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LatinNews Daily - 01 December 2020
In brief: Panama’s GDP plummets in Q2
* Panama’s national statistics institute (Inec) has released new figures which show that the country’s GDP fell by 38.4% year-on-year in the second quarter of 2020, while in the first half of the year GDP shrank by 18.9% compared with the same period in 2019. This fall stemmed largely from the coronavirus (Covid-19) pandemic, and the restrictions implemented to try and contain it. Sectors hit particularly hard included construction (which contracted by 44.3% year-on-year in the first half of 2020); personal and community services (-43.8%); hotels and restaurants (-40%); exploitation of mines and quarries (-31.9%); and manufacturing (-24.6%). The latest (October) forecast by the International Monetary Fund projected that Panama’s GDP will contract by 9% in 2020 as a whole.
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