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LatinNews Daily - 16 December 2020

In brief: Panama’s economy shows signs of recovery

* Panama’s national statistics institute (Inec) has released new figures which show that the country’s GDP contracted by 23.6% year-on-year in the third quarter of 2020, largely as a result of measures taken to try and contain the coronavirus (Covid-19) pandemic. However, this is less than the 38.2% year-on-year contraction registered in Q2. The Q3 result was driven by year-on-year declines in sectors including hotels & restaurants (-75.4%); construction (-70.5%); and manufacturing (29.5%). The latest (October) forecast by the International Monetary Fund (IMF) projected that Panama’s GDP will contract by a total of 9% in 2020 as a whole.

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