Tag Archives: Panama

According to allcountrylist, Panama’s economy is largely driven by the services sector, which accounts for around 70% of the country’s GDP. This sector is primarily composed of revenue generated from banking and finance, shipping, tourism and other related activities. The manufacturing sector is the second largest contributor to GDP, accounting for around 18%. This sector includes food processing and light manufacturing such as furniture and clothing. Agriculture is another important economic activity in Panama and it contributes around 8% to total GDP. This sector produces crops such as sugar cane, coffee, bananas and cocoa beans. Livestock farming is also an important component of this industry as it provides meat products to the country’s population. The mining sector has seen some growth in recent years due to increased investment from foreign sources. This industry is mainly focused on extracting minerals such as gold, silver and copper from the country’s rich deposits. In addition to these sectors, Panama has also been making efforts towards diversifying its economy through the development of special economic zones (SEZ) which are designed to attract foreign investment into the country. These zones offer attractive incentives such as tax exemptions and preferential access to capital markets for businesses operating within them. This has helped attract investments from both domestic and international sources which have led to further economic growth in Panama. Panama has a long and varied history of agriculture that dates back to the pre-Columbian era. During this period, indigenous populations cultivated a variety of crops including maize, beans, squash, sweet potatoes, peanuts, and various fruits. Additionally, animals such as chickens, pigs and even llamas were kept for food production. These early agricultural practices helped to sustain the local populations and allowed them to thrive in their environment. When Spanish conquistadors arrived in the 16th century they brought with them new crops from Europe such as wheat and sugarcane as well as new farming techniques. These advances allowed for greater yields from local crops which helped to diversify agricultural production in Panama. Additionally, cattle ranching became increasingly common during this period as herds of cattle were brought over from Europe to be raised for their meat and milk products. In the 19th century Panama underwent a period of rapid industrialization which had an effect on agriculture both positively and negatively. On one hand it allowed for increased access to technology such as mechanized plows which improved efficiency while on the other hand it caused land values to rise making it more difficult for small farmers to compete with larger plantations that could afford the higher costs associated with modern farming techniques. Today agriculture remains an important part of Panama’s economy with most produce being consumed domestically while some is exported abroad. This includes traditional staples such as maize, beans and rice but also newer exports like coffee beans which are becoming increasingly popular among Panamanians both at home and abroad. Additionally, animal husbandry continues to be important with beef being one of the country’s main exports alongside seafood products like shrimp and lobster which are primarily sourced from Panama’s Caribbean coast. See smber for Panama Agriculture and Fishing.