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Panama's economy grows 5.8% in the first half of 2017

Panama's economy grew 5.8% of gross domestic product (GDP) in the first half of this year, compared to the same period in 2016, driven by domestic consumption and sector of the services and logistics, informed the Comptroller General of the country today.

Panama's economy grew 5.8% of gross domestic product (GDP) in the first half of this year, compared to the same period in 2016, driven by the consumption and the services and logistics sector, the country's Comptroller General reported today.

The expansion recorded between January and June represents an additional contribution to the Panamanian economy of $ 1,060.3 million, according to a report by the National Institute of Statistics and Census (INEC), an entity of the Comptroller General.

The impulse came mainly due to the 12.6% increase in transportation, storage and communications, which includes the 19.7% increase in toll revenue for the Panama Canal, 13.4% % of the movement of containers in ports and 24.1% in air transport.

Trade rose by 4.7% in the period under review, INEC said, noting that this segment "is the economic category that has the greatest weight in GDP with 16.8% of the total and reached 3,213.9 million as of June 30."

The construction sector, the second the most important category of GDP, grew 8.1% in the first half, the official said without further details.

The INEC also reported the following growths in the first semester of this year: banking and finance (financial intermediation) 3.1%; Minister of Economy and Finance, Dulcidio De La Guardia, was optimistic about the results of the economy and pointed out that based on the official results of the first semester This year 2017 will be a good year for the country, several sectors are registering a positive performance ... we are going to expect how the year evolves, with respect to economic growth, but we remain optimistic, "De La Guardia said in a statement.

INEC, the economist David Saied, commented that Panama's economic growth surpasses important Latin American economies such as Mexico, Colombia, Argentina, Chile and Peru.

"This has been the dynamic of the Panamanian economy in recent years. If Panama maintains its current growth rate, from 2018 it will be the country with GDP per the highest capita in Latin America, "Saied said.

Panama's economy grew by 6.2% in the first quarter of 2009. In 2016, GDP growth was 4.9%, the lowest percentage of the last five years. "

" The Panamanian economy is leading the GDP of the region with an economic growth of 5.8% in 2017, according to projections made by the Fund International Monetary Fund (IMF), "the INEC said Tuesday.

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