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LatinNews Daily - 20 July 2021

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In brief: Panama’s GDP shows signs of recovery

* Panama’s national statistics institute (Inec) has released new figures which show Panama’s GDP contracted 8.5% in the first quarter of 2021 compared with the same period in 2020 as a result of the impact of the coronavirus (Covid-19) pandemic. This is however an improvement on the contractions of 10.9%; 23.0%; and 38.2% registered in the fourth, third and second quarters of 2020 respectively. The worst performing sector in the first quarter of 2021 was hotels & restaurants which contracted 54.8% year-on-year while mining was the best performing sector, increasing by 71.2%. Whilst Panama’s GDP contracted by 17.9% in 2020, the United Nations Economic Commission for Latin America & the Caribbean (Eclac) is forecasting it will grow by 12.0% in 2021.