Panamanian Economy Grows 3% in 2019

Last year, GDP amounted to Ch$66,801 million, and in real terms, production increased by 3% over that reported in 2018.

Wednesday, March 4, 2020

This 3.0% growth for 2019, in the amount of Ch$43,061.1 million (chained value to 2007), was mainly driven by the mining sector, reported the General Comptroller of the Republic.

The dynamism of the mining sector is specifically explained by the increase in the activity of the extraction of copper concentrate, whose production in tons increased from the third to the fourth quarter by 210%.

The report states that "... however, important sectors in the national economy decreased and others grew less in proportion to previous years, as is the case of the fishing sector which decreased by 25.1%, affecting the exportable production of that sector, likewise, the manufacturing sector fell by 1.5% and the construction sector contributed only 0.1%.

In the behavior of the economic activities related to the external sector, the Panama Canal, the port activities, air transportation, and the agricultural sector, the production of bananas continued to grow due to the activation of this important sector; however, the activity developed in the Colon Free Zone decreased, although it achieved a positive performance in the last quarter of the year.

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Panama: GDP Up 4% in 2018

March 2019

During 2018, the constant Gross Domestic Product totaled $41,693 million, almost 4% more than what was reported in 2017, a rise that is partly explained by the behavior of the commercial sector.

During 2018, the behavior of economic activities related to the external sector highlighted the Panama Canal, the Colon Free Zone and financial intermediation, reported the Office of the General Comptroller of the Republic.

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Explained mainly by the private consumption expansion, the Gross Domestic Product reported a year-on-year increase of 3% in the first half of the year.

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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: 

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The 4.3% YoY quarterly growth in the GDP is explained by an increase in production of livestock, hotels and restaurants, financial intermediation and agriculture.

From a statement issued by the Central Bank of Nicaragua:

The Central Bank of Nicaragua (BCN) published on October 2, 2017 results of economic activity corresponding to the second quarter of 2017. According to the quarterly report on the Gross Domestic Product (GDP), released by the issuing entity, the Nicaraguan economy grew by 4.3 percent year-on-year and 4.8 percent annual average; with growth in the first half of the year at 5.4 percent.

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