Panama: Change in Base for Calculating GDP

Starting this year, the base year for calculating the gross domestic product of Panama will be 2007.

Tuesday, February 25, 2014

Sources from the Comptroller General of the Republic and the Ministry of Economy and Finance (MEF) confirmed that from 2013, the base year for calculating the economic growth will increase from 1996, which has been used until now, to 2007.

"... The structure of the economy has changed in recent decades . In 1996 Panama did not own the Canal, cellular phones were just arriving, now one of the fastest growing industries today, call centers were emerging, as was port development," said Frank De Lima, chief of the MEF.

By updating the base year there will be a rise in GDP which is a result of the methodological change, not an actual increase in production. This is because, according to Roland Gordon, dean of the Faculty of Economics at the University of Panama, prices in 2007 were much higher than in 1996."

"Gordon said the base years are changed from time to time and this is recommended because prices fluctuate ."

" ... They chose 2007 as the basis because it was a year without extraordinary events that influenced, positively or negatively, the country's economy."



More on this topic

Honduras: GDP Up 4.8% in 2017

March 2018

Financial Intermediation and Public Administration, were the sectors that most influenced the annual growth of almost 5% registered during the past year.

From a report by the Central Bank of Honduras: 

In the last quarter of 2017, the national economic activity measured with the Quarterly Gross Domestic Product (GDPT) showed a quarterly increase of 0.1%, the effect of a combination of both internal and external unfavorable factors; meanwhile, it stood at 3.6% year-on-year (compared to the same quarter of 2016), both variations measured with the seasonally adjusted series of GDPT at constant prices.  

Panama: GDP Up 5% in 2017

March 2018

Activities of the canal and air and financial services accounted for most of the 5.4% growth recorded in GDP over the past year.

The Comptroller General of the Republic reported that the increase reported in 2017 " ... is explained primarily by the behavior of economic activities related to the external sector. Among them, those of the Panama Canal, air and financial services stand out positively. On the other hand, trade in the Colon Free Zone, showed a decrease." 

Panama: Economy Grew by 6.2% in 2014

March 2015

Activities linked to the external sectors such as ports, air transport, financial, tourism, Canal services, and banana, melon and watermelon exports were the most dynamic.

From a report issued by the National Institute of Statistics and Census (INEC):

The National Institute of Statistics and Census (INEC) has estimated figures for Gross Domestic Product (GDP) at current prices and the total measurement at 2007 prices, by economic activity for the year 2014.

Panamanian Economy Grows by 10.4%

September 2012

In the second quarter of 2012, Panama's economy grew at a rate of 10.4%.

This increase is in addition to the first quarter, when the rate was 10.6%.

If the trend continues, year-end growth could exceed the expectations of 10% set by the Government.

An article in Prensa.com highlights developments in "commerce in the Colon Free Zone, hotels, air transport, port activities and the Panama Canal", as well "mining and quarrying, manufacturing , construction, energy, trade, banking, telecommunications and real estate. "

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