What is the economy like in Panama?
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.
Panama City
Panama City is a hub in every sense of the word. Located in the Gulf of Panama along the Pacific Coast, Panama City sits in the heart of the country and serves as the main artery through which the rest of Panama receives its visitors, commerce, and culture.
Gatun Locks Panama Canal
The Gatún Locks are set along the Caribbean side of Panama to the west of Colón. These massive locks are the largest in the Panama Canal. As you watch ships pass through the locks’ chambers, it’s easy to understand why the Panama Canal is one of the seven man-made wonders of the world.
