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Panama’s Economic Rise: 1999 to 2013

1999 TO PANAMA'S ECONOMIC RISE 2013 Panama has experienced an unprecedented economic rise since the United States handed back control of the Panama Canal in 1999. Many outside observers suspected that the country would deteriorate once the U.S. backed away. However, this has proven untrue, with positive growth continuing unhindered from virtually the first day of reclaiming the Canal. A tiny republic, the isthmus nation is currently attempting to match the progress of its social programs with its booming economy. Below are 9 economic stats that compare Panama in 1999 to 2013, and the data is clear - Panama has successfully transitioned away from U.S. control and into a regional economic power. 1999 2013 GDP per Capita $7,600 Panama's growing economy has had a visible effect on the lives of its richest and $15,300 poorest citizens, with more disposable income, low and high level investments, and raised standard of living. Total GDP The raised standard of living is fueling Panama's economy with more and more citizens wielding increased purchasing power and putting their money back into the economy. This has fueled the growth of a new phenomenon in Panama - a middle class. 2$ $51.26 $21 BILLION BILLION Regional Corporate Headquarters in Panama MORE THAN 68 FEWER THAN 10 An influx of business-friendly legislation and tax incentives have led to Panama becoming a major center for Multina- tional Corporate headquarters. Annual Industrial Production Growth 2% Panama is building robust construction and manufacturing industries, with growth averaging 4%-10% since 1999. 10% $17.97 BILLION Exports (2012) $4.7 Panama's exports have grown 3 fold since 1999, demonstrating the growth of industry and services. BILLION Imports $22.95 BILLION $6.4 The increased level of imports into BILLION Panama demonstrate an elevated demand for foreign goods and consumer spending - luxury goods, construction materials, automobiles, and more. Panama Canal Revenue $1.85 BILLION The canal generates far more money $500 under the Panamanian government than it did under the U.S. Efficiency MILLION and expansion works are key to growth, with over $5 billion dollar: invested in a new expansion program to increase the number and size of ships passing through the Canal. Currently, 90% of the world's ships can pass through the Canal. Poverty Rate 37% LIVE BELOW Poverty in Panama is a central issue confronting the Panamanian govern- ment, who are only just being given the financial power to work on it. Regardless, levels of poverty have still dropped almost 10% since 1999. 27.6% LIVE BELOW Tourism Tourism has helped Panama reach the world, with a huge rise in tourist numbers since 1999. Panama was voted No.1 tourist destination for 550,026- ANNUAL TOURISTS 2012 in a number of global publica- tions, including the New York Times. -2.08 MILLION ANNUAL TOURISTS Sources: IndexMundi, Worldbank, NBC News, Panama Canal Administration, CIA World Fact Book *All figures are reported in US Dollars Brought to you by Panama Offshore Legal Services Panama Offshore Legal Services is a law firm specializing in formation and management of Panama Corporations, Panama Foundations, Offshore Banking, Panama Immigration PANAMA OFFSHORE law, and Panama Real Estate law. LEGAL SERV ICES Learn more at www.panama-offshore-services.com 11

Panama’s Economic Rise: 1999 to 2013

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Panama’s success over the last decade has been largely built on a few major cornerstones, including tax incentives and increased canal revenue. Moreover, with growing efforts to promote economic gro...

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PanamaOffshoreLegalServices

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Economy
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