Panama

National name
República de Panamá

Government
Constitutional democracy.

Geography
The Panama Canal bisects the isthmus at its narrowest and lowest point, allowing passage from the Caribbean Sea to the Pacific Ocean. It is marked by a chain of mountains in the west, moderate hills in the interior, and a low range on the east coast. There are extensive forests in the fertile Caribbean area.

Historical Background
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. On 7 September 1977, an agreement was signed for the complete transfer of the Canal from the US to Panama by the end of 1999. Panamanians approved a plan to double the canal's capacity and is expected to be completed in 2014- 2015.

Facts & Figures

Name

Republic of Panama

Capital

Panama City

Government

Constitutional Democracy - President Ricardo Martinelli - Vice President Juan Carlos Varela

Area

Total 75,517 km2 (118th) 29,157 sq mi

Population

May 2010 census 3,405,813

GDP (PPP)

2009 estimate - Total $38.604 billion[2] (93rd)

GDP (nominal)

2009 estimate -  Total $24.711 billion[2] (89th)

Currency

Balboa, U.S. dollar (PAB, USD)

Time zone

(UTC-5)