Because of its size and importance, Panama City drives the national economy. Services, including government, international shipping, banking, transportation, insurance, warehousing, and sales, account for three-quarters of the city's income. Panama City also generates most of Panama's communication services, including television, radio, telephone, and newspapers. Light manufacturing provides about 10 percent of the city's income. Chief products include processed food and beverages, building materials, furniture, and clothing. The construction industry, which has been booming since the early 1990s, contributes an additional 10 percent to the urban economy.
The nearby Panama Canal is a major focus of business activity in Panama City, contributing about 5 percent to the nation's income. Owned and operated by the United States since 1914, the canal became the sole property of Panama in December 1999. A public Panamanian corporation operates the canal. U.S. military forces based around the canal departed, and many of the former military bases are likely be converted to business or public use.
Microsoft® Encarta® Online Encyclopedia 2001
http://encarta.msn.com © 1997-2001 Microsoft Corporation. All rights reserved. Panama Information info
|
