Economy Panama City

construction boom in panama city.



panama city financial district

as economic , financial center of country, panama city s economy service-based, heavily weighted toward banking, commerce, , tourism. economy depends on trade , shipping activities associated panama canal , port facilities located in balboa. panama s status convergence zone capital around world due canal helped city establish prime location offshore banking , tax planning. consequently, economy has relied on accountants , lawyers global corporations navigate regulatory landscape. city has benefited significant economic growth in recent years, due ongoing expansion of panama canal, increase in real estate investment, , relatively stable banking sector. there around eighty banks in city, @ least fifteen of national.

panama city responsible production of approximately 55% of country s gdp. because panamanian businesses , premises located in city , metro area. stopover other destinations in country, transit point , tourist destination in itself.

tourism 1 of important economic activities in terms of revenue generation. sector of economy has seen great deal of growth since transfer of panama canal zone @ end of twentieth century. number of hotel rooms increased more ten-fold, 1,400 in 1997 more 15,000 in 2013, while number of annual visitors increased 457,000 in 1999 1.4 million in 2011. city s hotel occupancy rate has been relatively high, reaching second highest city outside united states in 2008, after perth, australia, , followed dubai. however, hotel occupancy rates have dropped since 2009, due opening of many new luxury hotels. several international hotel chains, such le méridien, radisson, , riu, have opened or plan open new hotels in city, along operating under marriott, sheraton, intercontinental, , other foreign , local brands. also, trump organization building trump ocean club, first investment in latin america, , hilton worldwide opened first garden inn panama, @ eusebio a. morales avenue , 49a street west, , more panamera, second waldorf astoria hotel in latin america.