GDP grew 1.7% in the First Quarter 2024

The Panamanian economy, measured through the Gross Domestic Product (GDP), presented an increase of 1.7%. The GDP valued at constant 2018 prices registered an amount of B/.20,498.0 million, which corresponded to an absolute increase of B/.336.5 million.

This increase is explained by the components related to the internal economy, a result of the performance of activities such as: Construction of public infrastructure projects; electricity where thermal generation grew 8.9% and renewable 6.0%, land transportation with an increase in passengers in the Metro by 6.7%; corridor capacity at 4.6%, major and minor trade by sales volume of food, textile products and automobile sales, among others; financial services with increases in loan balances of 6.5%; hotels for the highest number of tourists at 12.5%; They contributed positively, in addition to telecommunications, real estate, business and other service activities. Negative variations were recorded in the slaughter of cattle and pigs at 8.9% and 6.7% respectively, as well as private health services.

Of the activities that generated positive added values ??oriented to the external sector were: port services with 16.4% due to cargo movement, air transportation due to the increase in the number of passengers through the Tocumen Airport with 5.0%, exports of watermelon, melon and fishing products such as shrimp and fish with increases of 39.4%, 196.7%, 57.7% and 1.7%, in their order. While toll revenue from the Panama Canal decreased by 17.6%; Likewise, the commercial activities carried out in the Colón Free Zone, and the exploitation of mines and quarries as a result of the closure of the copper mine.

Regarding GDP in nominal terms, it reached an amount of B/.21,805.4 million, with a growth rate of 3.1% compared to the same quarter of the previous year, which in absolute values ??corresponded to B/. 645.5 million.