Business Grew 9.5% in the First Quarter

Posted on 2017-07-26

The Panamanian economy registered a 6.2% increase in gross domestic product in the first trimester 2017, according to the Comptroller General of the Republic. positive behavior is recorded in the construction industry, mining, private education, communications, government services, financial sector and trade. 

Overall business activities grew 9.5% in the first quarter. Disaggregating, wholesale trade grew 7.9% influenced by the increase in sales volume of gaseous solid, liquid and and related products; of food, beverages and snuff, among others. While retail trade had a positive performance of 3.1% due to increased sales of textiles, clothing, footwear and leather goods; maintenance and repair of motor vehicles and pharmaceuticals. However, for traders it is another stage. The Center for Economic Studies of the Chamber of Commerce of Panama said that the retail market recorded a fall of 6.4% in sales for the first quarter of 2017 versus the same period last year, car sales recorded a decline of 13.1% of January to April, with unfavorable raising import taxes, which fell 0.9% and decreased 5.9% in tax revenue transfer of material goods and services or ITBMS impacts.

Source: Martes Financiero