A statement from the Panamanian Ministry of Economy and Finance reads:
Panama's economic growth for the second quarter of 2011 was 11.4% and in the first half was 10.3%, as reported by the minister of Economy and Finance, Frank De Lima, citing figures from the Controller General of the Republic. "We are projecting that by the end of the year, we will close at 9% growth, being, as is traditional, very conservative," said De Lima.
According to the representative, the country's growth is a reflection of many factors among which he mentioned: Employment growth and wage increases revealed by a survey carried out by the Controller, the rise in activities on the Panama Canal and ports, development of wholesale and retail sectors, and investments in the financial sector, the Colon Free Zone, construction, tourism and telecommunications.
"The benefit to Panama is that this growth translates into job creation, as shown by the figures from the National Institute of Statistics and Census (INEC), which indicate that unemployment has fallen from 6.5% to 5.6%," De Lima noted.
The statements from the Minister were given during a conference for the announcement of results by the National Economic Council (CENA).
More on this topic
December 2010
Government officials estimate that the Panamanian economy closed 2010 with over 7% growth.
At a press conference by the Minister of Economy, Alberto Vallarino, the minister stated, "We have achieved a cumulative growth of seven percent which was our revised projection and if the trend of acceleration of the economy we've seen in the last four quarters continues (...) we can expect a higher growth for this fiscal year when final numbers are known in March."
July 2011
Forecasts by private consultants and the government agree that in 2011 the Panamanian economy will grow 9% due to the combination of public and private investment, 11.6% and 8% of GDP respectively.
An article by Edith Castillo Duarte in Prensa.com reports the upward shift of the expected growth of Panama’s economy in 2011 by both the government and the consulting firm INDESA, and how estimates of both parties agree.
November 2010
The Government will invest $19.8 million to build an 80-bed hospital.
The new hospital will benefit 177.769 inhabitants of the villages of Chilibre, Las Cumbres, Alcaldedìaz and Ernesto Campos Cordoba.
The project involves construction of an 80-bed second-tier care hospital. The launch is scheduled for 2011 with completion estimated for 2012.
August 2011
The growth of the Panamanian economy is sustained and is approaching figures prior to the 2008 global crisis.
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.
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