Panama: GDP -2016 // Update 2020
Panama Economic Outlook - 2020
Economic growth accelerated in the final quarter of 2019, after slumping to a near one-decade low in the third quarter. A strengthening services sector spearheaded the upturn, thanks to sturdier wholesale and retail trade growth. This more than outweighed a slowing industrial sector, which came despite rocketing output from the Cobre Panama mine, while a downturn in the primary sector also restrained the overall acceleration. Turning to Q1 2020, strong momentum appears to have carried over from Q4 2019, although the negative impact of coronavirus on global trade is likely affecting activity in the Panama Canal. Meanwhile, in its recent Article IV concluding statement, the IMF highlighted the country’s improving external position and stable fiscal dynamics; however, the Fund conveyed concern regarding reputation damage following Panama’s recent reentry to the EU’s “call for action” blacklist due to its tax-haven status.
Panama Economic Growth
Growth is expected to pick up this year on improving investment while low inflation and the recent minimum wage increase will likely support private consumption. Furthermore, strong output from the Cobre Panama mine should bolster the external sector. However, the country’s vulnerability to the coronavirus fallout is a key risk to the outlook. FocusEconomics Consensus Forecast panelists project that the economy will grow 4.1% in 2020, which is down 0.2 percentage points from last month’s forecast, and 4.5% in 2021.
2016 - GDP Up 5.2% in June 2016 // PIB crece 5,2% ( 2016)
In the first quarter the economy grew by 5.2% compared to the same period in 2015, driven internally by the activities of financial intermediation and construction.
En el primer semestre la economía creció 5,2% respecto al mismo periodo de 2015, impulsado a nivel interno por las actividades de intermediación financiera y construcción.