The robust double-digit (10.7%) real GDP growth posted in 2012 in Panama is set to slow this year as construction sector growth moderates and the commercial sector is likely to be weighed down by weaker demand from Venezuela. Therefore, we maintain our forecast for weaker 7.8% real GDP growth in 2013. Meanwhile, growth in the Colon Free Zone (CFZ) zone is likely to be weighed down by more sluggish demand from Venezuelan consumers. As of 2010, the country accounted for nearly one-fifth of total exports from the CFZ. However, in the wake of the devaluation of the bolĂvar, we see …
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