Panama 2nd quarter GDP at 5.2%

PANAMA’S  gross domestic product (GDP) increased 5.2% in the second quarter  representing $450.7 million compared to the same period last year.

According to the Comptroller, activities in the construction industry, mining and quarrying, electricity supply, communications, real estate and business services, private healthcare, government services, local businesses and area franchises performed well during the  quarter.

One of the most notable increases were financial intermediation with 9.0% due to the performance recorded in the International Banking Center, followed by mining activity and construction which both grew by 8.8% Construction

Meanwhile, the activities related to the external sector showed a slight increase as the livestock sector, which grew 1.4% and tourism, reflected in the outcome of hotels and restaurants, recorded a growth of 1.5%.

Canal decrease
Transport, storage and communications, recorded a decrease of 0.7% in the quarter, explained by the decline of the operations of the Panama Canal which revealed negative results at 9.7%, since during the period revenue from tolls decreased 8.7% and the services provided by the Canal  to ships in transit by 13.1% due to the impact of decreasing  trade worldwide.