1 “..., continued weakness in Colón Free Zone activity, and delays in the Canal expansion. Growth is expected...”

2 “... in 2013 reflecting mainly a decline in Colon Free Zone activity and in Canal traffic. Growth is expected...”

3 “... canal and lower fuel prices. The overall fiscal deficit is expected to consolidate to 1.2 percent of GDP...”

4 “... 5½ percent in 2017 (driven by the expanded Canal), and then slowed to 3¾ percent (y/y) in H1-2018...”

5 “... expansion in Panama. The Panama Canal and Tocumen Airport were expanded, there was large scale building...”