Some Interesting Facts About Panama

Population: 4,034,119 (2019 estimate)

(More than ½ of the population lives in Panama City–Colón metropolitan corridor)

Capital City: Panama City

Time Zone: GMT-5 – Eastern Standard Time, all year long.

(Same time as Chicago during Daylight Savings Time, and New York during Standard Time)

Telephone Country Code: +507

Area: 29,120 sq miles.

Religion: Christianity is the main religion in Panama, with 63% of the population identifying as Catholic, and 25% identifying as Christian Protestant.

Life Expectancy at Birth: 78.8 years (male = 76 years; female = 81.7 years)

GDP per Capita: $28,810 (2019 estimate). Current GDP Growth: 5.6% (2015), 5% (2016), 5.4% (2017e), 5.6% (2018f). GDP by Sector: agriculture: 3.8%; industry: 16.8%; services: 79.4% (2012 est.)

Inflation Rate: 0.9% (2018)

Location: Central America, between Costa Rica and Colombia

The official language of Panama is of course, Spanish. About 15 percent of the population, will speak some English, and about 8% are fluent in both languages.

An artificial 82 km (51 mi) waterway in Panama that connects the Atlantic Ocean with the Pacific Ocean. France began work on the canal in 1881, but stopped due to engineering problems and a high worker mortality rate. The United States took over the project in 1904 and opened the canal on August 15, 1914. The expanded canal began commercial operation on June 26, 2016. The new locks allow transit of larger, post-Panamax ships, capable of handling more cargo.

Annual traffic has risen from about 1,000 ships in 1914, when the canal opened, to 14,702 vessels in 2008, for a total of 333.7 million Panama Canal/Universal Measurement System (PC/UMS) tons. By 2012, more than 815,000 vessels had passed through the canal.[2] It takes 11.38 hours to pass through the Panama Canal.

About 8% of Panama’s GDP is generated from tolls going through the canal, but about 25% of it’s GDP is related to canal business. Check out this article for 20 facts about the Panama Canal.

Panama has three different health care systems. An extremely low cost Public Health Care system, called Regional Hospitals, the Social Security Hospitals and clinics, for workers paying into Social Security and retired people receiving benefits, and the private health care system, with private hospitals, clinics and labs through out Panama. To learn more about health care in Panama, go HERE.

Panama has an income tax system for personal and corporate tax, that ranges from 10% – 25%. Panama is a territorial tax system, that charges its citizens and corporations tax only on Panama sourced income. There is no tax on foreign sourced income. Click HERE to read much detail about Panama’s tax system.

Panama has a tropical maritime climate, with a short dry season, December through April, and a hot humid raining season, May through November. Temperatures are fairly consistent through out the year ranging from 23°C (75°F) at night to 32°C (90°F) daytime highs. In the towns up in the mountains, very popular with expats, these temperatures are much cooler. To learn more about the climate in Panama go HERE.

The official currency of Panama is the Balboa, which was adopted in 1903 when Panama separated from Colombia. At that time the currency was pegged to the US Dollar, as it still is today, so people refer to Panama as a “dollarized” economy. 1 Balboa = 1 USD. Panama mints it own coins in the same denominations is US coins, including a one Balboa coin, but uses old US treasure bills for it’s paper money. You will see prices displayed like this B./1.99 which is the same as $1.99. To learn more about Panama’s currency and banking system, go HERE.

Panama is a presidential representative democratic republic whereby the President of Panama is both head of state and head of government. The Constitution outlines the branches of the government as the executive, legislature, and the judiciary and elaborates the powers and privileges of each branch. The Constitution also elaborates all rights and freedoms guaranteed to all Panama residents, and it indicates Spanish as the national language.

With Panama being such a diverse country, there are expat communities all over. On the beaches, in the country and up in the mountains. Whether you are looking for city life, small town live, hot climate, cooler climates there is a place for you to live in Panama. Join us on one of our Retire in Panama Tours to visit all the popular expat communities, and to see if Panama is the country you want to retire in or just move to. Click HERE to read about the top 10 expat communities in Panama.

ith Panama being such a diverse country, there are expat communities all over. On the beaches, in the country and up in the mountains. Whether you are looking for city life, small town live, hot climate, cooler climates there is a place for you to live in Panama. Join us on one of our Retire in Panama Tours to visit all the popular expat communities, and to see if Panama is the country you want to retire in or just move to. Click HERE to read about the top 10 expat communities in Panama.

It’s more than a tour . . it’s an experience.