Luxury Item Consumption Decreases in Panama
The economic crisis is being reflected in lower wine and jewelry consumption, while basic item consumption is increasing.
Thursday, May 21, 2009
The General Directorate of Revenue (DGI) reported a decrease in the collection of the selective consumption tax for items such as: Jewels and weapons, down by 70%; imported cigarettes, down by 22% and liquor and wines, down by 10%.
Due to the economic crisis, various sectors of the economy closed this March with lower sales than those in March 2008.
While officials from the IMF were announcing that Nicaragua is "among the countries at the point of going down because of high oil and food prices," the economy was feeling the consequences of another inflationary spiral, says Oliver Gómez in the Managua daily El Nuevo Diario.
After the dollarization of the economy, the cost of living grew as expensive as in Boston, in London, or in Moscow, with the exception that chaos, violence and lack of services rein here.
No matter who wins the elections, the country will need to resort to international loans to face the crisis.
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