News

Panama’s economy is growing faster than expected. The gross domestic product (GDP) for Panama increased by 6.2 percent in the first quarter of 2017, thanks to activity in construction, mining and private education, the Comptroller reports.

Overall business activities grew by 9.5 percent I the first quarter, led by strong trade activity, Martes Financiero reports. Retail trade increased 3.1 percent, powered by textiles, leader good and auto repair activity.

Panama’s economy is leading the region, surpassing the growth of any of the world’s economic powerhouses. GDP grew by 4.9 percent in 2016, due in large part to the many large infrastructure projects underway, including the expansion of the Panama City metro system.

The overall global economy is growing at closer to 3.5 percent. Coming out of the global economic crisis of 2008, Panama was growing at a double-digit-year rate, fueled by the expansion of the Panama Canal, which opened in 2016.

But Panama’s economy continued to grow, with many large infrastructure projects underway. The strength of the property market also plays a key role in the economy, both through construction, employment and sales. The economic growth translates to more jobs in Panama City and more executives looking to buy and rent, as well as more international attention on the property market.