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Latin America Investment News on Viva Tropical

Panama’s Economy Finally Slows

Article Summary:

Panama’s economic growth has finally slowed down. The country posted a 6.8 percent growth in August compared to the same month last year.

Photo Credit: Your Panama

Original Article Text From Reuters:

Panama Economic Growth Slows to 6.8 pct y/y in August

Panama’s economic growth slowed to 6.8 percent in August compared to the same month last year, the government’s statistics office said Thursday.

In July, the economy grew by 11.6 percent on the year, significantly faster than originally reported.

Growth in August was led by gains in construction and mining as well as an ongoing expansion of the Panama Canal and other public infrastructure projects.

The hotel and restaurant industry also performed well due to a rise in tourism, as did transportation, largely because of the movement of containers through ports, and real estate.

The small Central American country has posted strong economic growth over the past few years, expanding 10.5 percent in 2011.

Growth has been built on heavy infrastructure spending, including the $5.25 billion expansion of the Panama Canal and construction of a $1.25 billion metro system.

Similar growth is predicted this year.

Between January and August, the economy grew 9.4 percent compared to the same period in 2011.

The rapid growth has pressured inflation, which has hovered around 6 percent. It eased slightly to 5.4 percent in August, its lowest rate in more than a year.

Link to Original Article:

From Reuters

Latin America Investment News on Viva Tropical