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PANAMA ECONOMY INSIGHT

Sancionan la ley del Presupuesto General del Estado

El Presidente de la República Ricardo Martinelli sancionó el 2 de noviembre la Ley del Presupuesto.

Colon Free Trade Zone Outlook

According to a report of Statistics and Census Institute (INEC), Colon Free Trade Zone (CFTZ) grew 31% in first half of 2011 over the same period of last year. The expansion occurred as a result of increased orders from almost every Latin America countries. Total re-exports reached US$6.715 million in the frist half of this year, which represented an increase of US$ 1.602 billion over the same period of last year. The top...[read more] 

Rey Holding acquires Farmacias Metro

Business

On the morning of yesterday August 30, the Rey Holding, which owns the chain Supermercados Rey, conducted a transaction whereby it acquired the operations of the Farmacias Metro. Rey Holding also acquired in this transaction operations Econo Farmacias. Farmacias Metro began operations in 1991 with the opening of its first branch in Betania (in Panama City) and with just 15 employees. Since then the business has expanded considerably and now has 16 branches in Panama City and a branch in Chitre, and more than 400 employees. The pharmacy chain...lread more] 

Telecarrier, the third largest player, is expanding its offering with a new data center

Business

On August 25 opened a new Telecarrier International Data Center (IDC). IDC Telecarrier already had one in Clayton, Ciudad del Saber. This new IDC is located on Avenida October 12 in Panama City a few minutes from the banking area. According to senior executives of Telecarrier, the growing demand of companies has promoted the creation of this new IDC. Telecarrier is a company that serves to the business segment of Cable Onda. Telecarrier and Cable Onda merged in December 2009...lread more] 

Improving the years of schooling of the employed population

Social affairs

A recent report by the Economic Analysis Division, Ministry of Economy and Finance (MEF) reveals that the years of schooling of the employed population 15 and older in the Republic of Panama, improved from 9.7 years in 2005 to 10.1 years in 2010. This improvement represents an increase of 4.1% in the years of schooling from 2005 to 2010. According to the document...[read more] 

Two tunnel boring machines were delivered to President Martinelli

Government

Two tunnel boring machines (TBMs) for the construction of the Panama Subway (Panama Metro Line 1) were delivered to President Ricardo Martinelli on Tuesday August 23 in the city of Schwanau in Germany. The arrival of these in Panama is scheduled for October and November this year. The TBMs were built by German company Herrenknecht AG. These machines ...[read more] 

Panama Canal activity contracts and ports slow

Economy

The latest economic indicators report from the National Institute of Statistics and Census (INEC) showed a slowdown in the Panama Canal activity to its contraction in June 2011. The Panama Canal net tons (PCUMS), which is an indicator that measures the activity of the Canal in real terms, without the influence of prices, grew 20.6% in February 2011 but then declined consistently until contract by 0.8% in June. The downward trend also occurred in toll revenues...[read more] 

MEF says violence against women decreased 50%

Social affairs

The Department of Social and Economic Analysis of the Ministry of Economy and Finance (MEF) said that based on data from the Panamanian Observatory against Gender Violence of the Ombudsman and the review they have done for them, reveal that 17 women lost life in a violent manner from January to April of this year, but even this figure represents a decrease of 50% over the same period last year...[read more]

Panama's economy will grow 9.2% in 2011 and double-digit in the next years

Economy

Panama Economy Insight forecasts that Panama's economy will grow 9.2% in 2011. In subsequent years, the economy will return to the levels that existed before the world economic crisis, growing 13% and 11% in 2012 and 2013 respectively...[read more]

Panama economy grew 7% in the first three quarters of 2010

Economy

Panama's economy grew 8.4% in the third quarter of 2010 according to data of gross domestic product (GDP) released by the National Institute of Statistics and Census on December 16. The cumulative growth of the first three quarters of 2010 was by 7%...[read more]

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