 m

Environment - current issues (Environment-current issues) [time series]

water pollution from agricultural runoff threatens fishery resources; deforestation of tropical rain forest; land degradation

International environmental agreements (Environment-international agreements) [time series]

party to: Biodiversity, Climate Change, Desertification, Endangered Species, Hazardous Wastes, Law of the Sea, Marine Dumping, Nuclear Test Ban, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands signed, but not ratified: Marine Life Conservation

Geographic coordinates [time series]

9 00 N, 80 00 W

Geography - note (Geography-note) [time series]

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

Irrigated land [time series]

320 sq km (1993 est.)

Land boundaries [time series]

total: 555 km border countries: Colombia 225 km, Costa Rica 330 km

Land use [time series]

arable land: 7% permanent crops: 2% permanent pastures: 20% forests and woodland: 44% other: 27% (1993 est.)

Location [time series]

Middle America, bordering both the Caribbean Sea and the North Pacific Ocean, between Colombia and Costa Rica

Map references [time series]

Central America and the Caribbean

Maritime claims [time series]

territorial sea: 200 nm

Natural hazards [time series]

Natural resources [time series]

copper, mahogany forests, shrimp

Terrain [time series]

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

Government

Administrative divisions [time series]

9 provinces (provincias, singular-provincia) and 2 territories* (comarca); Bocas del Toro, Chiriqui, Cocle, Colon, Darien, Herrera, Los Santos, Panama, San Blas*, Veraguas, and a new, as yet unnamed territory* or 'comarca' created 7 March 1997 when President PEREZ BALLADARES signed a bill designating a reserve stretched across three provinces

Constitution [time series]

11 October 1972; major reforms adopted April 1983

Country name [time series]

conventional long form: Republic of Panama conventional short form: Panama local long form: Republica de Panama local short form: Panama

Data code [time series]

Diplomatic representation from the US [time series]

chief of mission: Ambassador William John HUGHES embassy: Avenida Balboa and Calle 38, Apartado 6959, Panama City 5 mailing address: American Embassy Panama, Unit 0945, APO AA 34002 telephone: [507] 227-1777

Diplomatic representation in the US [time series]

chief of mission: Ambassador Eloy ALFARO de Alba chancery: 2862 McGill Terrace NW, Washington, DC 20008 telephone: [1] (202) 483-1407 consulate(s) general: Atlanta, Houston, Miami, New Orleans, New York, Philadelphia, San Francisco, San Juan (Puerto Rico), Tampa

Executive branch [time series]

chief of state: President Ernesto PEREZ BALLADARES Gonzalez Revilla (since 1 September 1994); First Vice President Tomas Gabriel ALTAMIRANO DUQUE (since 1 September 1994); Second Vice President Felipe Alejandro VIRZI Lopez (since 1 September 1994); note-the president is both the chief of state and head of government head of government: President Ernesto PEREZ BALLADARES Gonzalez Revilla (since 1 September 1994); First Vice President Tomas Gabriel ALTAMIRANO DUQUE (since 1 September 1994); Second Vice President Felipe Alejandro VIRZI Lopez (since 1 September 1994); note-the president is both the chief of state and head of government cabinet: Cabinet appointed by the president elections: president and vice presidents elected on the same ticket by popular vote for five-year terms; election last held 8 May 1994 (next to be held 2 May 1999) election results: Ernesto PEREZ BALLADARES elected president; percent of vote-Ernesto PEREZ BALLADARES (PRD) 33%, Mireya MOSCOSO DE GRUBER (PA) 29%, Ruben BLADES (MPE) 17%, Ruben Dario CARLES (MOLIRENA) 16%

Diplomatic representation in the US (FAX) [time series]

[507] 227-1964

Flag (Flag description) [time series]

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

Government type [time series]

constitutional republic

Independence [time series]

3 November 1903 (from Colombia; became independent from Spain 28 November 1821)

International organization participation [time series]

AG (associate), CACM, CCC, ECLAC, FAO, G-77, IADB, IAEA, IBRD, ICAO, ICFTU, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, Inmarsat, Intelsat, Interpol, IOC, IOM, ISO, ITU, LAES, LAIA (observer), NAM, OAS, OPANAL, PCA, RG, UN, UNCTAD, UNESCO, UNIDO, UPU, WCL, WFTU, WHO, WIPO, WMO, WToO, WTrO

Judicial branch [time series]

Supreme Court of Justice (Corte Suprema de Justicia), nine judges appointed for 10-year terms; five superior courts; three courts of appeal

Legal system [time series]

based on civil law system; judicial review of legislative acts in the Supreme Court of Justice; accepts compulsory ICJ jurisdiction, with reservations

Legislative branch [time series]

unicameral Legislative Assembly or Asamblea Legislativa (72 seats; members are elected by popular vote to serve five-year terms) elections: last held 8 May 1994 (next to be held 2 May 1999) election results: percent of vote by party-NA; seats by party-PRD 32, PS 4, PALA 1, PA 14, MPE 6, MOLIRENA 4, PLA 3, PRC 3, PLN 2, PDC 1, UDI 1, MORENA 1 note: legislators from outlying rural districts are chosen on a plurality basis while districts located in more populous towns and cities elect multiple legislators by means of a proportion-based formula

Capital (National capital) [time series]

Panama

National holiday [time series]

Independence Day, 3 November (1903)

Political parties (Political parties and leaders) [time series]

governing coalition: Democratic Revolutionary Party (PRD), Gerardo GONZALEZ; National Liberal Party (PLN), Raul ARANGO, founder; Popular Nationalist Party, Jorge FLORES other parties: Solidarity Party (PS), Samuel LEWIS GALINDO; Nationalist Republican Liberal Movement (MOLIRENA), Guillermo FORD; Arnulfista Party (PA), Mireya MOSCOSO DE GRUBER; Christian Democratic Party (PDC), Ruben AROSEMENA; Papa Egoro Movement (MPE), Ruben BLADES; Civic Renewal Party (PRC), Carlos ABADIA; National Renovation Movement (MORENA), Pedro VALLARINO; Authentic Liberal Party (PLA); Labor Party (PALA); Independent Democratic Union (UDI)

Political parties (Political pressure groups and leaders) [time series]

National Council of Organized Workers (CONATO); National Council of Private Enterprise (CONEP); Panamanian Association of Business Executives (APEDE); National Civic Crusade; Chamber of Commerce; Panamanian Industrialists Society (SIP); Workers Confederation of the Republic of Panama (CTRP)

Suffrage [time series]

18 years of age; universal and compulsory

Military

Military and security forces (Military branches) [time series]

an amendment to the Constitution abolished the armed forces, but there are security forces (Panamanian Public Forces or PPF includes the National Police, National Maritime Service, and National Air Service)

Military expenditures - dollar figure (Military expenditures-dollar figure) [time series]

$78 million (1995); note-for police and security forces

Military expenditures (Military expenditures-percent of GDP) [time series]

NA%

Military manpower - availability (Military manpower-availability) [time series]

males age 15-49: 733,019 (1998 est.)

Military manpower - fit for military service (Military manpower-fit for military service) [time series]

males: 502,731 (1998 est.)

People

Age structure [time series]

0-14 years: 32% (male 446,001; female 428,532) 15-64 years: 62% (male 864,382; female 841,870) 65 years and over: 6% (male 74,529; female 80,629) (July 1998 est.)

Birth rate [time series]

21.99 births/1,000 population (1998 est.)

Death rate [time series]

5.14 deaths/1,000 population (1998 est.)

Ethnic groups [time series]

mestizo (mixed Amerindian and white) 70%, Amerindian and mixed (West Indian) 14%, white 10%, Amerindian 6%

Infant mortality rate [time series]

24 deaths/1,000 live births (1998 est.)

Languages [time series]

Spanish (official), English 14% note: many Panamanians bilingual

Life expectancy at birth [time series]

total population: 74.47 years male: 71.73 years female: 77.31 years (1998 est.)

Literacy [time series]

definition: age 15 and over can read and write total population: 90.8% male: 91.4% female: 90.2% (1995 est.)

Nationality [time series]

noun: Panamanian(s) adjective: Panamanian

Net migration rate [time series]

-1.28 migrant(s)/1,000 population (1998 est.)

Population [time series]

2,735,943 (July 1998 est.)

Population growth rate [time series]

1.56% (1998 est.)

Religions [time series]

Roman Catholic 85%, Protestant 15%

Sex ratio [time series]

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: 0.92 male(s)/female (1998 est.)

Total fertility rate [time series]

2.57 children born/woman (1998 est.)

Transnational Issues

Disputes - international (Disputes-international) [time series]

none

Illicit drugs [time series]

major cocaine transshipment point and major drug money-laundering center; no recent signs of coca cultivation; monitoring of financial transactions is improving PAPUA NEW GUINEA

Transportation

Airports [time series]

109 (1997 est.)

Airports - with paved runways (Airports-with paved runways) [time series]

total: 40 over 3,047 m: 1 2,438 to 3,047 m: 1 1,524 to 2,437 m: 5 914 to 1,523 m: 14 under 914 m: 19 (1997 est.)

Airports - with unpaved runways (Airports-with unpaved runways) [time series]

total: 69 914 to 1,523 m: 17 under 914 m: 52 (1997 est.)

Roadways (Highways) [time series]

total: 11,100 km paved: 3,730 km (including 30 km of expressways) unpaved: 7,370 km (1996 est.)

Merchant marine [time series]

total: 4,350 ships (1,000 GRT or over) totaling 89,622,112 GRT/137,529,188 DWT ships by type: bulk 1,240, cargo 1,033, chemical tanker 195, combination bulk 67, combination ore/oil 19, container 426, liquefied gas tanker 175, livestock carrier 9, multifunction large-load carrier 5, oil tanker 524, passenger 40, passenger-cargo 6, railcar carrier 1, refrigerated cargo 296, roll-on/roll-off cargo 101, short-sea passenger 40, specialized tanker 15, vehicle carrier 158 note: a flag of convenience registry; includes ships from 76 countries among which are Japan 1,236, Greece 418, Hong Kong 273, South Korea 247, Taiwan 227, China 185, Singapore 119, US 112, Switzerland 85, and Indonesia 60 (1997 est.)

Pipelines [time series]

crude oil 130 km

Ports (Ports and harbors) [time series]

Balboa, Cristobal, Coco Solo, Vacamonte, Manzanillo

Railways [time series]

total: 355 km broad gauge: 76 km 1.524-m gauge narrow gauge: 279 km 0.914-m gauge

Waterways [time series]

800 km navigable by shallow draft vessels; 82 km Panama Canal