The Gross Domestic Product (GDP) for 2011 evidenced a net growth of 10.6%, placing Panama in the charts of countries with the biggest economic growth for the year 2011.
Recently the Ministry of Economy and Finance of the Republic of Panama, revealed the figures of the economic growth for the first quarter of the year 2012, being established to be 10.6% compared to the same period of last year. The country continues to experience a spectacular growth in spite of existent worldwide uncertainty due to the global economic crisis. The main cornerstones of this economic prosperity are the construction industry with 26.7%, the cargo ports with 20.3% and the tourism with 21.4%, together with all the commercial activities being favored by the expansion of the Panama Canal.
On July 2 the credit rating agency Standard & Poor´s raised Panama´s credit rating from BBB- to BBB with a stable perspective.
In the already successful economic picture of Panama in the recent years, the designation of the investment grade by all three credit rating agencies plus the fantastic global location for logistics services, has procured that a many multinationals are establishing regional headquarters in Panama. They take advantage of the many legal incentives granted by Law No. 41 that creates the special regime for the “Establishment and Management of Multinational Companies”. Hereinafter are just some of the foreign companies that have started business from Panama based on the referred law:
PROCTER & GAMBLE, A.P MOLLER-MAERSK GROUP, LG, ROCHE LABORATORIES, CATERPILLAR, HYUNDAI, HEINEKEN, PHILIPS, ADIDAS, BOSCH, JOHNSON & JOHNSON, L’ORÉAL CENTROAMÉRICA, SAMSUNG ELECTRONICS.