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Panama shows a 14,9% economic growth, says INEC

Panama shows a 14,9% economic growth, says INEC

Panama, Dec 22 (Prensa Latina) Through past November, Panama´s Gross Domestic Product (GDP) registered a 14.9% cumulative growth, the National Statistics and Census Institute (INEC, in Spanish) reported Wednesday.
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Economy and Finance Minister Hector Alexander stressed that among booming sectors are mining, construction, commerce and all activities closely related to the Interoceanic Canal and logistics system.

In this regard, some specialists said that some state officials and economists´ optimism is mainly based on international institutions´ forecast than on still weak signs of economic recovery, results of which are not too visible to most.

Continuing transit of larger and wider ships through the Panama Canal and the export of copper ores and concentrates from the Donoso mine, in Colón province, are the most obvious signs so far since the country´s GDP dropped 17.9% in 2020.

However, supported by Panama´s economic carrying-out in 2021, Mr. Alexander forecast the 2019 production could be recovered in 2022.

According to INEC, gradual growth in the last quarter is a reflection of the elimination of sanitary restrictions due to the pandemic and the impacts of the immunization process.

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