Panamanian Economy Grew 2.1% Between January and September 2024, According to the Comptroller General’s Office
Panama City, Panama: The national economy showed a growth of 2.1% in the first nine months of the year, compared to the same period in 2023. According to official data published by the Comptroller General of the Republic, the Quarterly Gross Domestic Product (GDP) reached $ 58,807.2 million, which represents an absolute increase of $ 1,202.7 million in this important macroeconomic indicator. During the third quarter of 2024, the economy experienced a 2.0% increase, with a total value of B/. 20,161.5 million, that is, $ 388.5 million more than in the same period of the previous year. Growth in this quarter was driven mainly by components of the domestic economy. Among the most notable sectors are:
- Wholesale and retail trade, together with the sale of marine fuels (+11.2%).
- Food and beverages (+2.0%) and auto sales (+13.0%).
- Land transport, with an increase in the number of passengers on the Panama Metro (+2.4%) and an increase in the capacity of the corridors (+5.3%).
- Infrastructure construction (+14.8%).
- Financial services, with a growth of 7.2%.
In terms of trade with the rest of the world, Panama Canal operations grew by 6.5% in toll revenues, while port operations increased by 15.7% in TEU container movement. Re-exports from the Colon Free Trade Zone also stood out, with an increase of 15.2%, and banana and fish exports, with increases of 3.0% and 29.4% respectively. However, the closure of operations at a copper mine affected the overall performance of the mining sector.
On the other hand, declines were recorded in some economic sectors such as:
- Telecommunications, with a decrease of 4.4%.
- Thermal energy generation, with a decrease of 34.7%.
- Slaughter of cattle and pigs, with declines of 2.4% and 7.3%, respectively.
With this balance, the Panamanian economy maintains a moderate pace of growth amid challenges in specific sectors and strengths in activities related to international trade.
