Tax breaks for the construction industry helped Panama’s economy grow by 4.1% last year, beating many analysts’ expectations.
According to a government report seen by the news agency Reuters, a one-off tax break aimed at investors in housing construction has helped to lift the economy out of a period of sluggish growth, blamed largely on suppressed demand for the country’s exports to the US.
It was revealed last July, as the US and Panama sought to crystallize a trade pact, that the Central American nation’s trade deficit with the US stood at around $665 million.
The government’s report also revealed that the fiscal deficit for 2003 totaled 1.9%, although this was within analysts’ expectations.
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