Panama Grows and Grows ….

Another article came out this week confirming Panama’s explosive growth rate and the good it is doing while on the other hand the warning signals of inflation.  

With 9.7% growth in the first quarter of 2011 compared to data recorded in the first quarter of 2010, the thrust of the Panamanian economy is surpassing all expectations.
While the rest of the world was just emerging with difficulty from the global financial and economic crisis in 2010, Panama grew by 7.5%. The projected growth for 2011 is 9%.

In his article in, Edith Castillo Duarte reported that the activities with the highest growth recorded during the quarter in question were “mining and quarrying (14.1%), construction (15.3%), transport, storage and communications (16%) , commerce(9.5%), hotels and restaurants (6.8%) and financial intermediation (6.9%). The added value products in the agricultural sector went down by 0.4% as a result of the reduction in the volume of banana exports by 13.5 % and other fruits such as melon and watermelon, which decreased by 67.2% and 45.0% respectively. In turn, the dairy products activity fell by 5.9%. 

The Economist and University Professor Alejandro Cordero acknowledged that the Panamanian economy is undergoing a cyclical phase of strong expansion “is positive for their impact on employment”. The downside of this growth, said, is that it is accompanied by inflation and although there is work, it does not ensure a standard of living that meets the needs of the entire population.

Thomas H. Brymer II
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