Panama’s Gross Domestic Product (GDP) grew by 6.2% during the first quarter of 2017, according to the latest report by the Comptroller General.
This is some growth above the expectations at the moment. The official estimations in the beginning of the 2017 were 5.8% according to the Government of Panama and 5.2% according to the International Monetary Fund (IMF).
The results show that the quarterly GDP has reached US $9.580 million, the amount that represents the growth is US $ 559.2 million compared to the first quarter of 2016, which totaled US $ 9.021 million.
The industries that contributed the most to the growth are commerce, transport, storage and communication and, finally, construction. The positive difference in commercial sector is due primarily to the double-digit increase in the value of re-exports from the Colón Free Zone.
This increase in the sector of Transport, Storage and Communication was achieved by the increase in cargo and tolls in the Panama Canal. Besides there’s double-digit growth in the area of air transportation, especially from Tocumen airport.
The construction is the area of the economy with a major weight in GDP of the first quarter of 2017. This category of economic activity represents 16.7% of the total gross domestic product of the quarter and reached US $ 1,601.8 million
Other important economic sectors that had the following year-on-year changes in the first quarter of 2017:
- Financial services(Banking, Securities, Finance and Insurance) + 3.7%
- Manufacturing + 2.0%
- Electricity, Gas and Water (including electricity generation) + 2.1%
- Mines and Quarries + 6.6%
- Agriculture, Livestock, Hunting and Forestry - 1.0%.
- Fishery - 8.0%
- Private tuition + 11.9%
