In the first month of the year, the economy grew by 5.8%, driven mainly by the sectors of fisheries, transport, storage and communications and construction.
From a report issued by the Comptroller General of the Republic:
The Monthly Economic Activity Index (IMAE) in the Republic, up to January 2015, measured in terms of the original series in 1996, saw prices grow by 5.8% compared to the same period in 2014.
The trade, construction, financial and real estate sectors have remained the drivers of economic dynamism in the first three months of the year.
From a report entitled "Evolution of GDP in the first quarter of 2014," by the Comptroller General of the Republic of Panama:
The implementation of road infrastructure drove the rebound in the construction sector, where business grew by 16%, while the improved performance of retail and wholesale trade was due to an increase in consumption, which is particularly visible in the volume of sales of bulk food, beverages and tobacco, materials and equipment," while in the retail trade, the increase was 9.8%, due to a rise in sales of automobiles, pharmaceuticals and fuels in the country, among other things."
Starting this year, the base year for calculating the gross domestic product of Panama will be 2007.
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 .
During the first six months of 2013, the gross domestic product totaled $13.488 billion reflecting an increase of 7.3% compared with the same period in 2012.
In addition, real GDP grew by 7.6% in the second quarter of 2013. This was revealed in a report by the Comptroller General of the Republic which explains that mining and quarrying grew by 27.8%, while construction rose by 26.2%, both activities driven by the development of public and private works in the country.
The area is seeing new banks, restaurants, hotels and shopping centers as well as a boom in housing construction and the renovation of transport systems.
The Comptroller General of the Republic, has revealed that at the end of 2012 the value of gold exports reached $115.7 million. "So far, the only company in the process of exploitation is Petaquilla Gold, though it is expected that the end of 2016 will see the start of the Cobre Panama project (as it was called by Minera Panama, predecessor in the concession), now First Quantum", reported Laestrella.com.pa.
The Consumer Price Index in May 2013 registered a monthly increase of 0.4%, while in the first five months of the year the increase was 2.3%.
From information published by the Comptroller General of the Republic of Panama:
The Consumer Price Index (CPI) in May compared to April of 2013 showed an increase of 0.4%, both in the National Urban category, and for the Other Urban category, while for the districts of Panama and San Miguelito, it was 0.3%. Compared to May 2012, there was an increase of 3.7% in both the National Urban, and the districts of Panama and San Miguelito and Other Urban areas. So far this year, the National Urban CPI reflected a cumulative variation of 2.3%.
In March 2013 the IMAE grew by 5.92% compared to 13.75% in March 2012, making it the lowest month of growth in the last 24 months.
According to the economist Aristides Hernandez, the slowdown revealed in these numbers is greater than expected and he insists that this is already being reflected in the collection of revenue, showing that the warnings that had issued have born true.
The Consumer Price Index (CPI) for April 2013 compared to the previous month recorded an increase of 0.3%
From information published by the Comptroller General of the Republic of Panama:
The Consumer Price Index (CPI) in April compared to March 2013 recorded an increase of 0.3%, both in the National Urban category, and the Other Urban category, while for the districts of Panama and San Miguelito, it was 0.4%.
The Consumer Price Index in March increased by 4.1% compared to the same month in 2012.
Information published by the Comptroller General of the Republic of Panama:
The Consumer Price Index (CPI) in March compared to February 2013 showed an increase of 0.4%, both in the National Urban category, and for the districts of Panama and San Miguelito, while in other urban areas, it was 0.3 %.
The turnover of three of the most important economic sectors in Panama, Industry, Trade and Hotels, exceeded $ 13,700 million in the first six months of 2012.
An article in Panamaamerica.com reports that "Associations both for tourism as well as industry report they are experiencing good economic times."
In regards to the hotel industry, which has experienced a drop in occupancy rates due to increased supply of rooms, in the words of Sara Pardo, president of the Panamanian Association of Hotels (Apatel) "on an individual basis, hotels are experiencing a dip, but globally because of the impulse in Panama City undoubtedly there does appear to be an increase because there are more rooms available. "
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. "
Between January-April 2012, the Monthly Economic Activity Index (MEAI), measured in terms of the original series, grew 9.1 percent compared with same period in 2011.
The sectors that added the most dynamism to the economy were construction, mining and quarrying, transport, storage and communications, community, social and personal services, hotels and restaurants, electricity and water, trade, private health, financial intermediation and public administration. The rest of the activities had a positive impact, but to a lesser extent, with the exception of fishing, which continues to show limitations for the period in question.
Between January and September the economy grew by 8.6% compared to the same period in 2010.
Despite the uncertainty that exists on an international level, the Panamanian economy continues to grow apace, as indicated by the monthly index of economic activity figures, released by the Controller General of the Republic.
While all sectors, except for fishing, showed positive results across the board, the best performance was seen in the following industries: construction, transport, storage and communications, trade, hotels and restaurants, mining and quarrying, social and personal community services, electricity and water, and manufacturing.
With 9.7% growth in the first quarter of 2011 compared to data recorded in the first quarter of 2010, the thrust of the Panamanian economy is surpassing all expectations.
While the rest of the world was just emerging with difficulty from the global financial and economic crisis in 2010, Panama grew by 7.5%. The projected growth for 2011 is 9%.
In his article in Prensa.com, Edith Castillo Duarte reported that the activities with the highest growth recorded during the quarter in question were "mining and quarrying (14.1%), construction (15.3%), transport, storage and communications (16%) , commerce(9.5%), hotels and restaurants (6.8%) and financial intermediation (6.9%). The added value products in the agricultural sector went down by 0.4% as a result of the reduction in the volume of banana exports by 13.5 % and other fruits such as melon and watermelon, which decreased by 67.2% and 45.0% respectively. In turn, the dairy products activity fell by 5.9%. "