Panama is located in Central America with the Caribbean Sea to the north and the North Pacific Ocean and Gulf of Panama to the south. It shares borders with Colombia and Costa Rica. The country is slightly smaller than South Carolina. Panama is a constitutional democracy. Both the president and vice presidents (two) run on the same party ticket and are elected to a five-year term. They are eligible for an additional two terms. Beginning with the 2009 election, Panama will only have one vice president. The capital of the county is Panama City. The two currencies of Panama are the U.S. dollar and the balboa which has the same exchange rate as the U.S. dollar.
The 2007 estimate of the population is 3,242,173 with a population growth rate of 1.56 percent. The life expectancy is 75.19 years with women outliving men by five years.
Spanish is the official language of Panama, however, English is also spoken; many Panamanians are bilingual. Panama has a 92.6 percent literacy rate of people over the age of 15. The two major religions are Roman Catholic (85 percent) and Protestant (15 percent).
Panama is famous for the Panama Canal. The first interest in building a ship canal through Panama dates back to 1534 and Charles I of Spain. As a result of his interest, a survey was undertaken by the regional governor of the area who determined that it would be impossible for a canal to be built. In 1880, French companies began construction of a canal through Panama. They abandoned the project after seven years. In 1903, the United States signed a treaty with Panama that allowed the United States to build and operate a canal through Panama. Construction began in 1904 and after many years of battling disease, jungle terrain, and major engineering problems, the Panama Canal opened on August 14, 1914.
In 1977, a new Panama Canal Treaty was signed by President Carter that transferred ownership of the canal back to Panama on December 31, 1999.
The canal is approximately 51 miles long. The depth of the canal varies, but the maximum draft of a ship using the canal locks is just under 40 feet. The cost for a ship to traverse the Panama Canal is dependent upon a complicated formula which calculates “Canal tonnage” based upon the volume of the ship, amount of cargo carried and whether it is a passenger ship, a cargo ship, or other vessel.
Approximately 14,000 ships a year use the Panama Canal. A third lock is being added to the canal to allow wider and deeper draft ships to take advantage of the shortcut. Completion is estimated to be in 2014 or 2015.
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