The economy of Panama banks mainly on the service sector. The service sector includes operations related to international trade, tourism, banking, insurance, transportation of goods across the Panama Canal. The service sector accounts ¾ of the gross domestic product .
Growth in the economy of Panama can be attributed to the Panama Canal. After democracy was restored in the year 1991, several reforms took place in the political as well as the economic set up of Panama. These reforms influenced the economy of Panama to a great extent.
Panama's macroeconomic indicators:
The main industries in Panama are brewing, paper, paper products, furniture, clothing, cement production, construction, refining petroleum, sugar milling.
Agricultural products of Panama:
The agricultural products of Panama include shrimp, vegetables, corn, rice, sugarcane, bananas, livestock, coffee.
Panama trade:
Export:
The main products of export comprise coffee, clothing, sugar, bananas, shrimp.
The countries to which these products are exported include Spain, United States of America, Sweden, Costa Rica, Netherlands.
Import:
Panama imports the following products:
Food products, chemicals, consumer goods, capital goods.
The countries from where the goods are imported include Japan, Netherlands, Costa Rica, United States of America.
Panama's Gross domestic product or GDP:
In 2006, the gross domestic product PPP was USD$25.29 billion.
In 2006, GDP- the official exchange rate was USD$16.2 billion.
The gross domestic product -real growth rate was 6.3% in the year 2006.
The gross domestic product -per capita was USD$7,900 in 2006.
Rate of unemployment in 2006 was 8.8%.
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