Panama’s economic activity showed a positive year-on-year variation of 3.17% in July 2024, compared to the same month last year (July 2024-23), according to the Monthly Index of Economic Activity (IMAE) of the National Institute of Statistics and Census (INEC).
The sectors with favourable performances were: financial intermediation, trade, transport, storage and communications, construction, agriculture, hotels and restaurants; electricity and water supply; community, social and personal service activities; and fishing, according to the information estimated and compiled by INEC.
Similarly, he added, the rest of the sectors showed positive behaviour, but at a lower pace; with the exception of the manufacturing industry and exploitation of mines and quarryings, which recorded negative variation.
He stressed that financial intermediation continues to show its solidity, due to the good performance of the credit portfolio, both internal and external, and the increase of the deposits of the banking system and the insurance activity in the undersigned premiums, such as: health, collective life and automobiles, among others. With a significant reduction in casualties.
For its part, commercial activities showed positive results, attributable to growth in sales of goods and services in retail and wholesale trade. Among these, the re-exports of goods from the Columbus Free Zone, imports into CIF CIF, the sale of 95-octane fuel, liquefied gas and the sale of new vehicles. Gasoline of 91 octanes, low sulphur diesel and bunker C decreased
According to INEC, the transport and communications sector showed a good boost, basically, by activities such as: cargo (in metric tons) in the National Harbour System, the movement of container TEU, telecommunications, air transport; the toll revenues of the Canal retained their positive trend as the previous month, but to a lesser extent. The Channel’s net tons registered negative variation.
The construction showed an increase in private, residential and non-residential works (with lag), taken from the value of construction permits. Public works in infrastructure showed decline this month.
The agricultural sector showed favorable performance, driven by some fruit crops, such as bananas and pineapple, mainly oriented to export. Positive behaviour in the breeding of cattle and poultry was observed in livestock farming. The breeding of pigs fell.
The electricity and water category maintained its good pace, the generation of hydraulic and solar power maintained positive rates, as did the consumption of electricity and drinking water billing. Decrease in thermal and wind generation.
The provision of fun and leisure services continued to be favored by the gross sale of chances and tickets from the National Charity Lottery (LNB), the type A slot machines, the lucky games and gambling through the internet and the bets on sporting events. The bingo rooms and game tables decreased.
Fishing activity continued with its dynamics due to the increased catch of fish and steak fish (fresh, chill and frozen) and others for export. The volume of shrimp went down. Industrial production, for its part, reflected a negative behaviour due to the decrease in the manufacture of some food products such as slaughter of pigs and alcoholic beverages. On the other hand, the production of evaporated, condensed and powdered milk, tomato derivatives, soft drinks and cattle slaughter increased.
The exploitation of mines and quarries continued its negative trend, affected by the closure of the activity of extraction of copper and concentrate minerals.
This article has been translated after first appearing La Estrella De Panama