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→Economy
==Economy==
==Economy==
Panama's economy is based primarily on a well-developed services sector that accounts for nearly 80% of GDP. Services include the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and medical and health.
Panama's economy is based primarily on a well-developed services sector that accounts for nearly 80% of GDP. Services include the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and medical and health.
[[File:Drilling barge Panama Canal 2008.JPG|thumb|280px|A drilling and blasting barge used by the Panama Canal Authority to widen and deepen the main ship route of the Canal.]]
A major challenge facing the government under former President Mireya Moscoso was turning to productive use the 70,000 acres of former U.S. military land and the more than 5,000 buildings that reverted to Panama at the end of 1999. In October 2006, Panamanians voted in favor of a $5.25 billion Canal expansion project to construct a third set of locks, which is expected to take eight to ten years to complete. The Government of Panama expects the project to be a transforming event for Panama that will provide 7,000-9,000 direct new jobs during the peak construction period of 2009-2011 and set the tone economically for years to come. The expansion is expected to be financed through a combination of increased tolls and debt.
A major challenge facing the government under former President Mireya Moscoso was turning to productive use the 70,000 acres of former U.S. military land and the more than 5,000 buildings that reverted to Panama at the end of 1999. In October 2006, Panamanians voted in favor of a $5.25 billion Canal expansion project to construct a third set of locks, which is expected to take eight to ten years to complete. The Government of Panama expects the project to be a transforming event for Panama that will provide 7,000-9,000 direct new jobs during the peak construction period of 2009-2011 and set the tone economically for years to come. The expansion is expected to be financed through a combination of increased tolls and debt.
*Agriculture and fisheries: Products--bananas and other fruit, corn, sugar, rice, coffee, shrimp, timber, vegetables, livestock.
*Agriculture and fisheries: Products--bananas and other fruit, corn, sugar, rice, coffee, shrimp, timber, vegetables, livestock.
*Industry/Manufacturing (14% of GDP): Types--food and drink processing, petroleum products, chemicals, paper and paper products, printing, mining, refined sugar, clothing, furniture, construction.
*Industry/Manufacturing (14% of GDP): Types--food and drink processing, petroleum products, chemicals, paper and paper products, printing, mining, refined sugar, clothing, furniture, construction.
*Trade: Exports--$884.4 million: bananas, petroleum products, shrimp, sugar, coffee, and clothing. Major markets--U.S. 50.4%. Imports--$3.52 billion: capital goods, crude oil, foodstuffs, chemicals, other consumer and intermediate goods. Major suppliers--U.S. 34.1%. 2005 U.S. goods exports to Panama: $2.2 billion. 2005 U.S. goods imports to Panama: $327 million.
*Trade: Exports--$884.4 million: bananas, petroleum products, shrimp, sugar, coffee, and clothing. Major markets--U.S. 50.4%. Imports--$3.52 billion: capital goods, crude oil, foodstuffs, chemicals, other consumer and intermediate goods. Major suppliers--U.S. 34.1%. 2005 U.S. goods exports to Panama: $2.2 billion. 2005 U.S. goods imports to Panama: $327 million.
==History==
==History==