CAPAC reports a sharp drop in the share of the construction sector in GDP

The Panamanian Chamber of Construction (CAPAC), reported a sharp drop in the participation of this sector in the Gross Domestic Product (GDP), assuring that this is reflected in a contraction of investments and a direct effect on the increase in unemployment in the sector.

According to the union, data from the National Institute of Statistics and Censuses (INE C) reveal that the participation of the construction sector in GDP in 2019 -before the pandemic- was 14.5%, in 2020 -in the middle of the pandemic- it was 5.5% and had a slight recovery in the third quarter of 2021 to reach 8.8%.

A comparison of contributions to GDP between 2019 and 2021 reflect figures that are far below what is usually achieved.

For example, in the third quarter of 2019 it reached $1,551.8 million, in the same period of 2020 $450.2 million and in 2021 it stood at $907 million, well below the figure before the pandemic.

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