Panama - Is officially known as the Republic of Panama. Panama is a North American country located in Central America connecting North America and South America. Panama shares borders with Costa Rica, Colombia, the Caribbean Sea and the Pacific Ocean. Explored and settled by the Spanish in the 16th century, Panama broke with Spain in 1821 and joined a union of Colombia, Ecuador, and Venezuela - named the Republic of Gran Colombia. When the latter dissolved in 1830, Panama remained part of Colombia. With United States backing, Panama seceded from Colombia in 1903 and promptly signed a treaty with the USA allowing for the construction of a canal and U.S. sovereignty over a strip of land on either side of the structure (the Panama Canal Zone). Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and should be completed by 2014 at a cost of $5.3 billion - about 30% of current Gross Domestic Product.Containerized cargo is the Canal's main and fastest growing market segment, accounting for 55% of revenue and 47% of transits in fiscal year 2007. In fiscal year 2007, the Canal broke a new record when 312.2 millions PC/UMS tons transited through the waterway.
It takes a ship an average of 8-10 hours to transit through the Canal. A ship saves 7,860 nautical miles when traveling from New York to San Francisco through the Canal instead of the Cape of Horn.
Central Panama was home to some of the first pottery-making villages in the Americas, such as the Monagrillo culture dating to about 2500-1700 BC. Prior to the arrival of Europeans, Panama was widely settled by Chibchan, Chocoan, and Cueva peoples, among whom the largest group were the Cueva.
