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Issue #589

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2014 Media Kit
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Panama’s economy grows at slowest pace since 2010

By: | at 01:46 PM | International Trade  

Panama’s economy grew in April at its slowest pace in more than four years, the government said on Wednesday, hit by a construction workers strike and the end of public work projects.

Panama’s economy grew at a 2.74 percent rate in April compared to the same period a year earlier, when it expanded by 10.41 percent. The April growth rate was the lowest since January 2010.

Construction output was hit by a strike that halted progress on a multibillion-dollar expansion of the Panama Canal as well as at hundreds of other building sites.

The conclusion of other public works projects in recent months also cut into demand for building materials such as cement.

The Panama Canal expansion was originally set to be finished this year, but was delayed after a spat between contractors and the authority in charge early this year.

Panama, with a population of about 3.7 million, has seen its economy growing at an average annual rate of 8.5 percent over the past five years, boosted by $15 billion worth of infrastructure projects.