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...
In global terms Panama ranks as a small but dynamic national market for insurers. According to the Superintendency of Insurance and Reinsurance of Panama, general insurers wrote gross premiums of $791m in 2014, 6.2% more than in 2013, while life/health insurers wrote gross premiums of $552m, up 10.8%. Total insurance penetration was 3.07% that same year, with total density at $342 per capita....
Panama’s capital markets are highly internationalised, with the financial stability of a dollarised economy helping attract global firms looking to expand their Latin American footprint. Though the country has already established itself as a regional banking hub, Panama’s non-bank financial sector still has room to grow. While insurance sector assets nearly tripled in the decade to 2013, from...
With a dollarised economy, low inflation and relative political stability, Panama remains a highly attractive regional financial centre. Recording strong performance in 2014, the country’s International Banking Centre, which contributes 7.5% to Panama’s GDP and comprises the national banking system and international banks, is well capitalised with total assets of some $111.4bn as of March 2015...
A pillar of the economy, the Panama Canal’s contribution to the national treasury exceeded $1bn in the 2014 fiscal year, while its direct contribution to GDP reached $2.7bn (6%). The canal saw 325.8m PC/UMS tonnes of cargo pass through the same year, an increase of 2% on 2013, driven primarily by the dry bulk segment, which grew by 20% year-on-year. The Panama Canal Authority estimates its...
Panama’s sustained economic growth continued in 2014, with the economy expanding by 6.2%, according to the Ministry of Economy and Finance. The figure represented a slowdown from average annual GDP growth of 7.8% over the six years to the end of 2014 – including double-digit growth in 2011 and 2012 – and was partly due to the impact of a weaker global economy, the completion of major public...
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