Panama’s GDP  up 9.8% in second quarter

Panama had a Gross Domestic Product (GDP) growth of 9.8% for the second quarter of 2022 compared to the same period last year.

The Comptroller details that the quarterly GDP registered an amount of $9,925.7 million for the April-June period, which represents an increase of $886.6 million over the previous year. For the second quarter of 2021, the amount was $9,124.9 million.

This, was after economic activities continued their recovery process after a prolonged period of sanitary restriction measures due to the covid pandemic.

The activities related to the economy that had a positive performance in the quarter were: transportation and communications, commerce, construction, and manufacturing industry.

The added values ​​generated by activities related to the rest of the world that presented increases are the Panama Canal due to the increase in its income from tolls by 2.4%, mainly, transit of Panamax ships by 14.3%; re-exports from the Colon Free Zone at 20.6% and air transport; as well as pineapple exports at 47.5% and watermelon at 53.8%.Exports of bananas and fish showed decreases.
Mining and ports
 Income generated by the mining sector was lower than that registered in the same period of the previous year. Likewise, port operations are the product of the lower movement of bulk cargo by 15.9%. In the agricultural sector, banana exports fell by 55.7% and fish by 17.3%.

In the period from January to June 2022, the GDP reached an accumulated growth of 11.8% compared to the same period in 2021, said the institution.