Buoyed by expanded connectivity and increasing investment, Panama’s tourism sector has experienced unprecedented growth in the past few years. Today, it is a pillar of economic development, generating more revenues than transit fees from the Panama Canal ($1.92bn) or the Colón Free Trade Zone ($1.9bn). According to the Tourism Authority of Panama, visitor numbers have grown every year since...
Panama’s dynamic ICT sector has been a key enabler of the country’s high-growth, services-based economy. Strong technical infrastructure coupled with a robust legal regime make for favourable conditions for local and international technology companies. The “Global Information Technology Report 2015”, published by the World Economic Forum, ranked Panama 51st among 143 countries in terms of the...
Panama’s energy and utilities sector could be poised for a comeback. With a vision to turn Panama into an energy hub, the administration of Juan Carlos Varela is looking to strengthen the existing electricity and hydrocarbons market and its infrastructure, using both public and private investment. Multimillion-dollar investments in fossil fuel power generation, network infrastructure and...
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...
Profiting from stable economic growth, Panama’s retail sector has continued to expand over the past two years. The entry of luxury brands to the local market has diversified the retail landscape while growing demand for retail space has also fuelled the construction boom. The sector’s outlook is promising, with a number of indicators pointing toward continued growth in retail consumption....
Making up 18.5% of Panama’s GDP at a value of $6.6bn in 2014, the transport, storage and communications sector has historically been a pillar of Panama’s growth. The solid performance of the transport and logistics sector, which grew more than 17% annually between 2007 and 2014, is set to continue, driven in large part by planned substantial public investment. According to the Strategic...
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