In compliance with the legal mission of projecting the evolution of Panama's Gross Domestic Product (GDP), the Ministry of Economy and Finance (MEF) reported that the country's economic growth estimate for this year is 5.8%, driven by dynamism Construction, mining and quarrying, financial intermediation and electricity, gas and water supply.


Raul Moreira, director of Economic and Social Analysis of the MEF, explained today at a press conference that the estimate of the GDP of the MEF coincides with the forecast of the International Monetary Fund that puts it at 5.8%. The Economic Commission for Latin America and the Caribbean (ECLAC) projected growth by 5.9% and the World Bank by 5.4%.



The continuation of public investment projects such as the Third Bridge over the Canal (570 million balboas), Ciudad Esperanza (137 million balboas) and the construction of the Metro Line 2 of the capital will help the dynamism of the economy.




The MEF's estimate of economic growth in the country is also based on the recovery of the Panama Canal activity and an aggressive public and private investment program. The Ministry included as a basis for its forecast a recovery of the economies of Latin America, as well as a positive dynamism in the global economy.
In this scenario, the Panamanian economy will continue to exceed the growth rate of the Latin American average, estimated by ECLAC at 1.3%.


The continuation of public investment projects such as the Third Bridge over the Canal (570 million balboas), Ciudad Esperanza (137 million balboas) and the construction of the Metro Line 2 of the capital will help the dynamism of the economy.
In the private sector, projects such as the First Generation Power Plant based on Natural Gas of Central America (Colón), with an investment of 1,150 million balboas and that of Minera Panamá, in the Project Cobre Panamá (Colón) for a sum of 5,950 million balboas.
In addition, the director of Economic and Social Analysis of the MEF, stressed that in the coming months will continue to increase energy generation with renewable sources (wind and solar) with lower costs in the use of fossil fuels, which will contribute to increase the value Added to the national electricity system.


By 2016, the MEF has projected a growth of the economy of between 5% and 5.2%. Sectors such as construction, mining and quarrying, financial intermediation, investments in public infrastructure and electric power generation, among others helped this growth. The forecasts for the 2016 Ministry coincide with those of the IMF and ECLAC. While the World Bank forecasts growth of 5.6% for this period.
Moreira indicated that it is important that the Panamanian economy maintains its sustained growth and with low levels of inflation for the benefit of the humbler sectors.


The MEF regularly updates the projection of the evolution of GDP, according to the development of the regional and global economy..




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