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In the News from Panama

New Data Shows Panama Economy Surging

The global economy may still be sluggish, but not in Panama. The country’s gross domestic product jumped 5.8 percent in the first half, according to the last government data.

The main driver of the increase was a 12.6 percent jump in revenue from the transport, storage, and communications category, which includes a 19.7 percent increase in Panama Canal tolls, La Prensa reports. The overall numbers were boosted by a 13.4 percent increase in container traffic and a 24.1 percent in air transport, as Panama grows into its role as the “Hub of the Americas.”

“The Panamanian economy grows despite the slowdown and even recession of our main Latin American markets,” the director of the National Institute of Statistics and Census, David Saied, told La Prensa.

Construction—one of the most important elements of the economy—grew 8.1 percent in the first half, according to La Prensa.

As we’ve reported, Panama’s economy is far outpacing many of the world leaders. In March, the International Monetary Fund praised the “dynamic” Panama economy, predicting a near term jump of 5.5 percent. The GDP grew by 6.2 percent in the first quarter, making it clear that Panama was set to exceed the global forecasts for the years.