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Panama's Economy
Home » Panama » Panama The People and Culture » Panama's EconomyBecause of its key geographic location, Panama’s economy is service-base, heavily weighted toward banking, commerce and tourism. The Colon Free Zone and the Panama Canal play a very significant role in the country’s economy by generating employment and services. Another important employment generator is the Trans-Isthmian Pipeline, which goes from ocean to ocean, from Puerto Armuelles in the Province of Chiriqui to Chiriqui Grande in the Province of Bocas del Toro.
Panama has the largest merchant marine registry in the world. This service represents the biggest foreign currency earner for the country. The main export products are bananas, rice, corn, sugar cane, coffee and shrimps bought mostly by Costa Rica, Germany and other European countries.
The currency is the Balboa, which has the same value as the US dollar. The US dollar is legal tender in Panama by a 1904 agreement between the two countries. Therefore Panama does not print bank notes but mints its own coins. Panamanian coins are 50, 25, 10, 5 and one-cent pieces.
Resources:
WWW.PANAMAINFO.COM
WWW.WORLDHEADQUARTERS.COM
WWW.PANACANAL.COM
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