Panama’s economy grows in the first half of 2017
Panama’s economy grew 5.8% of the Gross Domestic Product (GDP) during the first half of 2017. The 5.8% growth in the first half of 2017 represents an improvement compared to the period 2016 and 2015, when GDP grew 5.2%.
The impulse came from Transport, storage and communications, with a growth of 12.6%, due to the performance of the operations of the Panama Canal and the increase in the activity of the port sector.
The construction sector, the second most important category of GDP, grew 8.1% in the first half. This is due to government projects such as Line 2 of the Metro o Panama, Urban Renewal of Colón, and the Sanitation program. In the private sector, the Natural Gas Plant in Colón and the Copper Mine in Donoso district, also in the Atlantic sector, stand out as drivers.
The INEC (National Institute of Statistics and Censuses) also reported the following growth in the first half of this year: banking and finance (financial intermediation) 3.1%; real estate, business and rental activities that grew 3.5%; manufacturing industry 2.1%, and agricultural sector 0.2%.
“The Panamanian economy is leading the GDP of the region with economic growth of 5.8% in 2017, according to projections made by the International Monetary Fund (IMF),” said the INEC.