{"id":9305,"date":"2013-12-31T13:26:55","date_gmt":"2013-12-31T18:26:55","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=9305"},"modified":"2013-12-31T13:26:55","modified_gmt":"2013-12-31T18:26:55","slug":"panamas-economy-grew-8-9-percent-in-third-quarter-from-a-year-ago","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panamas-economy-grew-8-9-percent-in-third-quarter-from-a-year-ago\/","title":{"rendered":"Panama’s economy grew 8.9 percent in third quarter from a year ago"},"content":{"rendered":"

\"\"<\/a><\/p>\n

Panama’s growth rate stays high as reported by this update from Reuters<\/p>\n

<\/span><\/span><\/p>\n

(Adds details on infrastructure, mining and transportation sectors)<\/p>\n

<\/span><\/p>\n

Dec 20 (Reuters) – Panama’s economy<\/span><\/span> grew 8.9 percent in the third quarter from the same period last year, as massive infrastructure spending continued to buoy one of Latin America’s fastest-growing economies, the government statistics agency said on Friday.<\/p>\n

<\/span><\/p>\n

Growth picked up from the second quarter, when the economy<\/span><\/span> expanded by an upwardly revised 7.7 percent.<\/p>\n

<\/span><\/p>\n

The rapid growth was spurred by ongoing spending on the $5.3 billion expansion of Panama’s namesake canal, which began in 2007, and the $1.8 billion construction<\/span><\/span> of Central America’s first metro system, expected to open in early 2014.<\/p>\n

<\/span><\/p>\n

Large government projects also include the cleaning of the Panama Bay and the building of new hospitals and roads.<\/p>\n

<\/span><\/p>\n

The construction<\/span><\/span> industry expanded by 35 percent in the July-September period, picking up 10 percent from the second quarter, the agency said.<\/p>\n

<\/span><\/p>\n

Growth was also boosted by the ongoing construction and development of a $6.2 billion copper mine on the country’s Atlantic coast, helping to expand the mining industry by a third for the quarter.<\/p>\n

<\/span><\/p>\n

Expected to become one of the world’s biggest open-pit copper developments and Panama’s biggest source of exports, the mine’s first shipments are due in 2016, according to Minera Panama, a subsidiary of Canada’s First Quantum Minerals Ltd .<\/p>\n

<\/span><\/p>\n

Logistical and transportation services linked to the canal have expanded over the past six years as Panama has positioned itself as a regional hub.<\/p>\n

<\/span><\/p>\n

Growth in the transport and communications industry accelerated 11 percent in the third quarter, the agency said.<\/p>\n

<\/span><\/p>\n

One of the fastest-growing economies in the world, Panama mostly evaded the global recession, expanding by double-digits for four of the past six years.<\/p>\n

<\/span><\/p>\n

But growth, while still high, is expected to slow slightly.<\/p>\n

<\/span><\/p>\n

Panama’s Economy Ministry expects overall growth of 8.5 percent in 2013, while the United Nations<\/span><\/span> Economic Commission for Latin America predicts annual growth of 7.5 percent.<\/p>\n

<\/span><\/p>\n

The worldwide economic slowdown has dampened trade through the canal and ports, partly due to a delay in the waterway’s expansion, now expected to finish by mid-2015.<\/p>\n

<\/span><\/p>\n

That persuaded shippers such as Danish oil and shipping group A.P. Moller-Maersk to use alternative routes from Asia such as the Suez Canal, which fits bigger ships carrying more goods cheaply.<\/p>\n

<\/span><\/p>\n

The sluggish canal and port activity that has defined the year continued in the third quarter, dropping about 2 percent.<\/p>\n

<\/span><\/p>\n

Panama’s economy has also been affected by a dispute with two of its biggest trading partners, Colombia and Venezuela, which has disrupted Panama’s Colon Free Trade Zone, the world’s largest duty-free area after Hong Kong.<\/p>\n

<\/span><\/p>\n

Venezuelan traders owe the free trade zone about $1.2 billion because of difficulties exchanging the Venezuelan bolivar for dollars. Meanwhile, Colombia has imposed additional surcharges on importing items such as clothes and shoes.<\/p>\n

<\/span><\/p>\n

Activity in the free trade zone fell 7 percent in the July-September period. (Reporting by Lomi Kriel; Editing by Dan Grebler)<\/p>\n","protected":false},"excerpt":{"rendered":"

Panama’s growth rate stays high as reported by this update from Reuters (Adds details on infrastructure, mining and<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9305","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"\nPanama's economy grew 8.9 percent in third quarter from a year ago - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panamas-economy-grew-8-9-percent-in-third-quarter-from-a-year-ago\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Panama's 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