You are absolutely correct,
".. pm - The Panamanian economy grew by 7.18% during the first quarter of 2011 compared to the same period last year, according to the Monthly Economic Activity Index (Imae). This is a monthly measurement that makes National Institute of Statistics and Census (INEC) of the Comptroller General's Office and was released Monday through a press release. According to the monthly report of INEC, the peak sectors were transport, storage and communications, trade, construction, mining and quarrying, private schools, hotels and restaurants and community social and personal services, among others. The operations of transport and communications showed positive rates as a result of increased movement of containers, air transport, telecommunications, transit of vessels and net tons displaced by high-draft vessels that transited the Panama Canal and by rail. Economic growth was also observed in commercial activities due to a better performance of the retail and wholesale businesses. Similarly, increased fuel sales, as well as new vehicles, as reported by the INEC.