PANAMA ECONOMY INSIGHT MONITOR

Ayudándole a tomar decisiones en un entorno económico global
 
 

Thursday, February 25, 2010

Home Port helped to offset the global economic downturn impact in 2009

Hotels and restaurants value added grew by only 1.3% in from January to September of 2009 year on year. In first quarter, hotels occupation was high and arrivals of tourists from cruises were in boom due to the Enchantment Overseas cruse, which established in Panama its Home Port. However, the situation changed substantially in the second quarter, because hotel activities declined due to the global downturn. Occupied hotel rooms (daily average) contracted by 12.6% from January to September of 2009. Tourist arrivals declined by 6.3% in this period. Conversely, the number of cruise ship tourists increased by 19.1% from January to September of 2009, according to the same information source. Tourist expenditures grew by just 1.6% in this period.

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