This news line from Dow Jones news wires states that Panama is having a budget surplus considerable smaller than what was anticipated due to government over spending, but that is not the part I found most surprising. Panama's economy which has been on fire the past two years was slated to drop from 7% to 5% in a government release just two months ago. In this story they have dropped that projection to 2.5%. These prognostications come as if handed down from god and a 50% cut in an already down graded growth is almost an after thought. No wonder nobody believes any government statistics.
Excerpts:The Panamanian government's consolidated budget ended last year with a surplus equivalent to 0.4% of the country's gross domestic product or $97.8 million, the Panamanian government said Thursday. The surplus is lower than the 3.5% surplus reported in 2007 as a result of higher spending, the government said.
Panama is expected to experience a "soft landing" this year as the country is well-positioned to weather the global economic slowdown as a result of strong growth, fiscal surpluses and declining debt ratios, Rooney added. Panama likely grew 7.7% last year, and it may grow around 2.5% this year, according to Bulltick.
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