Revenues from restaurants and hotels were $255 million in the first three months of the year, $25.8 million more than in the same period in 2011, according to the Controller General of the Republic.
"Revenue from restaurants and hotels in the district of Panama and San Miguelito was $211.5 million, and for the rest of the country $43.6 dollars", reported Prensa.com
In the same period there was an increase of 14.3% in the remuneration paid by the sector and 1.4% in hiring labor.
More on this topic
Between January and September 2010 the total turnover was $ 650.6 million, 6.2% higher than the same period of 2009.
Details of the Comptroller General's Office indicate that the amount invoiced by hotels and restaurants in the district of Panama and San Miguelito was $ 545 million, 5.6% higher than the same period of 2009.
The amount collected by the State of Panama during the first three months of 2012 was what was budgeted, exceeding the expected amount by 5%.
From a press release from the Ministry of Economy and Finance of Panama:
Current revenue during the first quarter of 2012 amounted to $1.5495 billion, exceeding the amount budgeted by $73.6 million (5%) and the results from the same period in the previous year by $294 million (23.4%), said the Deputy Finance Minister Mahesh Khemlani at a press conference.
Despite a traffic reduction of 4%, revenue for the first half of the year was up 9%.
This is due to an increase in transit fees to container ships and passenger vessels larger than 30.000 tons.
Regarding the reduction in traffic, a study by the Panamanian Economy Ministry detailed that "the most affected route was U.S.-Asia, with a 10% decrease.
In the first quarter of 2010 the Canal netted $359.7 million in revenue, 3.1% more than the same period of 2009.
The Economy and Finance Ministry (MEF) reported that revenue increased despite a 4% drop in the number of vessels passing through the Canal.
MEF explained that fewer vessels carried more cargo due to more efficient use of available space.