The economy continued to slow down in 2019

PANAMA - In Brief 02 Mar 2020 by Marco Fernandez
GDP grew 3.0% during 2019, according to official figures released today. This number coincides with our projection made in mid-year. The fourth quarter increased by 3.3%, the better performance of the year (3.1% in the first quarter; 2.9% in the second quarter; and 2.7% in the third quarter). As expected, mining (mainly copper production) was the most dynamic sector (45%). Logistics (6.8%), Government (6.7%), and energy (5.1%) followed. Construction did not grow. Nominal GDP increased by 2.6%: deflation came out (as we predicted in November) at 0.4%. The level of nominal GDP (US$ 66,800) was about the same as the MEF used to calculate the 3.1% NFPS deficit, thus complying with the legal ceiling of 3.5% for 2019.The economy had grown by 3.7% in 2018.

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