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The Economic Commission for Latin America and the Caribbean (ECLAC) has upgraded its economic forecast for Panama, confirming its status as the top economy in the region.

ECLAC has raised its prediction for Panama’s growth this year to 5.6 percent, up from its original forecast of 5.2 percent, thanks to increases in construction, transportation, and communications sectors, and financial intermediation services, according to coverage in La Estrella. At 5.6 percent, Panama will surpass the growth of the Dominican Republic, which is expected to grow by 5.3 percent and far outpace the Latin American and Caribbean average of 1.1 percent. (The average growth in Central America is expected to grow 3.6 percent on average.

As we reported earlier this month, Panama’s economy is surging. The country’s GDP was up 5.8 percent in the first half of 2017, according to government data. “The Panamanian economy grows despite the slowdown and even recession of our main Latin American markets,” the director of the National Institute of Statistics and Census, David Saied, said at the time. The government reported a 6.2 percent increase in the first quarter.

Different reports have slightly different numbers, but the overall sentiment remains consistent. Panama’s economy is growing at a steady rate, far above the levels of most global, thanks to broad-based activity in different sectors. The expanded Panama Canal plays a role in that increase, but there is also growth in the manufacturing industry, public administration, private education, financial intermediation, legal and real estate services and community activities, La Estrella reports.

According to the paper, the Monthly Index of Economic Activity (IMAE) published by the Comptroller indicates the economy grew by 5.85 percent from January-July, compared to the same period of 2016.

Duncan McGowan is president of Punta Pacifica Realty, a Panama real estate agency focused on Punta Pacifica, the exclusive neighborhood of 18 towers perched on the edge of the Pacific Ocean.