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Country : Panama Official name: República de Panamá (Republic of Panama) Head of State: President Martín Erasto Torrijos Espino (PRD) (sworn in 1 Sep 2004) Head of government: President Martín Erasto Torrijos Espino Ruling party: Coalition government formed by the Partido Revolucionario Democratico (PRD) (Democratic Revolutionary Party) and the Partido Popular (PP) (People's Party) (from May 2004) Area: 77,082 square km Population: 3.04 million (2004) Capital: Panama City Official language: Spanish Currency: Balboa (B and US$) and US dollar = 100 cents Exchange rate: B and US$1.00 per US$ (fixed peg) GDP per capita: US$3,870 (2003) GDP real growth: 4.00% (2003) Labour force: 1.10 million (2003) Unemployment: 16.00% (2003) Inflation: 1.70% (2003) Balance of trade: -US$2.11 billion (2003) Foreign debt: US$7.00 billion (2003)

Historical profile

1821 Independence from Spanish rule. The Panamanians chose not to join the union of Central American provinces and became part of Gran Colombia instead.

1903 The US obtained, in a treaty with Colombia, the right to build a canal across the isthmus. After Colombian politicians protested, the US encouraged the Panamanians to rebel and declare independence. The new rulers signed a treaty with the US which allowed it to build and operate the canal independently, thereby splitting the country in two.

1941–68 Panama was mostly ruled by presidents representing the landowners, traders and building companies. Arnulfo Arias, ousted in 1941, was an unpredictable populist orator, much loved by the crowds. He was in and out of office between 1949–68.

1968–81 General Omar Torrijos was in power until his death in a plane crash in 1981.

1977 Torrijos and the then US president Jimmy Carter signed a treaty under which the US would hand over the canal to Panama and withdraw its troops by the end of 1999.

1982 General Manuel Antonio Noriega became commander of the National Guard and de facto ruler of Panama.

1989 Noriega was ousted by an operation led by US Marines. He was succeeded by Guillermo Endara.

1994 Ernest Pérez Balladares won the presidential election.

1999 Mireya Elisa Moscoso Rodríguez of the Partido Arnulfista (PA) (Arnulfista Party) won the presidential elections, becoming Panama's first female president. At the end of the year, ownership of the Panama Canal was handed back by the US to Panama.

2000 The PA lost control of the National Assembly and an alliance led by the Partido Revolucionario Democratico (PRD) (Democratic Revolutionary Party) formed a majority.

2002 Panama signed a framework trade agreement with its five Central American neighbours to boost trade in the region. The PA gained from the defections of three members of the opposition, PRD, when they voted to approve Moscoso's appointees for the Supreme Court. The three deputies were accused by the PRD of accepting US$1 million in bribes. President Moscoso set up a commission to investigate corruption.

2003 A free trade agreement (FTA) with El Salvador, the first in Panama's history, came into effect in April.

2004 Martín Torrijos won the 2 May presidential elections. PRD, won the most seats in the 2 May parliamentary elections. A coalition government was formed by the PA, Movimiento de Renovación Nacional (Morena), Movimiento Liberal Republicano Nacionalista (Molirena) (Nationalist Republican Liberal Movement) and Partido Democrático (PD) (Democratic Party). On 1 September, Martín Torrijos was sworn in as president.

Web Links 1 . Panama Real Estate Properties for sale and rent in Panama, including beachfront real estate and ocean view properties in or around Panama City and the interior. Category:   Business > Real Estate Regional > Panama Date Added: May 24, 2007 Hits: 2 Rating: 0.00 Votes: 0   Member Reviews Visitor Ratings