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Panama boasts 4.9 percent growth in first quarter

Wednesday, June 16, 2010

Panama’s economy expanded 4.9 percent in the first quarter of this year, compared with the same period a year ago, led by transportation, which includes telecoms and port activities, and tourism.

"The economy recovered very well from world economic crisis," Economy and Finance Minister Alberto Vallarino said in a statement. "These results are above the ministry's estimates and well above the forecasts included in the budget in September of last year."

The transportation industry in Panama expanded 10 percent in the first quarter, while hotels and restaurants grew 6.9 percent as the number of tourists visiting the country rose 5.2 percent.

Original source: Dow Jones