Although the pace of growth has declined, the Panamanian economy remains the most dynamic in the entire continent.
On average, the projections from diferent sources suggest that in 2014 and 2015 the expansion of gross domestic product (GDP) will be of 7%, well above the average of 1.2% this year in Latin America, according to the World Bank.
The Ministry of Economic Affairs and Competitiveness said yesterday that the second quarter GDP showed a 6.3% increase from the same period of 2013, after reporting a total of $8,657.4 million.
All sectors increased their value in that semester, except for hotels and restaurants; the supply of electricity, gas and water and the agricultural sector.
The fastest growing sector was construction (15.5%), followed by transport and communications (7.7%) and trade (3.3%). All of which are extreamly important for the economy.
For the Executive Secretary of the Secretariat, Michelangelo Esbrí, these figures show that the Panamanian economy "is alive, it is thriving and is not stagnant."
He also stated that foreign direct investment (FDI) in the first half was for $2,575.4 million, 26% more than the previous year. This is a quite surprising figure, and hopefully it will continue to grow as more incentives are provided to foreighn investment.
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