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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

Continership Alliance Expands to US Trades

The CKYHE Alliance (COSCO, "K" LINE, Yang Ming, Hanjin Shipping, and Evergreen Line) has announced they will expand their cooperation scope to U.S. Trades and CKYHE

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

News

PES to Begin Operating Benzene Terminal in November

Philadelphia Energy Solutions plans to start operating a new benzene offtake terminal next month at its 335,000-barrel-per-day refinery in Philadelphia, two people familiar with the plans said.

Coast Guard Foundation to Honor USCG in Miami

The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of all Coast Guard members and their families, announced today that

Sunken Barge Salvage Stops Traffic on Chicago River

The U.S. Coast Guard said it is restricting vessel traffic on the Chicago River to allow for salvage of a sunken barge. All cargo has been removed from the sunken

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
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: 0.1931 sec (5 req/sec)