Q1 Growth: Canal To The Rescue

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BMI View: Positive first quarter GDP growth data lent weight to our view that canal-related activity would prevent a contraction of the Panamanian economy in 2009. That said, with a number of key factors - such as a deepening consumer retrenchment - pointing to a worse second quarter, we are holding to our below-consensus 0.8% real GDP growth projection for now.