Category: Economy
Panama economy news: growth, prices, jobs, public finances, trade and the business decisions affecting residents, investors and expats in Panama.
Debt grows but remains in lockstep with Economic Growth
The debt of the non-financial public sector increased by $ 322 million during the last year and stood at $ 24,376.7 million at the end of July. $ 24,386 million debt Since 2014, when the government of President Juan Carlos Varela began , the increase is $ 6,750 million, according to the reports of the…
CSS- Social Security update for Panamanians
All contributors to the Social Security Fund (CSS) that belong to the mixed subsystem of pensions have, as part of their personal savings component, a total of $ 821 million , according to the unaudited information of the institution, reported until 2016 . Mixed program reports $ 2,457 million in assets CSS pension money runs…
Comptroller audits reveal egregious abuse of public funds
“It is very sad to see how the funds of all Panamanians were handled in such an irresponsible manner,” said Comptroller Federico Humbert , regarding the audits of payrolls and donations in the National Assembly . Deputy Adolfo Valderrama named nephew who lives in Mexico Deputy Leandro Ávila must render accounts by contract of item…
Over $52 Million owed to Social Security
A total of $ 52.4 million owes the State to the Social Security Fund (CSS) in worker-employer quotas that stopped reporting dependencies of the central and decentralized government, and those generated by special laws. The vice-president of the board of directors of the CSS, Roberto Valencia , provided a report from the National Revenue Office…
Administration sees Public sector debt rise over $30 Million
The total debt of companies linked to the public sector in Panama totaled $ 31,445 million, according to official reports from the Ministry of Economy and Finance (MEF) and the Panama Canal Authority (ACP). According to reports from the Public Financing Directorate of the MEF, the debt of the Non-Financial Public Sector (SPNF) amounted to…
Impact of Coffee on Panamanian economy evaluated in study
The multiplier effect of the coffee industry on the added value of the Panamanian economy was estimated at $ 212.2 million in 2015, according to the study “Economic Impact of the Coffee Industry in Panama” presented on Wednesday, June 6. The greatest impact of this industry is generated through the private consumption of employees in…
Panama City no longer the deal it was a few years ago, living costs rising steadily in Latin America
Panama City is the most expensive Latin American city in the world, followed by Buenos Aires and Santiago de Chile, according to the benchmark index of the Swiss bank UBS published today, which places Zurich in the first position of the most expensive cities, ahead of Geneva and Oslo. The report, published since 1971 and…
Urban development requiring $20 billion until 2035
The Ministry of Housing and Territorial Planning (Miviot) published in the Official Gazette the Urban Development Plan for the Pacific and Atlantic Metropolitan Areas (Panama-Colón), which suggests a state investment of $ 20 billion in infrastructure to face the growth urban until the year 2035. Juan Manuel Vásquez , Vice Minister of Land Management, said…
Panama seeks to become Latin America leader in new Technology
This year Panama will present 130 technological patent applications to the Ministry of Commerce and Industries (MICI), which means that the country aspires to become the first in Latin America to generate applications through the Patent Cooperation Treaty (PCT). in English), when measuring the number of applications per million inhabitants, commented the national director of…
SUNTRACS hoped for agreement last night, still no end to strike
The Panamanian Chamber of Construction (Capac) and the Single Union of Construction and Similar Workers (Suntracs) sought to reach an agreement last night. However, at the close of this note (7:00 pm) they were still negotiating. Suntracs leader Luis Gonzalez said in the afternoon that there might be ‘white smoke’ in the negotiations. At the negotiating…