The Social and Economic Report - April 2011 by the Ministry of Finance states that up to April, 2011 Panama grew by 9.8%, which compared with figures for the same period in previous years, indicates that the recovery is sustained. During the same months in 2007 Panama grew 12.2%, in 2008 it grew 10.5%, in 2009 the figure was 4.6%, and 2010 marks the beginning of recovery with growth of 6.7%.
The activities currently leading Panama's economic growth are mainly transport, and related services, both by air and sea, and communication which is keeping pace with the expansion of Internet services, mobile telephony and pay TV services.
Also of great importance is the dynamism in the construction sector, both in the canal expansion and the development of numerous infrastructure projects, including housing and commercial premises.
Next in importance has been the growth in tourism and trade, both retail and wholesale, most notable of which is the increase in trade to South American countries and the Caribbean.
There is ongoing financial activity consistent with the reported growth, with new loans worth over $5,700 million for trade, industry, personal consumption and the construction sector.
Agriculture still shows no signs of recovery, and the crisis in fishing activities is deepening.
The report noted that inflation for the period came to 3.9%, with sole cause being rising production costs and shrinking supply.
Source: Economic and Social Report- April 2011 - Ministry of Economy and Finance of Panama.
More on this topic
October 2011
Main conclusions regarding the Central American economy between 2008 and 2011.
The State of the Region Report is a tool by Central America for Central America, which analyzes and tracks the major challenges of sustainable human development. In this fourth report, the titles of the main conclusions on the topic Economy are presented:
December 2009
Economic recovery from the international crisis in Latin America and the Caribbean will be quicker than expected a few months ago.
In its annual report Preliminary Overview of the Economies of Latin America and the Caribbean 2009, the regional commission of the United Nations projects positive growth rates for most countries, but explains that there is still doubts about whether this recovery will be sustainable over time, given that the external scenario continues uncertain, which may affect growth expectations in the region.
March 2012
The expectation is that GDP will increase by 8.3%, a slight cooling off from the nearly 11% in 2011.
Panama has maintained a remarkable record of economic growth in recent years, despite the effects of the global economic crisis which began in 2008.
In 2011, the GDP growth rate reached 10.9%, driven by the construction sector, which grew by 18.5%, along with mining (18.4%), trade (15.9%), transport and communications (13.7%), financial intermediation (7.6%) and hotels and restaurants (7.6%).
May 2011
The Economic Situation Report at the end of the first quarter of 2011 states: Economic growth is still slow and fragile.
The global economic recovery continues, although there are still some weaknesses in the international financial condition. A 4.4% expansion is projected for 2011.
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