Panama’s November growth rate slowest in 8 months
(panamanewsbriefs.com) Panama's economic growth rate slowed in November to its weakest pace in eight months as a slowdown in the global economy hit the vital shipping sector, the government said on Monday. The economy grew 3.47 percent in November from the same month a year earlier, down from a revised reading of 4.75 percent growth in October. The Comptroller General's office said shipping activity fell, with less merchandise transported compared with November the previous year. The Panama Canal is an important conduit of global trade and a motor for economic growth in the country. Growth slowed in the plastic and metal manufacturing industries as well as in the production of some agricultural products, the government said. The slowdown comes amid growing concern over the impact of tightening global credit markets on Panama's banking sector. The government recently announce it would set up a $1.1 billion fund for banks to draw on if they faced problems with liquidity as a result of tougher lending conditions.
Source: REUTERS
(Reporting by Andrew Beatty; Editing by James Dalgleish)
