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Panama Business Guide


Geography


Location:
Central America, bordering both the Caribbean Sea and the North Pacific Ocean, between Colombia and Costa Rica


Geographic coordinates:
9 00 N, 80 00 W


Map references:
Central America and the Caribbean


Area:
total:75,420 sq kmcountry comparison to the world: 118
land:74,340 sq km
water:1,080 sq km


Area - comparative:
slightly smaller than South Carolina


Land boundaries:
total:555 km
border countries:Colombia 225 km, Costa Rica 330 km


Coastline:
2,490 km


Maritime claims:
territorial sea:12 nm
contiguous zone:24 nm
exclusive economic zone:200 nm or edge of continental margin


Climate:
tropical maritime; hot, humid, cloudy; prolonged rainy season (May to January), short dry season (January to May)


Terrain:
interior mostly steep, rugged mountains and dissected, upland plains; coastal areas largely plains and rolling hills


Elevation extremes:
lowest point:Pacific Ocean 0 m
highest point:Volcan Baru 3,475 m


    Natural resources:
copper, mahogany forests, shrimp, hydropower


Land use:
arable land:7.16%
permanent crops:2.51%
other:90.33% (2011)


Irrigated land:
346.2 sq km (2003)


Total renewable water resources:
148 cu km (2011)


Freshwater withdrawal (domestic/industrial/agricultural):
148 cu km (2011)

Natural hazards:
occasional severe storms and forest fires in the Darien area


Environment - current issues:
water pollution from agricultural runoff threatens fishery resources; deforestation of tropical rain forest; land degradation and soil erosion threatens siltation of Panama Canal; air pollution in urban areas; mining threatens natural resources


Environment - international agreements:
party to:Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified:Marine Life Conservation


Geography - note:
strategic location on eastern end of isthmus forming land bridge connecting North and South America; controls Panama Canal that links North Atlantic Ocean via Caribbean Sea with North Pacific Ocean



People and Society


Nationality:
noun: Panamanian(s)
adjective:Panamanian


Ethnic groups:
mestizo (mixed Amerindian and white) 70%, Amerindian and mixed (West Indian) 14%, white 10%, Amerindian 6%


Languages:
Spanish (official), English 14%


Religions:
Roman Catholic 85%, Protestant 15%


Demographic profile:
Panama is a country of demographic and economic contrasts. It is in the midst of a demographic transition, characterized by steadily declining rates of fertility, mortality, and population growth, but disparities persist based on wealth, geography, and ethnicity. Panama has one of the fastest growing economies in Latin America and dedicates substantial funding to social programs, yet poverty and inequality remain prevalent. The indigenous population accounts for a growing share of Panama's poor and extreme poor, while the non-indigenous rural poor have been more successful at rising out of poverty through rural-to-urban labor migration. The government's large expenditures on untargeted, indirect subsidies for water, electricity, and fuel have been ineffective, but its conditional cash transfer program has shown some promise in helping to decrease extreme poverty among the indigenous population.


Population:
3,608,431 (July 2014 est.)country comparison to the world: 131


Age structure:
0-14 years:27.4% (male 504,710/female 484,166)
15-24 years:17.3% (male 317,875/female 306,378)
25-54 years:40.1% (male 733,588/female 714,859)
55-64 years:7.4% (male 131,899/female 135,015)
65 years and over:7.6% (male 129,091/female 150,850) (2014 est.)


Dependency ratios:
total dependency ratio:54.7 %
youth dependency ratio:43.2 %
elderly dependency ratio:11.4 %
potential support ratio:8.7 (2014 est.)


Median age:
total:28.3 years
male:27.9 years
female:28.7 years (2014 est.)


Population growth rate:
1.35% (2014 est.)country comparison to the world: 91


Birth rate:
18.61 births/1,000 population (2014 est.)country comparison to the world: 98


Death rate:
4.77 deaths/1,000 population (2014 est.)country comparison to the world: 197


Net migration rate:
-0.32 migrant(s)/1,000 population (2014 est.)country comparison to the world: 126


Urbanization:
urban population:75.3% of total population (2011)
rate of urbanization:2.23% annual rate of change (2010-15 est.)


Major urban areas - population:
PANAMA CITY (capital) 1.426 million (2011)


Sex ratio:
at birth:1.05 male(s)/female
0-14 years:1.04 male(s)/female
15-24 years:1.04 male(s)/female
25-54 years:1.03 male(s)/female
55-64 years:1.01 male(s)/female
65 years and over:0.86 male(s)/female
total population:1.02 male(s)/female (2014 est.)


Maternal mortality rate:
92 deaths/100,000 live births (2010)


Infant mortality rate:
total:10.7 deaths/1,000 live birthscountry comparison to the world: 135
male:11.46 deaths/1,000 live births
female:9.92 deaths/1,000 live births (2014 est.)


    Life expectancy at birth:
total population:78.3 yearscountry comparison to the world: 56
male:75.51 years
female:81.22 years (2014 est.)


Total fertility rate:
2.38 children born/woman (2014 est.)country comparison to the world: 85


Contraceptive prevalence rate:
52.2% (2009)


Health expenditures:
8.2% of GDP (2011)


Physicians density:
1.5 physicians/1,000 population (2000)


Hospital bed density:
2.4 beds/1,000 population (2010)


Drinking water source:
improved:
urban: 96.8% of population
rural: 86.6% of population
total: 94.3% of population
unimproved:
urban: 3.2% of population
rural: 13.4% of population
total: 5.7% of population (2012 est.)


Sanitation facility access:
improved:
urban: 79.7% of population
rural: 52.5% of population
total: 73.2% of population
unimproved:
urban: 20.3% of population
rural: 47.5% of population
total: 26.8% of population (2012 est.)


HIV/AIDS - adult prevalence rate:
0.7% (2012 est.)country comparison to the world: 57


HIV/AIDS - people living with HIV/AIDS:
16,700 (2012 est.)country comparison to the world: 87


HIV/AIDS - deaths:
600 (2012 est.)country comparison to the world: 86


Major infectious diseases:


Obesity - adult prevalence rate:
25.4% (2008)country comparison to the world: 55


Children under the age of 5 years underweight:
3.9% (2008)country comparison to the world: 99


Education expenditures:
3.5% of GDP (2011)country comparison to the world: 122

Literacy:
definition:age 15 and over can read and write
total population:94.1%
male:94.7%
female:93.5% (2010 est.)


School life expectancy (primary to tertiary education):
total:12 years
male:12 years
female:13 years (2011)


Child labor - children ages 5-14:



Unemployment, youth ages 15-24:
total:14.6%country comparison to the world: 87
male:8.7%
female:10.3% (2012)


Government


Country name:
conventional long form: Republic of Panama
conventional short form:Panama
local long form:Republica de Panama
local short form:Panama


Government type:
constitutional democracy


Capital:
name:Panama City
geographic coordinates:8 58 N, 79 32 W
time difference:UTC-5 (same time as Washington, DC, during Standard Time)


Administrative divisions:
10 provinces (provincias, singular - provincia) and 3 indigenous territories* (comarcas); Bocas del Toro, Chiriqui, Cocle, Colon, Darien, Embera-Wounaan*, Herrera, Kuna Yala*, Los Santos, Ngobe-Bugle*, Panama, Panama Oeste, Veraguas


Independence:
3 November 1903 (from Colombia; became independent from Spain on 28 November 1821)


National holiday:
Independence Day, 3 November (1903)


Constitution:
several previous; latest effective 11 October 1972; amended several times, last in 2004 (2010)


Legal system:
civil law system; judicial review of legislative acts in the Supreme Court of Justice


International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction


Suffrage:
18 years of age; universal and compulsory


Executive branch:
chief of state:President Ricardo MARTINELLI Berrocal (since 1 July 2009); Vice President Juan Carlos VARELA Rodriguez (since 1 July 2009); note - the president is both chief of state and head of government
head of government:President Ricardo MARTINELLI Berrocal (since 1 July 2009); Vice President Juan Carlos VARELA Rodriguez (since 1 July 2009)
cabinet:Cabinet appointed by the president
elections:president and vice president elected on the same ticket by popular vote for five-year terms (president not eligible for immediate reelection and must sit out two additional terms (10 years) before becoming eligible for reelection); election last held on 3 May 2009 (next to be held in May 2014)
election results:Juan Carlos VARELA elected president; percent of vote - Juan Carlos VARELA 39.1%, Jose Domingo ARIAS 31.4%, Juan Carlos NAVARRO 28.2%, other 1.3%; note - Juan Carlos VARELA is expected to take office 1 July 2014
note:the ruling government coalition - formerly comprised of CD (Democratic Change), Panamenista Party, MOLIRENA (Nationalist Republican Liberal Movement), and UP (Patriotic Union Party) - split in August 2011 when President MARTINELLI relieved Vice President VARELA from his position as Foreign Minister, prompting the Panamenistas to pull out of the coalition; UP has now merged with CD, and CD and the Panamenista Party will run separate candidates for the presidency in 2014


Legislative branch:
unicameral National Assembly or Asamblea Nacional (71 seats; members elected by popular vote to serve five-year terms)
elections:last held on 3 May 2009 (next to be held in May 2014)
election results:percent of vote by party - NA; seats by party - PRD 26, Panamenista 22, CD 14, UP 4, MOLIRENA 2, PP 1, independents 2; note - changes in political affiliation now reflect the following seat distribution: as of 13 February 2013 - seats by party - CD 36, PRD 17, Panamenista 13, MOLIRENA 4, PP 1
note:legislators from outlying rural districts are chosen on a plurality basis while districts located in more populous towns and cities elect multiple legislators by means of a proportion-based formula


    Judicial branch:
highest court(s):Supreme Court of Justice or Corte Suprema de Justicia (consists of 9 magistrates and 9 alternates and divided into civil, criminal, administrative, and general business chambers)
judge selection and term of office:magistrates appointed by the president for staggered 10-year terms
subordinate courts:appellate courts or Tribunal Superior; Labor Supreme Courts; Court of Audit; circuit courts or Tribunal Circuital (2 each in 9 provinces); municipal courts; electoral, family, maritime, and adolescent courts


Political parties and leaders:
Democratic Change or CD [Ricardo MARTINELLI Berrocal]
Democratic Revolutionary Party or PRD [Juan Carlos NAVARRO Quelquejeu]
Nationalist Republican Liberal Movement or MOLIRENA [Sergio GONZALEZ-Ruiz]
Panamenista Party [Juan Carlos VARELA Rodriguez] (formerly the Arnulfista Party)
Popular Party or PP [Milton HENRIQUEZ] (formerly Christian Democratic Party or PDC)


Political pressure groups and leaders:
Chamber of Commerce


International organization participation:
BCIE, CAN (observer), CD, CELAC, CSN (observer), FAO, G-77, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAES, LAIA, MIGA, NAM, OAS, OPANAL, OPCW, Pacific Alliance (observer), PCA, SICA, UN, UNASUR (observer), UNCTAD, UNESCO, UNIDO, Union Latina, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO


Diplomatic representation in the US:
chief of mission:Ambassador Mario Ernesto JARAMILLO Castillo (since 17 February 2011)
chancery:2862 McGill Terrace NW, Washington, DC 20008
telephone:[1] (202) 483-1407
FAX:[1] (202) 483-8413
consulate(s) general:Honolulu, Houston, Miami, New Orleans, New York, Philadelphia, San Diego, Tampa, Washington DC


Diplomatic representation from the US:
chief of mission:Ambassador Jonathan D. FARRAR (since 15 May 2012)
embassy:Edificio 783, Avenida Demetrio Basilio Lakas Panama, Apartado Postal 0816-02561, Zona 5, Panama City
mailing address:American Embassy Panama, Unit 0945, APO AA 34002; American Embassy Panama, 9100 Panama City PL, Washington, DC 20521-9100
telephone:[507] 317-5000
FAX:[507] 317-5568


Flag description:
divided into four, equal rectangles; the top quadrants are white (hoist side) with a blue five-pointed star in the center and plain red; the bottom quadrants are plain blue (hoist side) and white with a red five-pointed star in the center; the blue and red colors are those of the main political parties (Conservatives and Liberals respectively) and the white denotes peace between them; the blue star stands for the civic virtues of purity and honesty, the red star signifies authority and law


National symbol(s):
harpy eagle


National anthem:
name:'Himno Istmeno' (Isthmus Hymn)

lyrics/music:Jeronimo DE LA OSSA/Santos A. JORGE
note:adopted 1925


Economy


Economy - overview:
Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and is estimated to be completed by 2015 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project will more than double the Canal's capacity, enabling it to accommodate ships that are too large to traverse the existing canal. The United States and China are the top users of the Canal. Panama is also constructing a metro system in Panama City, valued at $1.2 billion and scheduled to be completed by 2014. Panama's booming transportation and logistics services sectors, along with aggressive infrastructure development projects, have lead the economy to continued high growth in 2012. Foreign investment, at around 10% of GDP in both 2011 and 2012, has continued to be a source of growth. Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points, while unemployment dropped from 12% to 4.5% of the labor force in 2013. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012. Panama also achieved removal from the Organization of Economic Development's gray-list of tax havens by signing various double taxation treaties with other nations.


GDP (purchasing power parity):
$61.54 billion (2013 est.)
country comparison to the world: 90
$57.24 billion (2012 est.)
$51.72 billion (2011 est.)
note:data are in 2013 US dollars


GDP (official exchange rate):
$40.62 billion (2013 est.)


GDP - real growth rate:
7.5% (2013 est.)
country comparison to the world: 16
10.7% (2012 est.)
10.8% (2011 est.)


GDP - per capita (PPP):
$16,500 (2013 est.)
country comparison to the world: 81
$15,700 (2012 est.)
$14,400 (2011 est.)
note:data are in 2013 US dollars


GDP - composition, by end use:
household consumption:57.6%
government consumption:13.1%
investment in fixed capital:30.3%
investment in inventories:0.9%
exports of goods and services:81%
imports of goods and services:-82.9%
(2013 est.)


GDP - composition, by sector of origin:
agriculture:3.7%
industry:17.9%
services:78.4% (2013 est.)


Agriculture - products:
bananas, rice, corn, coffee, sugarcane, vegetables; livestock; shrimp


Industries:
construction, brewing, cement and other construction materials, sugar milling


Industrial production growth rate:
9.2% (2013 est.)
country comparison to the world: 18

Labor force:
1.54 million
country comparison to the world: 128
note:shortage of skilled labor, but an oversupply of unskilled labor (2013 est.)



Labor force - by occupation:
agriculture:17%
industry:18.6%
services:64.4% (2009 est.)


Unemployment rate:
4.5% (2013 est.)
country comparison to the world: 40
4.4% (2012 est.)


Population below poverty line:
26% (2012 est.)


Household income or consumption by percentage share:
lowest 10%:1.1%
highest 10%:40.1% (2010 est.)


    Distribution of family income - Gini index:
51.9 (2010 est.)
country comparison to the world: 15
56.1 (2003)


Budget:
revenues:$10.33 billion
expenditures:$11.38 billion (2013 est.)


Taxes and other revenues:
25.4% of GDP (2013 est.)
country comparison to the world: 121

Budget surplus (+) or deficit (-):
-2.6% of GDP (2013 est.)
country comparison to the world: 110


Public debt:
39.8% of GDP (2013 est.)
country comparison to the world: 90
39.6% of GDP (2012 est.)


Fiscal year:
calendar year


Inflation rate (consumer prices):
4.1% (2013 est.)
country comparison to the world: 140
5.7% (2012 est.)


Commercial bank prime lending rate:
NA% (31 December 2013 est.)
country comparison to the world: 122
6.91% (31 December 2012 est.)


Stock of narrow money:
$8.976 billion (31 December 2013 est.)
country comparison to the world: 82
$7.659 billion (31 December 2012 est.)


Stock of broad money:
$29.72 billion (31 December 2012 est.)
country comparison to the world: 75
$25.73 billion (31 December 2011 est.)


Stock of domestic credit:
$35.57 billion (31 December 2013 est.)
country comparison to the world: 68
$32.27 billion (31 December 2012 est.)


Market value of publicly traded shares:
$12.54 billion (31 December 2012 est.)


Current account balance:
-$5.064 billion (2013 est.)
country comparison to the world: 168
-$3.267 billion (2012 est.)


Exports:
$18.87 billion (2013 est.)
country comparison to the world: 73
$18.88 billion (2012 est.)
note:includes the Colon Free Zone


Exports - commodities:
gold, bananas, shrimp, sugar, iron and steel waste, pineapples, watermelons


Exports - partners:
US 20.2%, Canada 14.6%, Costa Rica 6.6%, Netherlands 5.9%, Sweden 4.8%, China 4.1%, Italy 4% (2012)


Imports:
$26.61 billion (2013 est.)
country comparison to the world: 70
$24.61 billion (2012 est.)
note:includes the Colon Free Zone


Imports - commodities:
fuel products, medicines, vehicles, iron and steel rods, cellular phones


Imports - partners:
US 23.6%, China 6.4%, Costa Rica 4.6%, Mexico 4.4% (2012)


Reserves of foreign exchange and gold:
$2.666 billion (31 December 2013 est.)
country comparison to the world: 114
$2.466 billion (31 December 2012 est.)


Debt - external:
$15.22 billion (31 December 2013 est.)
country comparison to the world: 88
$13.56 billion (31 December 2012 est.)


Stock of direct foreign investment - at home:
$32.89 billion (31 December 2013 est.)
country comparison to the world: 62
$29.27 billion (31 December 2012 est.)


Stock of direct foreign investment - abroad:
$3.233 billion (31 December 2013 est.)
country comparison to the world: 66
$3.11 billion (31 December 2012 est.)


Exchange rates:
balboas (PAB) per US dollar -
1 (2013 est.)
1 (2012 est.)
1 (2010 est.)
1 (2009)
1 (2008)


Energy


Electricity - production:
7.257 billion kWh (2010 est.)
country comparison to the world: 107


Electricity - consumption:
6.209 billion kWh (2010 est.)
country comparison to the world: 104


Electricity - exports:
39 million kWh (2010 est.)
country comparison to the world: 84


Electricity - imports:
72 million kWh (2011 est.)
country comparison to the world: 97


Electricity - installed generating capacity:
1.976 million kW (2010 est.)
country comparison to the world: 105


Electricity - from fossil fuels:
52.6% of total installed capacity (2010 est.)
country comparison to the world: 148


Electricity - from nuclear fuels:
0% of total installed capacity (2010 est.)
country comparison to the world: 162


Electricity - from hydroelectric plants:
47.4% of total installed capacity (2010 est.)
country comparison to the world: 45


Electricity - from other renewable sources:
0% of total installed capacity (2010 est.)
country comparison to the world: 113


Crude oil - production:
0 bbl/day (2012 est.)
country comparison to the world: 206


Crude oil - exports:
0 bbl/day (2010 est.)
country comparison to the world: 168


Crude oil - imports:
0 bbl/day (2010 est.)
country comparison to the world: 109


    Crude oil - proved reserves:
0 bbl (1 January 2010 est.)
country comparison to the world: 176


Refined petroleum products - production:
0 bbl/day (2010 est.)
country comparison to the world: 185


Refined petroleum products - consumption:
98,890 bbl/day (2011 est.)
country comparison to the world: 78


Refined petroleum products - exports:
0 bbl/day (2010 est.)
country comparison to the world: 208


Refined petroleum products - imports:
111,100 bbl/day (2010 est.)
country comparison to the world: 49


Natural gas - production:
0 cu m (2011 est.)
country comparison to the world: 181


Natural gas - consumption:
0 cu m (2010 est.)
country comparison to the world: 186


Natural gas - exports:
0 cu m (2011 est.)
country comparison to the world: 165


Natural gas - imports:
0 cu m (2011 est.)
country comparison to the world: 116


Natural gas - proved reserves:
0 cu m (1 January 2013 est.)
country comparison to the world: 183


Carbon dioxide emissions from consumption of energy:
15.9 million Mt (2011 est.)



Communications


Telephones - main lines in use:
640,000 (2012)
country comparison to the world: 90


Telephones - mobile cellular:
6.77 million (2012)
country comparison to the world: 96


Telephone system:
general assessment:domestic and international facilities well-developed
domestic:mobile-cellular telephone subscribership has increased rapidly
international:country code - 507; landing point for the Americas Region Caribbean Ring System (ARCOS-1), the MAYA-1, and PAN-AM submarine cable systems that together provide links to the US and parts of the Caribbean, Central America, and South America; satellite earth stations - 2 Intelsat (Atlantic Ocean); connected to the Central American Microwave System (2011)



    Broadcast media:
multiple privately owned TV networks and a government-owned educational TV station; multi-channel cable and satellite TV subscription services are available; more than 100 commercial radio stations (2007)


Internet country code:
.pa


Internet hosts:
11,022 (2012)
country comparison to the world: 132


Internet users:
959,800 (2009)
country comparison to the world: 104



Transportation


Airports
117 (2013)
country comparison to the world: 49


Airports - with paved runways
total:57
over 3,047 m:1
2,438 to 3,047 m:3
1,524 to 2,437 m:3
914 to 1,523 m:20
under 914 m:30 (2013)


Airports - with unpaved runways
total:60
1,524 to 2,437 m:1
914 to 1,523 m:8
under 914 m:
51 (2013)


Heliports
3 (2013)


Pipelines
oil 128 km (2013)


Railways
total:76 kmcountry comparison to the world: 127
standard gauge:76 km 1.435-m gauge (2008)


Roadways
total:15,137 kmcountry comparison to the world: 122
paved:6,351 km
unpaved:8,786 km (2010)


    Waterways
800 km (includes the 82-km Panama Canal that is being widened) (2011)
country comparison to the world: 73


Merchant marine
total:6,413country comparison to the world: 1
by type:barge carrier 1, bulk carrier 2,525, cargo 1,115, carrier 27, chemical tanker 588, combination ore/oil 1, container 742, liquefied gas 205, passenger 42, passenger/cargo 51, petroleum tanker 545, refrigerated cargo 191, roll on/roll off 87, specialized tanker 3, vehicle carrier 290
foreign-owned:5,162 (Albania 4, Argentina 5, Australia 4, Bahamas 6, Bangladesh 5, Belgium 1, Bermuda 27, Brazil 3, Bulgaria 6, Burma 3, Canada 6, Chile 14, China 534, Colombia 2, Croatia 2, Cuba 2, Cyprus 5, Denmark 41, Ecuador 3, Egypt 11, Finland 2, France 7, Gabon 1, Germany 24, Gibraltar 1, Greece 379, Hong Kong 144, India 24, Indonesia 10, Iran 5, Ireland 1, Israel 1, Italy 25, Japan 2372, Jordan 11, Kuwait 12, Lebanon 2, Lithuania 3, Luxembourg 1, Malaysia 12, Maldives 2, Malta 2, Mexico 5, Monaco 11, Netherlands 6, Nigeria 6, Norway 81, Oman 10, Pakistan 3, Peru 9, Philippines 5, Portugal 10, Qatar 1, Romania 3, Russia 49, Saudi Arabia 11, Singapore 92, South Korea 373, Spain 30, Sweden 2, Switzerland 15, Syria 34, Taiwan 328, Tanzania 2, Thailand 6, Turkey 62, UAE 83, UK 37, Ukraine 8, US 90, Venezuela 13, Vietnam 43, Yemen 4)
registered in other countries:1 (Honduras 1) (2010)



Ports and terminals
major seaport(s):Balboa, Colon, Cristobal
container port(s) (TEUs):Balboa (3,232,265), Colon (2,390,976), Manzanillo (2,391,066)


Military


Military branches
no regular military forces; Panamanian Public Security Forces (subordinate to the Ministry of Public Security), comprising the National Police (PNP), National Air-Naval Service (SENAN), National Border Service (SENAFRONT) (2013)


Manpower available for military service
males age 16-49:890,006 (2010 est.)

Manpower fit for military service
males age 16-49:731,254
females age 16-49:728,329 (2010 est.)


    Manpower reaching militarily significant age annually
male:32,142
female:30,879 (2010 est.)


Military - note
on 10 February 1990, the government of then President ENDARA abolished Panama's military and reformed the security apparatus by creating the Panamanian Public Forces; in October 1994, Panama's Legislative Assembly approved a constitutional amendment prohibiting the creation of a standing military force but allowing the temporary establishment of special police units to counter acts of 'external aggression'


Transnational Issues


Disputes - international
organized illegal narcotics operations in Colombia operate within the remote border region with Panama


Refugees and internally displaced persons
refugees (country of origin):15,723 (Colombia) (2012)


    Illicit drugs
major cocaine transshipment point and primary money-laundering center for narcotics revenue; money-laundering activity is especially heavy in the Colon Free Zone; offshore financial center; negligible signs of coca cultivation; monitoring of financial transactions is improving; official corruption remains a major problem

Information provided by CIA - The World Fact Book



Doing Business in Panama 2017


           
 

 
Panama

  Ease of Doing Business Rank
Overall DTF
70
66.19
 
 
Starting a Business (rank)
43
 
 
Protecting Minority Investors (rank)
70
 
  DTF
92.01
 
  DTF
56.67
 
  Procedures - Men (number)
5.0
 
  Strength of minority investor protection index (0-10)
5.7
 
  Time - Men (number)
6.0
 
  Extent of conflict of interest regulation index (0-10)
5.3
 
  Cost - Men (days)
5.8
 
  Extent of disclosure index (0-10)
4.0
 
  Procedures - Women (days)
5.0
 
  Extent of director liability index (0-10)
4.0
 
  Time - Women (% of income per capita)
6.0
 
  Ease of shareholder suits index (0-10)
8.0
 
  Cost - Women (% of income per capita)
5.8
 
  Extent of shareholder governance index (0-10)
6.0
 
  Paid-in min. capital (% of income per capita)
0.0
 
  Extent of shareholder rights index (0-10)
10.0
 
 

 
  Extent of ownership and control index (0-10)
2.0
 
  Dealing with Construction Permits (rank)
73
 
  Extent of corporate transparency index (0-10)
6.0
 
  DTF
71.31
 
 

 
  Procedures (number)
16.0
 
  Paying Taxes (rank)
170
 
  Time (days)
98.0
 
  DTF
48.09
 
  Cost (% of warehouse value)
2.0
 
  Payments (number per year)
52.0
 
  Building Quality Control Index(0-15)
9.0
 
  Time (hours per year)
417.0
 
  Quality of building regulations index (0-2)
2.0
 
  Total tax rate (% of profit)
37.2
 
  Quality control before construction index (0-1)
1.0
 
  Profit tax (% of profit)
12.4
 
  Quality control during construction index (0-3)
0.0
 
  Labor tax and contributions (% of profit)
20.0
 
  Quality control after construction index (0-3)
3.0
 
  Other taxes (% of profit)
4.8
 
  Liability and insurance regimes index (0-2)
1.0
 
  Postfiling index (0-100)
46.6
 
  Professional certifications index (0-4)
2.0
 
 
 
 
   
 
 
  Trading Across Borders (rank)
53
 
  Getting Electricity (rank)
23
 
  DTF
85.47
 
  DTF
86.67
 
  Time to export: Border compliance (hours)
24
 
  Procedures (number)
5.0
 
  Cost to export: Border compliance (USD)
270
 
  Time (days)
35.0
 
  Time to export: Documentary compliance (hours)
6
 
  Cost (% of income per capita)
8.9
 
  Cost to export: Documentary compliance (hours) (USD)
60
 
  Reliability of supply and transparency of tariff index (0-8)
7.0
 
  Time to import: Border compliance (hours)
24
 
  Total duration and frequency of outages per customer a year (0-3)
2.0
 
  Cost to import: Border compliance (USD)
490
 
  Mechanisms for monitoring outages (0-1)
1.0
 
  Time to import: Documentary compliance (hours)
6
 
  Mechanisms for restoring service (0-1)
1.0
 
  Cost to import: Documentary compliance (USD)
50
 
  Regulatory monitoring (0-1)
1.0
 
   
 
 
  Financial deterrents aimed at limiting outages (0-1)
1.0
 
  Enforcing Contracts (rank)
145
 
  Communication of tariffs and tariff changes (0-1)
1.0
 
  DTF
48.10
 
  Price of electricity (US cents per kWh)
24.9
 
  Time (days)
686.0
 
   
 
 
  Cost (% of claim)
38.0
 
  Registering Property (rank)
84
 
  Quality of judicial processes index (0-18)
6.0
 
  DTF
65.17
 
   
 
 
  Procedures (number)
7.0
 
  Resolving Insolvency (rank)
133
 
  Time (days)
22.5
 
  DTF
33.36
 
  Cost (% of property value)
2.4
 
  Recovery rate (cents on the dollar)
27.2
 
  Quality of the land administration index (0-30)
11.0
 
  Time (years)
2.5
 
  Reliability of infrastructure index (0-8)
3.0
 
  Cost (% of estate)
25.0
 
  Transparency of information index (0-6)
3.0
 
  Outcome (0 as piecemeal sale and 1 as going concern)
0
 
  Geographic coverage index (0-8)
0.0
 
  Strength of insolvency framework index (0-16)
6.0
 
  Land dispute resolution index (0-8)
5.0
 
  Commencement of proceedings index (0-3)
2.0
 
  Equal access to property rights index (-2-0)
0.0
 
  Management of debtor's assets index (0-6)
2.0
 
 
 
 
  Reorganization proceedings index (0-3)
0.0
 
  Getting Credit (rank)
20
 
  Creditor participation index (0-4)
2.0
 
  DTF
75.00
 
   
 
 
  Strength of legal rights index (0-12)
7.0
 
   
 
 
  Depth of credit information index (0-8)
8.0
 
 
 
 
  Credit registry coverage (% of adults)
0.0
 
   
 
 
  Credit bureau coverage (% of adults)
58.1
 
 
 
 
 

 
   
 
 
 
 
 
 



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