BRIEFS. business

Many sectors see profits rise

The income received by the manufacturing industry in the first nine months of the year rose 20 percent compared to what the sector received in the same period of 2007, the General Accounting Office reported yesterday.

This jump is due to increases in food production, specifically meat and dairy products, and building materials such as cement, lime and gypsum.

The income of four other key sectors of the Panamanian economy also reported gains, namely wholesale (33 percent), retail (23 percent), hotels and restaurants (22 percent), and services (9 percent).

While the income of businesses is rising, that is not the case for salaries. In the manufacturing sector, wages rose 7 percent, 13 percent less than the income increase for the sector.

In the wholesale sector, revenues grew three times faster than salaries, which rose by 11 percent.

The increase in business has meant more people are finding jobs, however. In the hotels and restaurant industry, employment rose by 7.3 percent, mainly in the hiring of employees by beach resorts and fast food restaurants.

In the services sector, employment actually dropped by 1.2 percent.