LatinNews Daily - 02 March 2021

In brief: Panama’s GDP slumps in 2020

* Panama’s national statistics institute (Inec) has released new figures which show that the country’s GDP slumped 17.9% in 2020 as a result of the impact of the coronavirus (Covid-19) pandemic. The sectors most impacted were: hotels & restaurants (-55.8%); construction (-51.9%); and trade (-19.4%). The figures also show that Panama’s GDP in the fourth quarter of 2020 dropped 10.9% compared with the same period in 2019. The United Nations Economic Commission for Latin America & the Caribbean (Eclac) had forecast that Panama’s GDP would shrink by 11.0% in 2020, the biggest contraction in Central America. Eclac is forecasting the country’s GDP will grow 5.5% in 2021.

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