- Economic facts
Population:
2.9 million
Surface area:
75,520 sq. km
Popualtion per sq. km:
38,4
Population growth:
1.5%
Life expectancy:
74.9 years
GNI per capita:
US$ 4,020
GDP:
US$ 12.3 billion
(Source: World Development Indicators 2004, World Bank)
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Economy
Panama's economy is based primarily on a well-developed services sector that accounts for nearly 80% of GDP. Services include the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, medical and health, and other business.
GDP growth for 2004 was approximately 6.2% compared to 4.3% in 2003. Though Panama has the highest GDP per capita in Central America, about 40% of its population lives in poverty.
Panama has bilateral free trade agreements with El Salvador and Taiwan. Panama is continuing free trade negotiations with the four remaining Central American countries and Mexico, although many of these are on hold. Panama is also negotiating bilateral free trade agreements with the United States and Singapore. From March 2001 to February 2003, Panama served as host for the Free Trade Area of the Americas negotiations.
(Source: US State Dept)
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