Economy of Panama City

production of approximately 55% of the country's GDP. This is because most Panamanian businesses and premises are located in the city and its metro area. It is a stopover for other destinations in the country as well as a tourist destination in itself.

Tourism is one of the most important economic activities in terms of revenue generation. The city's hotel occupancy rate has always been relatively high, reaching the second highest for any city outside the United States in 2008, after Perth, Australia, and followed by Dubai. However, hotel occupancy rates have dropped since 2009, probably due to the opening of many new luxury hotels. Several international hotel chains, such as Le Méridien, Radisson, and RIU, have opened or plan to open new hotels in the city, along with those previously operating under Marriott, Sheraton, Inter Continental, and other foreign and local brands. Also, the Trump Organization is currently building the Trump Ocean Club, its first investment in Latin America, and Hilton Worldwide recently opened its first Hilton Garden Inn Panama at Eusebio A. Morales Avenue and 49A Street West, and plans to open The Panamera, the first Waldorf