The overall economy is at a low level of development, and agriculture, forestry, and fishery account for most people's livelihood. However, the international status of shipping-related enterprises and some financial and insurance industries has produced a small number of extremely wealthy people, and the gap between the rich and the poor is large.

Panama is rich in forest resources and has many tropical tree species. Timbers such as mahogany, cedar, and teak are abundant in the east, providing a few internationally competitive exports. Farmers rely on tropical economies such as bananas, pineapples, sugar cane, and coffee.

Crops sustain life.

The industrial foundation is weak and there is no heavy industry. The manufacturing industry is mainly based on light industries such as agricultural and animal husbandry product processing industry and livelihood necessities industry. Some low-tech household appliances can be made by ourselves.

It has large reserves of copper and gold mines. It currently ranks as the sixth largest copper mining country. The output value of the ore mining industry in 2013 reached 430 million US dollars. There are theoretical reserves of oil and natural gas in the eastern rock formations, and it has also become a concern of the international energy industry.

The focus is that the only way for ordinary people to leave the countryside is to work in the service industry in the city. The service output value reaches 25.1 billion U.S. dollars. The transportation, warehousing and tourism industries are the source of a large number of job opportunities. The port of Panama on the Atlantic coast (including MIT, CCT, Cristobal

(including three terminals) and the Balboa and PSA Panama ports on the Pacific coast, the container operation volume ranks first and second among major ports in Central and South America respectively.

In the first quarter of fiscal year 2014, the tonnage of the Panama Canal reached a record high of 87.7 million tons in a single quarter.

Labor with a higher level of knowledge can choose higher-end banking and insurance industries in the service industry. Panama firmly ranks as the financial center of Central America and the Caribbean, with total assets of the banks and insurance industries reaching US$97.925 billion.

The tourism industry has developed rapidly after 2010, and the government has also strengthened tourism construction. In 2013, the World Economic Forum ranked 37th among 140 countries and regions, and ranked 4th in the Americas.

Continued investment in the hotel industry and holding international trade exhibitions have become key targets of government support. The opening of the Nicaragua Canal in the future is bound to have an impact on Panama. The government intends to invest in strengthening business reception capabilities and financial service capabilities to cope with the situation.

Given its important geographical location, Panama's economy focuses on the service industry, mainly finance, trade and tourism.

Due to the important relationship between Panama's establishment and trade with the United States, Panama began to use the U.S. dollar as its currency in 1907. Its national currency is balboa, but it only issues coins of 1 cent, 10 cents, 25 cents, and 50 cents, which are different from the U.S. dollar.

Equivalent and used within the country at the same time.

It is the first country in the world outside the United States to use the U.S. dollar as its legal currency.

Panama is one of the most important countries in Central America and the Caribbean.

Panama has a stable political situation and good economic development momentum.

Panama Canal shipping, regional financial center, Colon Free Trade Zone and tourism are the four pillars of Panama's economy, and the service industry occupies an important position in the national economy.

In 2013, Panama's GDP grew by 8.4%, continuing to lead the Latin American economy and becoming the country with the fastest economic growth in Latin America and the Caribbean for three consecutive years.

Main economic data of Panama in 2013: GDP: US$42.648 billion; GDP growth rate: 8.4%; Currency name: Balboa (Balboa), only issued as a subsidiary currency; the exchange rate of the US dollar in circulation in Panama is equivalent to the US dollar; the inflation rate: 3.7%; unemployment

The rate is 4.1%.