What is the economy like?


Panama’s economy is primarily based upon the services sector, which accounts for some three-quarters of the GDP. These services include the operation of the Panama Canal, the Colón Free Trade Zone, banking, insurance, container ports, and tourism. Construction is a huge part of the economy as well, including two massive projects – an expansion of the Panama Canal and a metro system in Panama City – that are on track to be finished in 2014. Panama’s economy has grown steadily over the past several years, averaging between 7 and 10 percent.