Panama: 7% Economic Growth in 2010
Government officials estimate that the Panamanian economy closed 2010 with over 7% growth.
Thursday, December 16, 2010
At a press conference by the Minister of Economy, Alberto Vallarino, the minister stated, "We have achieved a cumulative growth of seven percent which was our revised projection and if the trend of acceleration of the economy we've seen in the last four quarters continues (...) we can expect a higher growth for this fiscal year when final numbers are known in March."
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.
Over the past 14 years, taking into account the 7.5% growth of 2010, the economy has grown at an average rate of 6.3%.
The economy of Panama grew 6,1% between January and June, reaching a GDP of $10,8 billion, $571 million more than the same period of 2009.
The Panamanian economy is likely to increase its growth slightly next year due to the international financial crisis, lower exports to the US and a slowdown in the real estate industry.
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