Being the economic and financial center of the country, Panama City's
economy is service-based, heavily weighted toward banking, commerce, and
tourism. The economy depends significantly on trade and shipping activities
associated with the Panama Canal and port facilities located in Balboa. The
city has benefited from significant economic growth in recent years, mainly due
to the ongoing expansion of the Panama Canal, an increase in real estate
investment, and a relatively stable banking sector. There are around eighty
banks in the city, at least fifteen of which are national.
Panama City is responsible for the
