Population
4.252.620 (2020)
National currency
Balboa/USD
Conditional reduction of currency
PAB, USD
Climate, average max and min t°
Tropical maritime; hot, humid, cloudy; prolonged rainy season (May to January), short dry season (January to May); avg. maximum temperature (July) +36°; avg. minimum temperature (January) +28°
Time difference from Moscow
- 7 hours
Ethnic groups
Mestizo 70%, black, mulatto and sambo 14%; white 10% and Indian 6%
Literacy rate
95.4% (2018)
History
Originally Panama was populated by local Indian population. In 1502 Christopher Columbus explored eastern territories of Panama. In 1510 Vasco Nuñez de Balboa established the first colony here. Explored and settled by the Spanish in the 16th century, Panama broke with Spain in 1821 and joined a union of Colombia, Ecuador, and Venezuela - named the Republic of Gran Colombia. When the latter dissolved in 1830, Panama remained part of Colombia. With US backing, Panama seceded from Colombia in 1903 and promptly signed a treaty with the US allowing for the construction of a canal and US sovereignty over a strip of land on either side of the structure (the Panama Canal Zone). The Panama Canal was built by the US Army Corps of Engineers between 1904 and 1914. In 1977, an agreement was signed for the complete transfer of the Canal from the US to Panama by the end of the century. Certain portions of the Zone and increasing responsibility over the Canal were turned over in the subsequent decades. With US help, dictator Manuel NORIEGA was deposed in 1989. The entire Panama Canal, the area supporting the Canal, and remaining US military bases were transferred to Panama by the end of 1999.
Government type
Democratic republic
Executive branch
Head of Government: President, Government: Cabinet of Ministers appointed by President
Legislative branch
National Assembly (71 members)
Judicial branch
Supreme Court (Corte Suprema de Justicia), four Superior Tribunal, Magistrate courts
Unemployment
18.5% (2020)
GDP per capita rank
86 (2019)
Corruption perceptions index rank
38 (2018)
