Panama

Last modification: 10 Aug 18
Introduction: 

Well known for its Panama Canal, the entire canal and the area supporting it - including remaining US military bases - were transferred to Panama by the end of 1999. Thereafter, from 2007-2016, a major expansion project to more than doubled the Canal's capacity was carried out, allowing for significantly more Canal transit for larger ships. 

The country's dollar-based economy is mainly supported by the services sector which accounts for nearly 80% of GDP. Among the key services in the country are those related to operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, and tourism.  Panama is also a center for offshore banking.

However, despite the growth and success of the Canal, the resulting economic performance has not translated into evenly distributed prosperity. Panama has the second worst income distribution in Latin America.

 

Chapter 1: Economic and business environment

Demographics

population 3.75 million (2017 est.)

Capital

Panama City (population 408,168)

Major cities

1. Panama City (408,168)
2. San Miguelito (321,501)
3. Juan Díaz (100,636)
4. David (81,957)
5. Arraiján (76,815)
 

Languages

Spanish (official)

GDP

US$59.1 billion (2017 est.)
US$15,760 per capita

Unemployment rate

6.1% (2017)

Main industries

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

Currency

US dollar

Interest rate

8.2% (2018)

Inflation

1.2% (2018)

Chapter 2 : Automotive market, segments & sales

Total Car park

1.22 million vehicles, approximately one vehicle per three inhabitants.
(including passenger cars, trucks, motorcycles, etc.)  

Top 5 brands (total market)

1. Toyota (approx. 22% of the market)
2. Hyundai (approx. 18% of the market)
3. Kia (approx. 16% of the market)
4. Nissan (approx. 11% of the market)
5. Suzuki (approx. 8% of the market)

Chapter 4: Taxation & legislation

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Chapter 5: Car policies

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Chapter 6: Funding methods

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Chapter 7: Fuel

Average gasoline price per liter: US$0.87 
World average: US$1.17
(est. August 1, 2018)

Chapter 8 : TCO components

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Chapter 9: Safety, insurance and telematics

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Chapter 10: Environment

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Chapter 11: Mobility

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Chapter 12: Key trends to watch

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