Consumption Up in Panama

During the first quarter of 2013, public sector consumption increased by 7.6%, while the private sector reported a 9.7% rise.

Wednesday, July 31, 2013

In the public sector, growth represented a total of $1,558 million in expenses. In the private sector, the increase in consumption was due to the collection of taxes on transfer of property and services.

According to the Ministry of Economy and Finance, the rise in private consumption is due to increasing payrolls, as evidenced by a 17.4% increase in revenues from the payroll tax.

"Consumption through debt also saw an increase, since the balance of the aggregate credit cards saw an increase of 20.6%. Car loans saw a 17.1% increase, while personal loans increased by 9.6% relative to the previous quarter," reported Prensa.com.



More on this topic

Guatemala: Slowdown in Consumer Credit

December 2017

In November, a year-on-year growth of almost 6% in consumer credit was reported, while in the same month in 2017 there was an increase of 13%.

Figures from the Superintendency of Banks show that the credit portfolio for consumption is the second most significant section of loans with a 30.2% share, after larger business loans that have a 54% share.

Costa Rica: Decline in Household Consumption

August 2017

A rise in interest rates and the depreciation suffered by the Colon against the dollar are the reasons for the slower speed with which private consumption has been growing since mid-2016.

The slower rate at which private consumption has been growing since the first quarter of 2016 is mainly due to an increase in interest rates in colones, which have increased the proportion of income that households have to dedicated to paying off debts. Businesses in the commercial sector believe that this trend towards a slowdown in household consumption could be reversed by the end of the year. 

Costa Rica: Credit Card Balance Up 15%

August 2016

In April 2016 the balance of the credit card debt was $1.688 billion, 15% more than in the same period in 2015.

From a statement issued by the Ministry of Economy, Trade and Industry:

The study with a cut off date of April 30 determined that the balance of debt is 908.149 million colones ($1.688 billion) (3.02% of GDP), which represents an increase of 1.27% compared to the previous study (January), while the yoy increase was 15.4%. 

Auto Credit Up 17%

April 2013

Analysis has been conducted on the composition of the loan portfolio to buy vehicles, one of the fastest growing sectors in recent years.

In the past five years, auto financing in Panama has been increasing, in February Panamanian banks provided loans of this type worth $813 million.

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