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PANAMA Tenders




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Capital Panama City
ISO 3166 Code PA
Population 3,713,312
Area, Sq KM 78,201
Currency United States Dollar, Panamanian balboa
Official Language Spanish
GDP, Billion USD 42,648
GDP Growth Rate, % 6.6
Inflation, Avg CP, % Chng N/A
Interest Rates, % N/A
Unemployement Rate, % 4.5
Exchange Rate, 1 USD Equals 1.0
International dial code 507
Time Zone GMT-05:00
Internet TLD .pa

Panama is a country which is located in Central America and is situated between North and South America. The country is bordered by Costa Rica on its west, Caribbean on the north, Colombia on the southeast and the Pacific Ocean to the south. The capital of the country is Panama City which is also its largest city and is home to almost half of the population of this country. The total population of the country is recorded to be at 3.6 million people. During the 16th century, the settlement of the Spanish was established and this country was inhabited by various indigenous tribes after. In the year 1831, Gran Colombia dissolved which lead to amalgamation of Panama and Nueva Granada which eventually became the Republic of Colombia. When United States backed up, in 1903, Panama seceded from Colombia which allowed the Panama Canal to be built by the U.S. Army Corps of Engineers. The tolls derived as revenue from the canal represent an essential portion of the country’s GDP. However along with the canal tolls, banking, commerce along with tourism is also known to be growing as well as major sectors of the country. The country is believed to have the second largest economy in Central America. Panama’s economy is also considered to be the fastest growing economy in entire Central America apart from being the largest per capita consumer as well. As of 2013, the country ranked 5th in terms of the Human Development Index among all the Latin American countries and 59th in the world. Since the year 2010, Panama remained the second most Latin American country in terms of competitive economy as per the World Economic Forums Global Competitiveness Index. Panama’s jungles covers around 40 percent of its total land area, and are home to a variety of tropical plants, birds and animals. Some of them are believed not to be found anywhere else on the planet. The country has an unemployment rate of 2.7 percent according to the CIA world Factbook and a food surplus was registered in the year 2008. On the Human Development Index, Panama ranked 58th in 2012. In recent years, the economy of the country has experienced a boom and marked a growth of over 10.4 percent in real gross domestic product from 2006–2008. According to Latin Business Chronicle’s prediction, Panama would be the fastest growing economy in Latin America by 2014.

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