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 October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

DOF Installer Sells Offshore Vessel

DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer.

Port City Plans for New Cargo Taxes Angers Kenya Govt, Shippers

Proposals by a local authority to impose new taxes on cargo at Kenya's main port has drawn opposition from the government and shippers, saying it will hike import

Odfjell Finalizes LPG/Ethylene Joint Venture Deal

Following Odfjell SE’s May 16, 2014 announcement declaring the signing of a definitive agreement to form a LPG/E shipping joint venture, Odfjell today announced

News

Livorsi Launches New Throttle Lineup

Livorsi Marine introduced the all new Platinum Series throttles, which they say are designed to be more ergonomically comfortable to the operator while being lighter

Henderson, Hanes & Associates Opens Doors in Miami

Ocean Engineering/ Naval Architecture Firm Brings Innovation to the Mega Yacht Community The Miami-based ocean engineering and naval architecture firm of Henderson & Associates, Inc.

Austal Launches Trenton (JHSV 5)

Second Joint High Speed Vessel to be launched at Austal in 2014 On September 30, 2014, Austal USA successfully completed the launch process of Trenton (JHSV

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1590 sec (6 req/sec)