Panama's economy grew 2.59 percent in February

June 14, 2009

Living & Investing

Panama's economy slowed in February to grow at a 2.59 percent rate from the same month a year earlier as the global economic crisis bit, but by no means has stopped. The number of tourists entering the country has grown 3.3% in 2009 compared to the first three months of 2008, according to figures provided by the Panama Tourism Authority (ATP).

Last year, tourism growth was in the double digits. The economy overall registered the highest growth in the Americas, with 11.5% growth in 2007 and 9.5% growth in 2008. This year, the Comptroller of the Nation has reported that Panama’s economy still grew by 4.9% in January 2009.

Panama is weathering the storm much better than other Latin American nations. The government of Argentina reported a whopping 22.1% drop in its tourism numbers in February of this year.