In the past five years the growth rate has been 8.3%, according to a report by the Ministry of Economy and Finance. In 2009 Panama's economy grew 3.2% while growth in 2010 doubled to 7.5%.
The report informs that in 2010 the transportation, storage and communications sectors continued to grow rapidly. Last year it was 15.5%, thanks to technologies introduced assisting economic activity, trade grew 11.1% due to both domestic and commercial activity with the rest of the world and among others, tourism and restaurant sectors grew 10.9%.
During the period, only fishing remained in recession, due to natural phenomena, natural reproductive cycles, poor administration and controls over industrial fishing (tuna).
Government officials estimate that the Panamanian economy closed 2010 with over 7% growth.
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."
For the second consecutive year, the Nicaraguan economy has grown by more than 5%, maintaining the impetus registrated for 2011, when it grew by 5.4%.
The recent history of Nicaragua's economy is marked by ups and downs, averaging annual growth figures of 4%.
In presenting the macroeconomic statistics for 2012, authorities from the Central Bank of Nicaragua highlighted a record $2.677 billion in exports which is 18.3% greater than that achieved in 2011, an increase in foreign investment, which totaled $1.102 billion , and the contribution of remittances, which totaled $1.114 billion.
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