Panama is a prosperous country that boasts continued stability and growth. It is the most advanced nation in the region, the hub of the Americas, and it has been one of the fastest growing economies worldwide. The service sector accounts for most of its Gross Domestic Product (GDP) and the Panama Canal is essential to global trade and accounts for almost 10%-40% of the country’s GDP. The license and registry of the Panama flag to merchant ships is another source of economic activity. In fact, almost a quarter of the global transport fleet flies the Panamanian flag!
A large logistics and storage services sector, as well as modern banking and insurance industries are also important components to Panama’s successful economy. The main agricultural cash crops for the country include bananas, shrimp, sugar, coffee, and clothing, although this sector accounts for less than 10% of GDP today.
The tourist industry accounts for about 9% of the GDP and Panama is making a concerted effort to draw attention to her natural offerings, as well as her financial benefits.
Geographic importance, natural beauty and modern infrastructure and industry all help maintain a stabilized economy and create a number of good investment opportunities in Panama. Increasing numbers of foreigners looking for inexpensive vacations and affordable retirement destinations are visiting and moving to Panama, and many are investing in Panama real estate.