Panama: Economic growth remains impressive in Q3
December 14, 2012
In the third quarter, the economy expanded 10.6% over the same quarter the previous year, which was slightly above the 10.4% rise registered in the second quarter.
The strong quarterly figure continued to reflect robust growth in the services sector (Q2 :+11.8% year-on-year; Q3: +11.2% yoy), which is the largest component of Panama's economy. Within services, construction surged 30.7% in the third quarter (Q2: +29.4% yoy), while growth in transport, storage and communications - which accounts for a quarter of total economic output - reached 10.4%, slightly down from the 10.6% expansion recorded in Q2.
Meanwhile, industry expanded a strong 10.2% in Q3, virtually unchanged from the 10.3% increase recorded in Q2. Moreover, the agricultural sector rebounded strongly in the third quarter, growing 5.3% (Q2 : -1.4% yoy).
The government expects the economy to have grown 10.0% in 2012 and to expand 8.0% this year.