According to the officials, the strong quake struck at a depth of 37 kilometers (23 miles) in the far west of the country near the Costa Rican border, says the US Geological Survey.
Residents near the epicenter reported feeling moderate to strong shaking for about 15 to 20 seconds.
Panamanian experts said there was no tsunami alert from the quake.
'Due to the magnitude of the event there have been some impairments in housing and shops; Until now we only have the report of a wounded lady to collapse the roof of her home in Puerto Armuelles. "Everything happened so fast". "There is a low likelihood of casualties and damage", the USGS said.
Panama's National Civil Protection Service said on Twitter that walls cracked at a hospital and two supermarkets in Changuinola in Bocas del Toro province.
Northern Panama is frequently hit by earthquakes. A magnitude 6.7 tremor in 2003 killed two people and damaged hundreds of houses.
The USGS later pinpointed the epicenter of the quake as a couple of miles north of Paso Canoas in Costa Rica, directly on the border with Panama.
Associated Press writer Juan Zamorano reported this story in Panama City and AP writer Javier Cordoba reported from San Jose, Costa Rica.