Economic+Structure+of+Panama

Economic Structure of Panama  One interesting fact about Panama's economy is that it relies heavily on the service sector, which makes up 80% of the total GDP. These services include operating the Panama Canal (see video below), banking, the Colon Free Zone, insurance, container ports, and tourism. In 2007, an expansion project began on the Panama Canal to double its capacity allowing larger ships to use the canal. This project will cost $5.3 billion and is scheduled to be completed by 2014. This project is expected to help the economy of Panama grow over time and help alleviate unemployment. media type="youtube" key="Iz2rb1xrckI" height="385" width="480" Fast Facts on Panama's Economy
 * Geography || History || Culture || Political System || Economic Structure || Activities ||


 * Both the Balboa (PAB) and the U.S. Dollar are accepted for currency in Panama. The conversion rate between the dollar and the bolboa is 1-to-1.
 * The GPD of Panama (Purchasing Power Parity) was $40.32 billion in 2009.
 * The average income for Panamanians during 2009 was $11, 900.
 * About 30% of Panama's population lives in poverty
 * The unemployment rate is just over 7%.
 * Panama's major exports include bananas, shrimp, sugar, coffee, and clothing.
 * Panama's major imports include capital goods, foodstuffs, consumer goods, and chemicals.
 * Agricultural production in Panama consists of bananas, corn, rice, sugarcane, coffee, vegetables, livestock, and shrimp
 * The industries in Panama include construction, brewing, cement and other construction materials, and sugar milling.
 * The top users of the Panama Canal are the United States and China.
 * Though Panama has seen strong economic performance, this income is not evenly distributed among Panamanians. As a result, Panama has the second worst income distribution in Latin America.