Introduction
Background
Explored and settled by the Spanish in the 16th century, Panama broke with Spain in 1821 and joined a union of Colombia, Ecuador, and Venezuela that was named the Republic of Gran Colombia. When the union dissolved in 1830, Panama remained part of Colombia. With US backing, Panama seceded from Colombia in 1903 and promptly signed a treaty with the US allowing for the construction of a canal.
Geography
Area
total: 75,420 sq km
land: 74,340 sq km
water: 1,080 sq km
Climate
tropical maritime; hot, humid, cloudy; prolonged rainy season (May to January), short dry season (January to May)
Natural resources
copper, mahogany forests, shrimp, hydropower
People and Society
Population
total: 4,470,241
male: 2,251,257
female: 2,218,984 (2024 est.)
Ethnic groups
Mestizo (mixed Indigenous and White) 65%, Indigenous 12.3% (Ngabe 7.6%, Kuna 2.4%, Embera 0.9%, Bugle 0.8%, other 0.4%, unspecified 0.2%), Black or African descent 9.2%, Mulatto 6.8%, White 6.7% (2010 est.)
Languages
Spanish (official), indigenous languages (including Ngabere (or Guaymi), Buglere, Kuna, Embera, Wounaan, Naso (or Teribe), and Bri Bri), Panamanian English Creole (similar to Jamaican English Creole; a mixture of English and Spanish with elements of Ngabere; also known as Guari Guari and Colon Creole), English, Chinese (Yue and Hakka), Arabic, French Creole, other (Yiddish, Hebrew, Korean, Japanese); note - many Panamanians are bilingual
Religions
Evangelical 55%, Roman Catholic 33.4%, none 10.1%, unspecified 1.5% (2023 est.)
Population growth rate
1.48% (2024 est.)
Government
Government type
presidential republic
Capital
name: Panama City
Executive branch
chief of state: President Laurentino "Nito" CORTIZO Cohen (since 1 July 2019); Vice President Jose Gabriel CARRIZO Jaen (since 1 July 2019); note - the president is both chief of state and head of government
head of government: President Laurentino "Nito" CORTIZO Cohen (since 1 July 2019); Vice President Jose Gabriel CARRIZO Jaen (since 1 July 2019)
Legislative branch
description: unicameral National Assembly or Asamblea Nacional (71 seats; 45 members directly elected in multi-seat constituencies - populous towns and cities - by open list proportional representation vote and 26 directly elected in single-seat constituencies - outlying rural districts - by simple majority vote; members serve 5-year terms)
Economy
Economic overview
upper middle-income Central American economy; increasing Chinese trade; US dollar user; canal expansion fueling broader infrastructure investment; services sector dominates economy; historic money-laundering and illegal drug hub
Real GDP (purchasing power parity)
$146.658 billion (2022 est.)
$132.352 billion (2021 est.)
$114.258 billion (2020 est.)
Real GDP per capita
$33,300 (2022 est.)
$30,400 (2021 est.)
$26,600 (2020 est.)
Agricultural products
sugarcane, bananas, rice, oranges, oil palm fruit, plantains, chicken, milk, pineapples, maize (2022)
Industries
construction, brewing, cement and other construction materials, sugar milling
Exports
$36.145 billion (2022 est.)
$27.338 billion (2021 est.)
$19.792 billion (2020 est.)
Exports - partners
China 17%, Japan 12%, South Korea 8%, US 5%, Spain 5% (2022)
Exports - commodities
copper ore, ships, fish, bananas, refined petroleum (2022)
Imports
$35.692 billion (2022 est.)
$24.424 billion (2021 est.)
$17.614 billion (2020 est.)
Imports - partners
China 20%, US 20%, Guyana 11%, Colombia 11%, Ecuador 9% (2022)
Imports - commodities
crude petroleum, refined petroleum, ships, garments, packaged medicine (2022)
Exchange rates
balboas (PAB) per US dollar -
Exchange rates:
1 (2022 est.)
1 (2021 est.)
1 (2020 est.)
1 (2019 est.)
1 (2018 est.)
Page last updated: Wednesday, May 22, 2024
