Panama has not seen such slow growth in well over a decade. Let’s hope that with a new administration we see more progress in economic growth. As James Carville once said to Bill Clinton, “It’s the economy, stupid”
During 2018, the constant Gross Domestic Product totaled $41,693 million, almost 4% more than what was reported in 2017, a rise that is partly explained by the behavior of the commercial sector.
During 2018, the behavior of economic activities related to the external sector highlighted the Panama Canal, the Colon Free Zone and financial intermediation, reported the Office of the General Comptroller of the Republic.
The report states that “… In the domestic sector, there was an increase in the following activities: wholesale and retail trade, construction, real estate, regular passenger transport, telecommunications, electricity and water, mining and quarrying, education, private health, pig and poultry farming and, to a lesser extent, other social and personal services.
The Gross Added Value of the agricultural sector registered a 1.8% increase, for 2018, regarding the previous year, because of the behavior of activities such as: the production of rice, sugar cane and vegetables that registered increases of 1.6, 5.1 and 4.8% respectively, estimated from the planted and harvested hectare. Banana and watermelon production showed a 3.5 and 5.2% increase, based on exports. Meanwhile, the production of other diverse fruits decreased, because of the fall of melon crops by 70.3%, reflected in their exports.
On the other hand, the livestock sector showed a positive performance of 3.5% in its Added Value, supported by the increase in the slaughter of birds, pigs and cattle in 5.6, 8.9 and 0.1% respectively. However, in animal sub products, poultry egg production registered a 5.1% growth, while natural milk decreased by 3.4%.”