Canal Project Slows Panama Economy Growth

Posted by Eric Haun
Friday, July 25, 2014
Photo: Panama Canal

Panama's economy expanded in May at its slowest pace since 2009 as major public works projects, including an expansion of the Panama Canal, slowed or wrapped up, dragging on the construction and mining sector.

Panama's economy grew 1.71 percent in May compared to the same period a year earlier, the government said on Friday, well below the 2.74 percent growth posted in April and the slowest pace of expansion since November 2009.

Work on the multibillion-dollar Panama Canal project slowed as it nears completion, after a spat earlier this year between contractors and the authority in charge threatened to derail it.

The conclusion of other public works projects in recent months also cut into demand for building materials such as cement.

Panama, a Central American country with a population of about 3.7 million people, has seen its economy grow at an average annual rate of 8.5 percent over the past five years, boosted by $15 billion worth of infrastructure projects.

(Reporting by Elida Moreno, editing by G Crosse)

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Bahri to Buy Five More Oil Tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the

Union Vows More Channel Tunnel Disruption

Ferry workers will disrupt traffic through the sub-sea Channel tunnel between France and Britain for 48 hours from midday on Thursday, a union official said. "We

Transnet Awards Bid for Cape Town Cruise Terminal

Transnet National Ports Authority awarded the V&A Waterfront (Pty) Ltd the status of Preferred Bidder for the development of a cruise terminal at the Port of Cape Town, Transnet said on Tuesday.

News

Bahri to Buy Five More Oil Tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the

Crowley Takes Over Management of MSC Ships

Crowley strengthens relationship with U.S. Navy, completes turnover of Military Sealift Command T-AGOS/T-AGM fleet   Crowley Maritime Corp. announced its global

Union Vows More Channel Tunnel Disruption

Ferry workers will disrupt traffic through the sub-sea Channel tunnel between France and Britain for 48 hours from midday on Thursday, a union official said. "We

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2853 sec (4 req/sec)