Economic Activity rised in Panama in January
PANAMA, Panama. REUTERS. -Panama's economic activity grew by7.7% in January compared to the same month last year, continuing thestrong pace of expansion that has made ‚Äč‚Äčthe country one of the fastest growing in the region.
The Latin American nation's economy would grow 6.5% this year after expanding by 10.6% in 2011, the highest rate in Latin America, according to estimates from ECLAC.
Driven by government spending on infrastructure, including the expansion plan for 5 thousand 250 million dollars from the Panama Canal, the economy has also benefited by private spending onconstruction and international trade.
The contribution of the Canal, which moves about 4% of world trade, to Panama's GDP, rose 8.5% annual rate in January, the government said Wednesday.
Panama's economy has not been affected by the recent global financial crisis and has grown at double digit rates over the past three years.
The average annual growth rate has been above 8% in the last eightyears, according to government statistics.