Panama Adds Jobs during World Wide Recession

Dec. 30, 2008 - PRLog -- While the world sinks into recession the country of Panama is adding jobs. Panama’s gross domestic product has grown 9.2 percent through September of 2008. World trade continues to pass through the Panama Canal. Panama expects to have seen 1.8 million tourists by the end of 2008. Real estate is still a good investment in Panama.

Continuing Employment

Recent employment figures show that Panama added 5.6 percent to its payrolls through August of 2008.

Strength of Business Sectors

Panama lumps communications, cargo transport, and storage together in its GDP numbers. Comparing January through September of 2008 with 2007’s numbers, communications, cargo transport, and storage increased by 142.5%. Construction increased by 34.6 percent for the same months. Leisure activities and sporting events increased by 32.8 percent.

World Trade and Panama

While total world trade seems to be diminishing Panama Canal statistics for fiscal year 2008 show that tanker and passenger transits were up over the previous year and total number of ships transiting the Panama Canal and total tonnage remained nearly the same.

Panama Canal Expansion

The Panama Canal Authority, which runs the Panama Canal, has secured loans amounting to $2.3 Billion USD for an expansion project that will more than double canal capacity and allow much larger, “cape size,” vessels to transit. Reduced global demand for raw materials and thus lower prices will help reduce structural steel and cement costs for the new and larger Panama Canal locks.

Panama Tourism

Panama expects to have seen 1.8 million tourists by the end of 2008. As the Panama Canal statistics show the number of passenger ships transiting the canal has increased in 2008.

Panama Real Estate in Investment

Real estate investment continues in Panama. A look around Panama City, Panama shows that no one is laying off workers. Sky scrapers are still going up. As government statistics show, Panama has added jobs and the construction sector has grown by over thirty percent in 2008.

ABPanama, a company registered in Panama, believes that investment in Panama real estate will be an ideal way to weather the world’s current financial storm. The high end of the real estate market in Panama has flattened out with credit problems in North America. This fact offers excellent buying opportunities for those with ready cash. The growth and vitality of Panama’s small business community provides excellent opportunities for leasing commercial real estate.

# # #

Panama Real Estate experts, AB Panama specialize in the Panama property market and can advise on all types of residential, commercial or investment property.