The Panamanian economy has had a strong recovery, generating a large number of formal jobs and with some of the lowest inflation in the world, said the Minister of Economy and Finance, Héctor Alexander, at the presentation of the report: General Treasury Account for 2022, in the Economy and Finance Commission of the National Assembly (AN) of Deputies.
He stressed that the document was distributed in six fundamental topics: Economic Performance 2022; Fiscal Balance, Execution of the General State Budget, Public Debt, Single Treasury Account and Panama Savings Fund.
He stressed that the Gross Domestic Product (GDP) at current prices in 2022, totaled B/.76,522.5 million. This means that the country reached and exceeded the pre-pandemic GDP level (2019: B/. 68,721.8 million), demonstrating the resilience of the economic structure and the effectiveness of the various actions to provide impetus to economic recovery, which were executed by the public and private sectors.
The support of the report was also propitious for the rector of public finances to present to the representatives of the aforementioned Commission, the economic performance of Panama, highlighting that Commerce, Construction and Transportation, storage and mail, were the main engines of the economic performance of Panama, in the year 2022.
Commerce contributed 28.4% of economic growth, due to the dynamism of local consumption and the Colon Free Zone (ZLC), construction contributed 22.6% and an important recovery reinforced by public investment.
He stressed that transport, storage and mail, contributed 14.1% of the growth, due to the dynamism of air and land transport.
Hotels and restaurants contributed 5.0% to the growth. Similarly, in 2022, tourism gave an additional boost to the economy.
Mining was also a major driver in 2022, contributing 2.4% of growth. Foreign Direct Investment (FDI) continues to be key. Until the second quarter of 2022, FDI grew 150%, Alexander stressed.
Alexander pointed out that the Public Private Association (PPP) has a key role in infrastructure development in the near future: The East and West Pan-American Highways and the Fourth Electric Transmission Line are in the perfectibility and feasibility stage.
