Buoyed by a combination of factors, including the country’s prime geographic location, sustained economic growth and the influx of foreign investment in recent years, Panama’s real estate market has seen unprecedented growth since 2006. Today it is a key component of Panama’s economy, amounting to $4.6bn or 12% of GDP in 2014. Though fast growth has led the cost of land to skyrocket, sometimes...
Panama Construction
Chapter | Construction & Real Estate 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 | Construction & Real Estate from The Report: Panama 2014
A major driver of GDP growth over the past decade, the construction sector generated more than $2.5bn in 2013, accounting for around 9% of GDP, a year-on-year (y-o-y) increase of 30%, according to the Panamanian Chamber of Construction. Public infrastructure works are leading this surge, but the private sector is also playing a significant role through residential and commercial developments. The...