“Panama” as “abundance of fish & butterflies”, and this concept is true as visitors will quickly discover for themselves. An abundance of wildlife can be found in Panama’s many national parks. There are also an abundance of white sand beaches, hundreds of islands, more banks and shops than the visitors would have dreamed possible, the Panama Canal and, of course, a fantastic quantity of fresh seafood particularly fish.
Not only is the Panama Canal important to Panama for income and jobs, but it is also considered to be vitally important to the United States economy. Many U.S. exports and imports travel through the Canal daily (over 10% of all U.S. shipping goes through the Canal). Exports represent jobs for U.S. citizens because the products were made by U.S. workers. Imports enable U.S. consumers to receive needed products.
Economy
Panama‘s economy is one of the most stable in America. The main economic activities are financial, tourism and logistics, which represent 75% of the GDP (Gross Domestic Product). From 2003 to 2009 the GDP doubled, propelled by high foreign and domestic investment, coupled with the tourism and logistics industries. According to the Bank, the IMF and the UN, the country has the highest per capita income in Central America, which is about $13,090; it is also the largest exporter and importer at the regional level, according to ECLAC. The GDP has enjoyed a sustained growth for more than twenty years in a row (1989). The country is classified in the category of investment grade by these rcredit rating companies: Standard and Poor’s, Moody’s and Fitch Ratings.
Balboa is one of the legal currencies in Panama, along with the dollar. Its ISO 4217 code is PAB. It is divided into 100 cents.
Named after the explorer Vasco Núñez de Balboa, it was lawfully created in the National Convention of 1904 ( Demetrius H. Brid proposed the idea of naming the currency after Balboa, for his function as member of the Monetary Commission).
Taxes in Panama
According to Act 8 of March 15, 2010, which amended the Fiscal Code, the air, sea and land transportation companies, as well as passengers, shall pay ITBMS tax. In Panama, 7% of ITBMS is charged on public entertainment, events, seminars, conferences, lectures and artistic, professional and sport presentations in general that are not free and whose annual incomes are over $36,000. The importation and sale of alcoholic beverages, as well as hotel or lodging services, jewelry and weapons will pay 10 percent of ITBMS. Tobacco derivatives (such as cigarettes, cigars, and snuff) will pay 15% of ITBMS. Cable TV, microwave, satellite and mobile phones will pay 5% of ITMBS.
Electricity: 110 volts; 60 cycles.
Demography of Panama
Most of the population is of mestizo origins, descendants of Indian, African and Spanish heritages, although there is great ethnic diversity.
The population density is evident along the coastal region of the Gulf of Panama, particularly on the Azuero Peninsula, and in the metropolitan areas of Panama City and Colón. A high degree of urban development in recent years has attracted a growing urban population, currently representing 59% of the total country population. The fertility rate is one of the lowest in Central America, with an average of 2.6 children per woman.
Population
3,460,462 (July 2011 est.)
Distribution by age
0-14 years: 28.6% (male 504,726/ female 484,291)
15-64 years: 64.2% (male 1,123,777/ female 1,098,661)
65 years and over: 7.2% (male 115,425/ female 133,582) (2011 est.).
Growth rate
1.435% (2011 est.).
Birth rate
19.43 births /1,000 people (2011 est.).
Culture
Panama owns a cultural multiplicity that makes it unique in the region, one of the biggest contributors to this cultural richness is the constant presence of visitors from all parts of the world. The origin of this singular cultural mix is without a doubt the crossroads characteristic of the country. In addition, the intense connection of Panama with the sea makes it very similar to an island of the Caribbean.
Being a point of contact and a crossing site, this small strip of land is considered a true crucible of races. With almost 3 and a half million inhabitants, its population is compounded 67% of mestizos (amerindian with targets) and mulatos (white with black), 14% blacks, 10% whites, amerindian 6% (indigenous) and a 3% of people are from varied ethnic origins. This mixture is particularly rich, because although it comes from cultural origins and very diverse traditions, the mixture has been stimulated by the atmosphere of tolerance and harmony that always has reigned in the territory.
Although the free religious creed is respected, the population of the country mainly professes catholicism, this religion is deeply bound to the traditions and cultural expressions. In the interior of the country, for example, the greatest celebrations are related to diverse saints. These saints are even denominated as the owners of different towns. One of the greatest celebrations relating to cultural and catholic beliefs is the Carnival of Panama. The Carnival is a massive celebration of four days that precedes to the Cuaresma.