Panama has a service-based economy that relies heavily on banking, commerce, and tourism. The well-developed service sector accounts for nearly 80% of GDP. Services include the Panama Canal, banking, insurance, container ports, flagship registry, medical and health and other business. The handover of the Panama canal has given rise to new construction projects.
One of the founding members of OPEC (Organization of Oil Producing Countries) Venezuela is heavily reliant on oil. Petroleum accounts for more than three quarters of its dollar income and approximately 40-50% of fiscal revenues. 80% of Venezuela's exports are in the energy sector, and the economy is heavily dependent on price fluctuations in worldwide commodities markets.
In the northwest of South America, bordered by Venezuela and Brazil to the east, and by Ecuador and Peru to the south, Colombia is the only country in South America to border both the Atlantic and Pacific Oceans.