Canal, energy, ports and financial intermediation are consolidating themselves as the propellers of the country’s economy, which closed its first trimester in 2019 with a 3.1% growth, one of the highest in the region.
The increase in operations of the Panama Canal brought with it positive results in areas such as Transportation, Storage and Communications, which showed a 4.3% increase compared to the same period last year.
On the other hand, the portuary system increased its aggregate value by 4.2% due to a 3.8% growth in the movement of TEUs (measure equivalent to a 20 foot container), 5.9% in general cargo and 3.2% in bulk cargo.
Another sector that contributed to the growth was in energy generation, explained by the new Gas Natural Licuado (GNL) plan in the generation of thermal energy.
Furthermore, the good performance of financial services in the Banking Area contributed to a 4.7% of growth compared to the same period last year, with good results especially in insurance.
Other sectors with a positive performance were mining with 4.5% of growth and the agricultural sector, specifically driven by fruit export to international markets, including banana, watermelon and melon.
Even though it is evident that the growth rate is less than initially projected (6%), an increase is expected for the following trimesters after the “presidential campaign” effect and the positivism that comes with the new government.
This information was developed by Panama Living, a digital platform committed to collecting, researching, and disseminating all the necessary information to turn your interest in Panama into a pleasant and enriching experience.
