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Panama Growth 10.8%, Inflation 4.7%

Article Summary:

Government reports released on November 23, 2011 show that the country’s economy grew 10.8% in July compared with the same month last year, while inflation also rose, to 4.7% in the same period.

Panama’s government credits the growth to it’s fiscal policy, aimed at creating conditions in infrastructure to leverage investments in implementation as well as the raised activity in transport, storage and communications, trade, construction , mining and quarrying.

The Ministry of Labor numbers keeps unemployment low just over 5%. However the Canasta Basica, otherwise known as the cost the consumer basket, has raised to that of $ 286.45 per family per month.

Photo Credit: La Prensa


Original Article Text From La Prensa:

PANAMA, Panama. (ACAN-EFE) .- The Panamanian government said Wednesday that the country’s economy grew 10.8% in July compared with the same month last year, while inflation also rose, to 4.7% in the same period.

According to a report from the Economic and Social Analysis, Ministry of Economy and Finance (MEF), the Panamanian economy grew by 38% compared to same period last year, when it stood at 7.8% of Domestic Product (GDP).

The study indicates that “this performance is the result of government fiscal policy, aimed at creating conditions in infrastructure to leverage investments in implementation as well as the feverish activity of the transport, storage and communications, trade, construction, operation Mining and quarrying, “the MEF in a statement.

Agriculture and forestry grew moderately by cattle and in conjunction with manufacturing and exports. Stresses that the demand for labor, especially in the formal economy continues to grow.

Based on the records of contracts with the Ministry of Labor and Workforce Development, grew 11% this year. Unemployment in Panama, according to official figures, now stands at just over 5%.

The MEF details that until last July inflation was 4.7% higher than the previous year. “Both stem from the costs and especially in certain goods and services such as transportation and food.

This has raised the cost of consumer basket of $ 286.45 per family per month, “he said. According to the Research Service of the Spanish bank BBVA Panama’s economic growth will lead Latin America in 2011 with 7.8% followed by Argentina with 7.5%.

Meanwhile, the firm specialized Insigth Panama Economy forecast to grow 9.2% in 2011, 13% in 2012, 11% in 2013 and 4.9% in 2014 respectively. In 2010 Panama’s GDP grew 7.1%.

Link to Original Article:

From La Prensa via Google Translate

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