AO, ICFTU, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, INMARSAT,
INTELSAT, INTERPOL, IOC, IOM, ITU, LAES, LAIA (observer), NAM, OAS,
OPANAL, PCA, UN, UNCTAD, UNESCO, UNIDO, UPU, WCL, WFTU, WHO, WIPO,
WMO, WTO

Diplomatic representation in US:
chief of mission: Ambassador Ricardo Alberto ARIAS
chancery: 2862 McGill Terrace NW, Washington, DC 20008
telephone: [1] (202) 483-1407
consulate(s) general: Atlanta, Houston, Miami, New Orleans, New York,
San Francisco, San Juan (Puerto Rico), Tampa

US diplomatic representation:
chief of mission: (vacant); Charge d'Affaires Oliver P. GARZA
embassy: Avenida Balboa and Calle 38, Apartado 6959, Panama City 5
mailing address: American Embassy Panama, Unit 0945; APO AA 34002
telephone: [507] 27-1777
FAX: [507] 27-1964

Flag: divided into four, equal rectangles; the top quadrants are white
(hoist side) with a blue five-pointed star in the center and plain
red, the bottom quadrants are plain blue (hoist side) and white with a
red five-pointed star in the center

@Panama:Economy

Overview: Because of its key geographic location, Panama's economy is
service-based, heavily weighted toward banking, commerce, and tourism.
Trade and financial ties with the US are especially close. GDP grew at
3.6% in 1994, a respectable rate, yet below the 7.1% average of the
early 1990s. Banking and financial services and trade through the
Colon Free Zone continued to expand rapidly, with the industrial and
agricultural sectors experiencing little growth. The new
administration, inaugurated 1 September 1994, has launched an economic
plan designed to reverse rising unemployment, attract foreign
investment, cut back the size of government, and modernize the
economy. The success of the plan in meeting its goals for 1995 and
beyond depends largely on the success of the administration in
reforming the labor code and instituting the reforms necessary to join
the GATT.

National product: GDP - purchasing power parity - $12.3 billion (1994
est.)

National product real growth rate: 3.6% (1994 est.)

National product per capita: $4,670 (1994 est.)

Inflation rate (consumer prices): 1.8% (1994 est.)

Unemployment rate: 12.9% (1994 est.)

Budget:
revenues: $1.93 billion
expenditures: $1.93 billion, including capital expenditures of $NA
(1994)

Exports: $520 million (f.o.b., 1994 est.)
commodities: bananas 43%, shrimp 11%, sugar 4%, clothing 5%, coffee 2%