Panama Economy

Panama's economy and business refers to the condition of the economy and consequent business opportunities in the country.

Panama's economy is based primarily on the service sector, which represents 80% growth rate of GDP. While the rate of GDP is significant among the other Central American countries, the country faces the problem of unemployment. Its current unemployment rate is about 7.3%.

Due to its geographical location, the economy of Panama is angled towards tourism, banking and trade. Many new construction projects have developed after the delivery channel and the US military inductions. Balboa is the Panamanian currency, but US dollars are used as paper money in the country. This Latin American country was the first to use dollar coins in their economy.

Panama business has shown substantial growth over the years. The free trade zone of Colon in Panama is the second largest free trade zone in the world. Its banking sector comprises more than 80 foreign banks. The Panama Canal has come as a gateway to global trade. At present significant growth in Panama Real Estate it is observed. Any foreigner who is 18 years of age can build and control an organization in Panama with minimal fees and restrictions. Panama's economy and businesses has shown satisfactory growth and the country has become a major business center in the we