Panama: Facts & Stats

ECONOMY

Industry:

Panama Industry mainly consists of mining, manufacturing and construction activities. Industries in Panama have recorded a substantial growth over the years. Like in 1990s it has generated a growth of 7% and in 2000 it accounted for 17% growth in GDP.

In recent years, Panama has experienced an increase in construction projects. Both the government and private sectors have made large investments for constructing roads, bridges and ports. So there has been an increase in the demand for finished wooden products and materials for construction.

The mining industry of Panama has shown the potential for significant growth in the recent years. Besides, the Panamanian oil refinery has shown its potential of producing 60,000 barrels every day. Thus Panama Industry has shown significant growth in the country's economy.

Agriculture:

About 8.8% of the total land area was classified as arable in 1998. Farming methods are primitive, and productivity is low. The best lands are held by large owners. Agriculture contributes about 7% to GDP and accounted for 34% of exports in 2001.

Panama is self-sufficient in bananas, sugar, rice, corn, and coffee, but imports large quantities of other foods. Bananas are the leading export product and the banana industry is an important source of rural employment; exports were valued at $122.2 million in 2001, about half destined for the German market.

Research & Development:

The National Academy of Sciences of Panama (founded in 1942) advises the government on scientific matters, and the National Research Center (1976) coordinates scientific and technological research.

The Museum of Natural Sciences, founded in Panama in 1975, is concerned with natural history and the fauna of Panama and other countries.

In 2005, Panama embarked on a serious effort to enhance its performance in the area of science and technology (S&T). During that year, the government carried out a country-wide consultation leading up to the design of the first national strategic plan on science, technology and innovation (PECYT). PECYT was later approved by the Cabinet Council and the National Assembly becoming Law 13, the legislation governing national S&T policy for the period 2005-2009. Council also stated that an external and independent assessment of the plan's achievements should be carried out at the end of the five-year cycle as a necessary condition for the preparation of the new policy framework. This grant will allow an international team of reviewers to assess progress made under the first plan and provide recommendations for the next.

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