The government has based its forecast of GDP growth on the recovery of activity in the Canal and public and private investment in infrastructure projects.
From a statement issued by the Ministry of Economy and Finance:
Fulfilling the legal mission to project the evolution of gross domestic product (GDP) of Panama, the Ministry of Economy and Finance (MEF) has reported that the estimated growth of the economy for this year is 5.8%, driven by dynamism in the sectors of construction, mining and quarrying, financial intermediation and supply of electricity, gas and water.
Services and manufacturing were the sectors that accounted for most of the interannual increase of 4.1% in the IMAE up to December last year.
From a report by the Central Bank:
The production of goods and services in the country, measured by the trend cycle series of the Monthly Economic Activity Index, recorded inDecember 2016anaverage of 4.1% and 4.3% inter annually and mid yearrespectively (4.1% and 4.5% in their respective order in 2015).[GRAFICA caption = "Click to interact with graphics"]
In January the consumer price index registered a variation of 0.52% compared to December, and a inter annual variation of 3.83%.
The monthly variation recorded in January 2017 stood at 0.52%, which represents a slowdown in the price level of 0.39 compared to January 2016 (0.91%).[GRAFICA caption = "Click to interact with graphics"]
The exchange rate resumed the upward trend that has been seen since mid last year, rising in the wholesale market from ₡555 per dollar on Jan. 25 to ₡561 on 7 February.
The upward trend in recent days is mainly seen in the wholesale market, where the Central Bank has been selling dollars to prevent further increases."...In stabilization operations the company sold $32 million in that period and the public sector sold almost $70 million. "[GRAFICA caption = "Click to interact with graphics"]
In January the consumer price index recorded an increase of just 0.44% compared to December, keeping annual inflation at 3.44%.
In the first month of 2017 the Consumer Price Index (CPI), showed a monthly variation of 0.44%, behaviour that was associated with price increases in fuel in the local market, clothing and footwear for adults and children, rental housing, as well as tariffs for private water supply. [GRAFICA caption = "Click to interact with graphics"]
Although the export sector continues to denounce the loss of competitiveness because of appreciation of the quetzal against the dollar, the Central Bank insists that the exchange rate will remain dependent on market factors.
A year ago the complaint was the same.Exporters asked the Central Bank for a review of the exchange scheme to induce a devaluation that would allow them to recover some of the competitiveness lost abroad because of the exchange rate.The situation today has not changed, and exporting companies have asked for the Ministry of Agriculture to intervene in this matter.
Total remittances received during the year reached $4,576 million, 7% more than the remittances recorded in 2015.
From a statement issued by the Central Bank of El Salvador:
Income from remittances totaled US $4.576 billion in 2016, exceeding by US $306 million the total amount of remittances received in the previous year, with a growth rate of 7.2% year on year, the Central Bank has reported.The amount accumulated between January and December 2016 is the highest amount in the history of receiving remittances in El Salvador and the highest growth in the last ten years, the source added.
The activities that were the most responsible for the increase were Fisheries and Aquaculture with 26%, and Mining and Quarrying with 15%.
From the report on the Monthly Index of Economic Activity:
In November, the monthly index of economic activity (IMAE) grew by 5.5 percent compared to November 20152.The annual average change was 4.4 percent and the cumulative growth from January to November was 4.3 percent. [GRAFICA caption = "Click to interact with graphics"]
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