Panama showed a 9.48 percent increase in economic growth this April over the same period last April. This is up from a low 2.2 percent growth rate in March, which marked a five year low for Panama. The growth in the economy was largely due to the strong construction, mining, and hospitality industries, according to the Panama Comptroller General’s office.
While it is good news that Panama’s economy surged forward again this April, the data continues to send mixed signals. March was a five year low for growth in Panama, and the predicted growth rate of 8 percent for the year, while strong, is still a significant decrease from the 11% growth rate Panama enjoyed last year. The data for May will hopefully shed some light on the true state of Panama’s economy, and may begin to indicate how much the decreased consumer confidence and increasing food and fuel prices could potentially impede the growth of Panama’s economy.
Source:
Panama economic activity up 9.48 pct (Reuters.com)
