Economy of Panama:
Geographic positioning of Panama, makes it depend on the service sector. The service sector comprises commerce, banking, tourism, insurance, international trade. The service sector in Panama accounts for 80% of the gross domestic product. Panama also has a black market economy, which is informal. The volume of income that is generated from the informal economy is estimated to be approximately USD$2 billion every year.About Panama trade:
Panama became associated with World Trade Organization in 1996. Panama banks mainly on foreign trade. After becoming a member of the WTO, Panama was allowed to export various commodities to other countries affiliated to the WTO. Consequently, the export was allowed at reduced costs. About Panama, it can be said that after the American soldiers receded, there was an increase in scarcity of jobs. Another factor, which affected the economy of Panama to a great extent was the sluggish nature of economy of the United States of America. The reason being that, America is the biggest trading partner of Panama.About Panama's macroeconomic indicators:
The gross domestic product (PPP) of Panama was USD$26.04 billion as per statistics obtained in 2006.In 2006, GDP real growth was 8.1%.
The main products of agriculture - corn, rice, vegetables, coffee, shrimp, bananas, livestock.
Industries in Panama comprise cement, petroleum refining, brewing, materials for construction, sugar milling.
