11162018Headline:
5 Green Reasons Costa Rica Is the Poster Child of the Environment 5 years ago
Have You Tried Guanacaste’s Fastest Growing Sport? 5 years ago
Was Your Costa Rican Bank Account Closed? 5 years ago
Latin America Investment News on Viva Tropical

Panama Economy Continues to Plow Ahead Full-Steam

Article Summary:

Panama’s economy accelerated in September, fueled by mining and construction sectors who made up for slow traffic through the canal and ports.

Photo Credit: FBCDN

Original Article Text From Mining Weekly:

Panama economic activity strengthens in September

Panama’s economy accelerated in September, as strength in the mining and construction sectors made up for slow traffic through the Central American nation’s trademark canal and ports.

Economic activity rose 8.15% in September compared to the same month last year, the government statistics agency said on Tuesday, up from a downwardly-revised 6.59% in August.

The finance ministry projects the $33-billion economy will grow 8.5% this year, down from the double digit growth Panama has notched in four of the past six years.

The expansion is thanks in large part to massive government infrastructure spending, including the ongoing $5.25-billion expansion of the Panama canal and the construction of Central America’s first metro for $1.8-billion.

Minera Panama, a subsidiary of Canada’s First Quantum Minerals is also building a $6.2-billion copper mine on the Atlantic, which is expected to become one of the world’s most important openpit copper developments.

But traffic through the canal and to ports continued to slump, weighed down by a global slowdown in trade. A six-month delay in the opening of the expanded canal also persuaded some shippers to choose alternative routes where they can carry goods more cheaply on bigger ships.

Link to Original Article:

From Minning Weekly

Latin America Investment News on Viva Tropical