Panama’s 2008 Budget ends in surplus
(panama-realestate.biz) The 2008 consolidated budget of Panama ended with a surplus equaling 0,4% of the country’s Gross Domestic Product, or $97,8 million. Although the surplus was substantially lower than that of 2007, analysts confirm that it is still a very positive result with regards to the current financial situation being experienced across the globe.
Panama and Peru are the top performers in Latin America, according to Kathryn Rooney an investment analyst from Bull tick Capital Markets investment bank. Furthermore, due to Panama’s diversified economy, which depends on several different and performing industries such as tourism, the canal, banks and the construction sector, will not be as affected by the massive slowdown in terms of the global economy.
Bull tick estimates Panama’s growth at 2,5% for 2009, as well as a deficit of 0,5% for the 2009 fiscal year.
Panama Top Tourism Performer
The World Tourism Organization (WTO) has ranked Panama as one of the top performing tourist markets and destinations in the world. The Central American region showed strong growth of 8%, with Panama displaying a growth in tourism above that benchmark figure, at 12% for the period 2004 to 2008. More than 1,6 million tourists entered Panama in 2008, with a tourism spending of $2,2 billion for 2008, which represents 12% of Panama’s Gross Domestic Product.
The tourism sector is projected to receive 1,8 million tourists in 2009 and 2 million in 2010. Panama has a large number of factors that attribute to its ongoing success in the tourism market; these include the US dollar currency, continued high ratings within the tourism market, favorable asset protection laws and an international business community.
****************
Original Source: Panama Real Estate Biz
Date Retrieved: May 8, 2009.
