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%.

The website published: "Economist Aristides Hernández, president of Latin Consulting Co., noted that these indicators confirm that Panamanians are beginning to change their consumption patterns, fearing the impact of the international financial crisis, and this is also related to the restriction of credit that has been present so far this year."

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Nicaragua: Sales Continue Downward Trend

May 2009

Due to the economic crisis, various sectors of the economy closed this March with lower sales than those in March 2008.

The data presented by the Superior Council of Private Enterprise (COSEP) reported a slowdown in sales during the first quarter when compared with the same period in 2008.

El Salvador will need more international loans

February 2009

No matter who wins the elections, the country will need to resort to international loans to face the crisis.

The Central American Institute of Fiscal Studies (Icefi), will elaborate an analysis of the consequences of the financial crisis in the region, focusing on 4 of the main ways for the crisis to spread: remittances, commerce, tourism and foreign direct investment.

At the heart of the Salvadoran crisis.

August 2008

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.

The crisis in El Salvador started before the rise the price of oil and world food.
Armando Flores, director of the Consumer Defense Committee (CDC), analyzes the situation on the ground in El Salvador.

SOS for Nicaragua

July 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.

It increased electricity rates, changed the way it did its billing, and the first effects are being felt today with the new costs of the basic basket of consumer goods, he continues.

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