Adapted from:

“Actividad económica crece 9.48%” Diego Quijano of La Prensa, laprensa.com.pa

Wednesday, June 25, 2008

And

“Panama pierde liderazgo en crecimiento de AL” Marianela Palacios Ramsbott, laprensa.com.pa

Thursday, July 3, 2008

Economic Activity Grows by 9.48%

Panama closed 2007 with the highest economic growth rate in all of Latin America after registering an historic record of 11.2%. Now well into 2008, new information shows that the Panamanian economy continues to perform and expand at a high level.

While many parts of the world are experiencing job losses and economic stagnation, Panama’s economy is creating jobs and growing. The Index of Monthly Economic Activity (IMAE) in Panama registered an increase of 9.48% for the month of April 2008 compared to the same period last year. The overall increase in economic activity for the first four months of 2008 was 8.01%

The report published yesterday explained that the growth was witnessed in many different economic sectors including, construction, mining, hotel and restaurant services, transportation, warehousing, communications, real estate, and other public and private services without getting into many further details.

With positive growth taking place in a wide range of economic areas, Panama looks to develop further each year and utilize resources such as the Canal to solidify itself as an economic leader in the region.

Even though it maintained a strong economic growth rate of 8.4% during the first trimester of 2008, Panama lost its first place ranking in the region to Uruguay with growth of 11% and Peru at 9.2% according to official statistics. The economy of Argentina expanded at the same rate as that of Panama during the first three months of 2008.

These four countries rank far ahead of the Latin American average and some of the strongest economies in the region including Mexico (2.6%), Chile (3%), Brazil (5.8%) and Venezuela (4.8).

Even though Panama has fallen off from last year’s record numbers, the country continues to diversify, develop and expand. With many large scale infrastructure projects currently under works including the Panama-Colon Highway, the Panama City Cinta Costera coastal road and of course the expansion of the Panama Canal, the Panamanian government is confidently looking toward the future and understands the huge economic potential that exists within this small country.

As infrastructure and opportunities develop, market inefficiencies start to diminish and profit margins begin to increase. With Panama’s advantageous position at the center of the Americas and its world famous resource in the Panama Canal, the country is becoming every day more attractive as a strategic location to do international business. Panama is perfectly positioned to take on a greater role and significance within the new global economy.