On Monday, June 15, the National Institute of Statistics and Census (INEC) of the Comptroller General’s Office issued a report of Gross Domestic Product (GDP) in which growth of the Panamanian economy shows 5,9% for the first quarter of 2015. It is expected that by the end of this year, Panama’s economy will grow by 6%.
Gogetit Highlights
* The first quarter for Gross Domestic Product valued at 2007 prices domestic product, reached a total of U.S.$ 9,163.6 million, U.S.$ 509.7 more than the amount recorded in the first three months of 2014 million, when it stood to U.S.$ 8,653.9 million.
* The construction industry grew 8.5%, due mainly to the execution of residential and non-residential construction in the districts of Panama, San Miguelito and the Western Province.
* The sector Transportation, Storage and Communications, is one of the sectors that grew robustly between January and March this year, at a rate of 6.1%. The port system increased 5.7% due to increased container and bulk cargo. The telecommunications business also grew 15.9% in the demand for mobile telephony, Internet services and paid TV.
The Panamanian economy has had a very good pace, like other important sectors such as construction, transportation and telecommunications. For the first quarter of this year, the economy has grown by 5.9% and is expected that by the end of this year, the growth is 6%. The Economic Commission for Latin America and the Caribbean (ECLAC) and the International Monetary Fund (IMF) state that Panama will lead the economic growth in the region this year.
According to information published by Capital Financiero website, the construction industry grew 8.5%, mainly due to the execution of residential and non-residential construction in the districts of Panama, San Miguelito and the Western Province, while mining and quarrying grew by 8.3%, due to increased demand for basic materials used in the construction of residential and commercial projects.
In electricity, the generation increased 10.5% to also meet the increased demand 5.3%, while hydro generation grew 44.7%, thermal, for which we have to import petroleum oil or coal, decreased 35.5%.
The Director of Economic and Social Analysis of the Ministry of Economy and Finance, Rogelio Alvarado, said the INEC report notes that economic activity showed a good performance in the first quarter were mining and quarrying, construction industry, local wholesale trade, transport and communications, financial intermediation, real estate activities and business services; electricity and government services.
Read more information here (Article in Spanish).
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