Panama GDP

Panama

Panama: Economic growth remains buoyant in Q2

September 14, 2012

In the second quarter, the economy expanded 10.4% over the same quarter last year, which was slightly down from the revised 10.8% rise registered in the first quarter (previously reported: 10.6% year-on-year). The robust quarterly figure continued to reflect strong growth in the services sector (Q1: +13.3% yoy; Q2: +11.8% yoy), which is the largest component of Panama's economy. Within services, construction accelerated from a 26.7% expansion in the first quarter to a scorching 29.4% increase in the second, while growth in transport, storage and communications - which accounts for a around a quarter of total economic output - reached 10.6%, down from the 13.7% expansion recorded in Q1. Meanwhile, industry expanded a robust 10.3% in Q2, unchanged from the previous quarter. On a negative note, the agricultural sector remained in negative territory, contracting 1.4% in annual terms (Q1: -1.5% yoy). The government expects the economy to grow 10.0% this year


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