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jcz

How does panama profit from the panama canal?


    



Show all answers


Seryan
Rating
The canal is the economic heart beat of Panama, the smallest country in Central America. Of the $3.4 billion State budget for 2009, $572 million, or 16% comes from contributions made by the Panama Canal.

For financial year 2009, the Panama Canal Authority (ACP) has forecast a direct input of $748.8 million into the tiny nation's coffers.

Although the ACP is planning for a reduction of about 5% in cargo traffic for 2009 (due to the world wide recession), revenues would be unaffected because there is a toll hike scheduled for May and October.

In addition to the monies from tolls, ACP employs hundreds of Panamanians who earn excellent salaries and these add to the economy of Panama.

These are the things that the canal gives to the country.


Clara M
Each time a ship passes througth the canal it has to pay Panama for the right of passage. Panama profit millions in revenue each year. For examle: A cruse ship may pay as much as $200,000.00 just to go througth the canal.

When a ship enters the canal the ship is taken over by a Panamaian Captain and become Panama property the Panamaian FLAG is hosted atop the ship. When the ship reached the other side then Panama releases the ship back to the Captain of the ship.

Person visit to Panama and the Miraflora Lock with a native friend who explained the process to me.


John P
Rating
Each cruise ship pays about $300,000 to cross the Canal. Do the math.


William C
Rating
They charge ships for the right to pass through.



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