Panama economy grew 3%, 2.2% and 1.1% in the first, second and third quarter of 2009 respectively. Panama remains one of the few countries in Latin America that grew in 2009. However, the economic growth plummeted from 12.1% and 10.7% in 2007 and 2008 respectively. Panama Economy Insight estimates Panama economy grew by only 1.6% in 2009 because economic growth continued slowing in the fourth quarter.
U.S. economy grew by 5.7% in the fourth quarter of 2009, according to data published by the U.S. Department of Commerce. In addition, U.S. Department of Commerce expects to grow in the first quarter of 2010, which will mean the start of the economic recovery of that country and, therefore, of the Latin American economies.
In 2009, Panama economy grew two rates: most of the activities linked to external markets contracted while than those linked to domestic market were in boom. Practically, contractions of the external sectors were to offset with the boom of the household consumption.
Panama Economy Insight forecasts that in 2010 Panama economy will grow by only 2.3%. After of 2010 the economic outlook is very positive. Panama Economy Insight forecasts that economy will grow by 9.4% to 8.6% in 2011 and 2012 respectively, because recovery of U.S. economy and Latin American economies, as well as due to the recovery of the baby boomer real estate market, Canal expansion, construction of a subway in Panama City and others public and private investments. This will allow the unemployment rate down to 4.8% and 4.6 % in 2011 and 2012 respectively.
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