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Ten Years Worth of Steady Growth in Panama’s Tourism Sector

Article Summary:

Although Panama is small, it has a variety of tropical islands, beaches and wildlife that produced an estimated $2.6bn in 2010 (9.5% of GDP), according to the Tourism Authority of Panama (ATP). The Panamanian government hopes tourism, along with logistics, agriculture and financial services continue to service as pillars of growth for the country.

Photo Credit: El Financiero

Original Article Text From El Financiero via Google Translate :

Tourism in Panama upward Growth in the last 10 years

With its 2,857 km of coastline, Panama has a growing tourism industry has generated a surge in its economy over the past 10 years, including during the years 2008-2009, when the world was beaten by the global financial crisis.

Although this is a small country, Panama has a variety of tropical islands, beaches and wildlife that produced an estimated $ 2,600 million in 2010, according to the Tourism Authority of Panama (ATP).

According to preliminary data from the ATP, international visitors have increased by 12.4% annually between January and August, 1.1 million international arrivals in 2010 to 1,250,000 in 2011.

It is estimated that by the end of 2011 international arrivals for the first time reached 2 million.

Tocumen International Airport Panama City is the main gateway for tourists, receiving 1.16 million (or 67%) of international arrivals in 2010. Most of the tourists who came to the city of Panama through Tocumen International Airport came to the United States (252,837), Colombia (219,250) and Venezuela (131,608).

When the ATP released its strategy for long-term development, the Sustainable Development Master Plan 2007-20, in 2008, emphasized the need to improve institutional capacities at local and national level to ensure that economic growth and industry profits are distributed fairly.

Moreover, the Panamanian government has identified tourism explicitly (along with logistics, agriculture and financial services) as one of the four pillars of growth in its Economic Development Strategy of five years, covering the period 2010-14.

$ 2,600 million occurred in Panama tourism in 2010 with its tropical islands, beaches and wildlife.

The overall contribution of tourism to GDP has also increased dramatically, from 5.6% in 2001 to about 9.5% in 2010, according to figures from the Tourism Reports of the ATP in 2010.

While these figures present a breathtaking view of the growth of the tourism industry in Panama in the last decade, perhaps more telling figure is that of tourism revenue annually, amounting to nearly $ 662.7 million in 2001, but quadrupled to approximately $ 2,600 million in 2010.

Investments also continued to arrive due to stable growth. According to figures from the National Registry of Tourism, investment in tourist accommodation was $ 142 million in 2010, of which the province of Panama received 65% ($ 92.5 million) of that investment, followed with 25% Coclé ($ 34.9 million), Chiriqui with 5.6% ($ 8 million) and Herrera with 2.8% ($ 4 million).

The five-year economic plan of the Government has highlighted certain destinations such as those with the greatest potential for immediate impact on industry growth: Pearl Islands, the southern coast of Farallon and Panama City.

These were chosen for the short-term development, and injected investments in various infrastructure projects in these places.

Some targets in the medium and long term development of tourism infrastructure include Colon, Boquete, Pedasi and Santa Catalina.

Link to Original Article:

From El Financiero

Latin America Investment News on Viva Tropical