With the tourism industry up, public works projects underway, port activity, and the Colon Free Zone, Panama’s economic growth reached almost 9% in the 4th quarter of 2010. The La Prensa article below explains that, “the economy of Panama is expected to grow at one of the fastest rates in Latin America in 2011.” The real estate market, banks, and business sectors have continued to grow despite the world’s economic downturn over the past few years and will steadily rise in the coming years.
Growth reaches 8.7 percent in fourth quarter
Panama’s economy grew 8.7 percent in the fourth quarter of 2010 compared to the same period of 2009, pushing the expansion of the country’s gross domestic product for 2010 to 7.5 percent.
“This growth is explained by the global economic recovery, which influenced economic activity in Panama,” said officials with the Ministry of Economy and Finance.
The growth in 2010 was led by public works, tourism, port activity and activity in the Colón Free Zone.
The economy of Panama is expected to grow at one of the fastest rates in Latin America in 2011. Estimates are it will grow at 8 percent.