Panama’s 1Q Gross Domestic Product Expanded 4.9% On Year
Panama's new Financial Tower planned for development next year
We have continuing good reports as the 1st Quarter Economic indicators here in Panama are very positive. This just in from the Wall Street Journal
DOW JONES NEWSWIRES • JUNE 15, 2010, 8:18 P.M. ET
The Panamanian economy expanded 4.9% in the first quarter of this year, compared with the same period a year ago, led by transportation, which includes telecoms and port activities, and tourism, the Statistics and Census Office said Tuesday in a report published on its website. “The economy recovered very well from world economic crisis,” Economy and Finance Minister Alberto Vallarino said in a statement. “These results are above the ministry’s estimates and well above the forecasts included in the budget in September of last year.” He said the growth is the result of the work done over the last few years. The good shape of the country’s economy convinced the three major rating agencies to upgrade Panama’s debt ratings to investment grade over the past couple of months. The transportation industry in Panama expanded 10% in the first quarter, while hotels and restaurants grew 6.9% as the number of tourists visiting the country rose 5.2%. The Panama Canal suffered from decreased transportation of goods as the number of tons shipped through the canal fell 2.2%. However, revenues from the canal rose 3.1%. The Panamanian economy had expanded 2.4% in 2009, down from 9.2% in 2008.
-By Inti Landauro, Dow Jones Newswires; 57-1-694 00 76; colombia@dowjones.com
Latin America Business: Panama Best
Panama has replaced Chile as the Latin American country with the best business climate, according to the fifth annual Latin Business Index from Latin Business Chronicle.
Last month the Latin Business Journal posted this article describing Panama’s ranking amongst other Latin American Countries and the headlines tells the whole story but if you want to read the article you can go here Panama is Best. I would encourage you to subscribe to the LBC if you have any interest in doing business in Latin America.
Why Relaxing Is Hard Work
On a lighter note I thought that this article that I read in the Journal was so on point when it comes to trying to chill while on vacation. This is another reason that I moved to Panama where everyday is like a vacation whether you are working or not, so you don’t get caught up in the rat race like I did back in the States. At least down here if you could call this a rat race, the cheese is a lot better.
“The water’s blue, the waves are lapping. Geez, it’s hot. Do I have enough sunscreen on? Why did I wear this bathing suit? How long have we been here? I wonder what’s happening at the office. Have they finished that project? Where is that cellphone? Wait, don’t tell me there’s no service!”
Can’t slow down? Even on vacation? You’ve got plenty of company.
Read the entire article here
Jazz in Panama
I have reported on a place in Panama, where like South Beach back in Miami, the vibe is good, the restaurants and night clubs are trendy and the jazz can be hot. Welcome to Casco Viejo “The Old City” home of the Jazz Festival and many exciting artists who frequent this wonderful place.
For more on this wonderful place visit Casco Viejo
While the Jazz Fest isn’t until January, preparations are already underway and this coming year promises to have a lot of talent. In the meantime, here is a little video I saw on the Panama News that is an example of the talent I am talking about.
A special Wappin Radio Show edition: jazz that goes all over the place but starts, passes through and ends at The Crossroads of the World
Carlos Ubarte, Aldo Salvent, Alejandro Chiabrando
Tenor Sax Attack
Thank you for allowing me to share this news and some of my thoughts with you and I hope that you might consider visiting with us and see why Panama is a special place.
Cheers!!
Tom Brymer
305-448-1003
In Panama call 507-6810-1074