Panama has adopted both local balboas and U.S. dollars as the nation’s official currencies, which insulates retirees receiving their later-year incomes in U.S. dollars from potential currency-exchange losses.
Mercer’s 2016 Cost of Living rankings benchmark how much a new resident in a city has to pay for products compared to New York using the US dollar as the base currency. For 2016, Panama City ranks as the 81st costliest city for newly relocated citizens, up 23 places from 2015 when Mercer recognized Panama City as the world’s 104th most expensive city.
Panama exported an estimated US$12.1 billion worth of goods around the globe in 2016. Highest-value Panamanian exports include medicines, organic chemicals, footwear, clothing and perfumes according to the International Trade Centre.
Capital Facts for Panama City Panama: Quick Reference
Geography
Capital landmarks: Panama Canal, Balboa Avenue, Amador Causeway, San Jose Church, Bridge of the Americas and Francia Plaza
Famous People
Below, you will find 10 of the most famous people born in Panama City, Panama:
- Jordana Brewster, actress (born Apr. 26, 1980)
- Mariano Rivera, professional baseball pitcher (born Nov. 29, 1969)
- Rolando Blackman, NBA basketball player (born Feb. 26, 1959)
- Rubén Blades, singer & actor (born Jul. 16, 1948)
- Lori Heuring, actress (born Apr. 6, 1973)
- Roberto Kelly, professional baseball outfielder (born Oct. 1, 1964)
- Eddy Lover, reggae singer-songwriter (born Mar. 15, 1985)
- Ricardo Martinelli, former president (born Mar. 11, 1951)
- Clinton Kelly, fashion consultant & TV personality (born Feb. 22, 1969)
- Carlos Carrasco, actor & director (born Apr. 5, 1948)
- Manuel Noriega, former military leader (born Feb. 11, 1934)
Note: Data for our Famous People tab was sourced from Google searches mostly targeting published Wikipedia articles specific to each person’s name.
Population
Demonym for a Panama resident: Panamanians
Population: 1,027,817 (Panama City municipality)
Density: 9,696 people per square mile (3,744 per square kilometer)
Population: 1,530,000 (Panama City built-up urban area)
Density: 1,547 people per square mile (597 per square kilometer)
Population: 3,705,246 (Panama)
Density: 129 people per square mile (50 per square kilometer)
Financial
GDP: US$93.1 billion as of October 2016 (for Panama, per WorldsRichestCountries.com)
GDP per person: $22,788
Note: The above country-level GDP metrics are on a Purchasing Power Parity basis and are in U.S. dollars. Credible city GDP statistics for Panama City were unavailable.
Official currencies used in Panama City: Panamanian balboa, U.S. dollar
Research
Research Sources:
Atlas & Boots, The World’s Most Expensive Cities for Expats 2016. Accessed on February 17, 2017
Brookings Institution, Global Metro Monitor Report (includes GDP data). Accessed on December 17, 2016
Central Intelligence Agency, World Factbook, Central America & Caribbean: Panama . Accessed on February 17, 2017
Central Intelligence Agency, World Factbook, Field Listing: Major Urban Areas. Accessed on December 17, 2016
CityMetric, Where are largest cities in the world? 2015 edition. Accessed on December 17, 2016
Demographia, World Urban Area, 12th Annual Edition. Accessed on December 17, 2016
Huffington Post, The World’s 12 Best Places To Live Or Retire In 2016. Accessed on December 17, 2016
International Trade Centre, Trade Map. Accessed on February 17, 2017
Mercer, 2016 Cost of Living Rankings. Accessed on February 17, 2017
Official Government Website, Municipality of Panama. Accessed on December 17, 2016
Wikimedia Commons, City Flags. Accessed on December 17, 2016
Note: Some city flags were unavailable. If so, attribution belongs to Wikimedia Commons for pertinent country flags.
Wikipedia, Panama. Accessed on February 17, 2017
Wikipedia, Panama City. Accessed on December 17, 2016
World Population Review, Panama Population 2016. Accessed on December 17, 2016
Panama City’s eastern perimeter is close to Central America’s largest and busiest airport, Tocumen International, which facilitates international travel for tourists as well as relocating retirees. According to Huffington Post publisher Kathleen Peddicord, Panama City is renowned for world-class and affordable medical care while Panama provides a gold-standard retiree residency visa program.
With a municipal land area measuring 106 square miles (275 square kilometers), Panama City had an estimated one million residents in 2016.
Over the much larger Panama City-Colón metropolitan region, which encompasses many smaller cities, there are approximately 1.5 million inhabitants living within 989 square miles (2,561 square kilometers).
At the country-level, Panama is home to 3.7 million people with a land area of 28,703 square miles (74,340 square kilometers).
Population density is highest within Panama City’s municipal limits with an average 9,700 people per square mile (3,700 per square kilometer). For the vast Panama City-Colón metropolitan region, density diminishes to 1,500 inhabitants per square mile (600 per square kilometer).
Within Panama’s national borders, population density is much lower at an average 129 Panamanians per square mile (50 per square kilometer).
Panama separated from Colombia on November 3, 1903. Panamanians celebrate Independence Day as a public holiday each November 3.