Panama is a city in Shelby County, Iowa, United States.

[3] Panama had its start in the year 1882 by the building of the Chicago, Milwaukee and St. Paul Railway through Washington Township.

[4][5] According to the United States Census Bureau, the city has a total area of 0.29 square miles (0.75 km2), all of it land.

Routes 30 and 59 As of the census of 2020,[8] there were 235 people, 107 households, and 67 families residing in the city.

37.8% of all households were made up of individuals, and 21.5% had someone living alone who was 65 years of age or older.

The racial makeup of the city was 98.11% White, 0.47% African American, and 1.42% from two or more races.

36.5% of all households were made up of individuals, and 18.8% had someone living alone who was 65 years of age or older.

About 3.4% of families and 5.6% of the population were below the poverty line, including none of those under the age of eighteen and 14.0% of those 65 or over.

The district serves the towns of Harlan, Defiance, Earling, Panama, Portsmouth and Westphalia, the unincorporated communities of Jacksonville and Corley, and the surrounding rural areas.