Though agricultural development in Panama has historically been hampered by a series of structural issues, including fragmented ownership of land, limited access to financing and deficient transport infrastructure, efforts are now under way to boost agricultural output. According to Panama’s National Institute of Statistics and Census, agriculture and livestock GDP increased steadily over the...
Panama Agriculture
Chapter | Agriculture from The Report: Panama 2015
Despite slower GDP growth of 6.2% in 2014, according to the Ministry of Economy and Finance, Panama remains one of Latin America’s fastest growing economies, a trend set to continue in coming years with the IMF forecasting average annual growth of around 6.5% over the next five years.
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Despite slower GDP growth of 6.2% in 2014, according to the Ministry of Economy and Finance, Panama remains one of Latin America’s fastest growing economies, a trend set to continue in coming years with the IMF forecasting average annual growth of around 6.5% over the next five years.
For the past decade Panama has registered impressive economic growth. According to the World Bank, GDP growth averaged 6.8% from 2000 to 2012, while government figures show double-digit growth for four of the past seven years. Economic development has been fuelled by heavy public sector spending on infrastructure, particularly the $5.25bn expansion of the Panama Canal, which should ensure long-term growth.
Chapter | Agriculture from The Report: Panama 2014
According to the National Institute of Statistics and Census, the agriculture sector grew 6% in 2011 and 3.9% in 2012. However, its contribution to GDP fell from 8% at the start of the millennium to 2.5% in the third quarter of 2013. One of four key pillars of economic growth in the Strategic Plan 2012-14, the sector has faced a number of challenges. The rapid pace of urbanisation, accompanied by...