Economy & Business - October 2003

The economy grew by 2.6% in the first eight months of the year, according to the Colegio de Economistas. The best performing part of the economy is the construction industry. The number of permits issued in the first eight months of the year was up by 82% compared with the same period of 2002. The most buoyant sector was Colón, at the Caribbean end of the canal. 

The big problem for the economy is the government's debt. Almost 95% of current tax revenues goes on debt service or administrative expenses. Another problem is the weakness of the industrial sector. Exports in the first eight months of the year were down by 2.1%. A third problem is the slowdown in the Colón freezone: business there is down by about 12%. 

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