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Directorate of Economic and Social Analysis Preliminary report of economic and social activities First half of 2017a Summary. The Panamanian economy grew 5.8%, mainly driven by activities in the field of Transportation, storage and communications, Construction and Exploitation of mines and quarries. Activities such as non- market production, Education and Fishery Services, also stood out by the growth of its value added contribu- tion to the economy. Current revenues from the Central Government amounted to B/.3,519.9 million; both tax revenues (B/.25.3 million or 0.9%) and non-tax revenues and other revenues (B/.9.0 million or 1.4%) in- creased. The national inflation rate remained below 1%, standing at 0.89%. I. Economic performance Percentage change of the Gross Domestic Product according to economic activity: The Gross Domestic Product (GDP) of the Republic First half of 2017 of Panama grew 5.8% in the first half of 2017, com- pared to the same period of 2016, when growth was lower (5.2%). Transportation, storage… 12.6 Central Government 10.4 Percentage change of Panama´s Gross Domestic Educational service 9.6 Product: First half of 2015 - 2017 Fishing 8.5 Mining and quarrying 8.1 6.1 Construction 8.1 5.8 Wholesale and retail trade 4.7 Real state and… 3.5 Financial intermediation 3.1 Community Activities 3.1 5.2 Social services and… 2.9 Manufacturing industry 2.1 Suply of gas and water 1.8 Hotels y restaurants 1.8 Agriculture, livestock,… 0.2 2015 2016 2017 Source: National Statistics and Census Institute. Source: National Statistics and Census Institute. This improvement in economic performance, in par- 1.1 Transportation, storage, and com- ticular, is attributed to the activities of: Transport, storage and communications, General government munications (non-market production), Teaching services, Fish- The activity grew by 12.6% in the first half of the ing, Construction and Exploitation of mines and year, as a result of the dynamism and recovery of quarries. maritime transport indicators (Panama Canal and the ports), after a fall caused by low oil prices, which allowed the shipping companies to lower their trans- portation cost on longer journeys without incurring additional costs, thus impacting the Panama Canal. a Unless otherwise stated the variations indicated in this report are estimated in relation to the same period of the previous year. Página 1 Agosto de 2017 Percentage change in Gross Domestic Product of 1.2 Construction Transport, storage and communications: First half of 2015 - 2017 Gross Domestic Product totaled B/.3,253.2 million (including final production for own consumption) ac- 12.6 cumulated in the first half, an increase of B/.243.5 million or 8.1% compared to 2016, when the highest growth was mainly due to the boost of public invest- 4.2 ment in projects such as Line 2 of the metro-train, Urban Renewal of Colon and a housing develop- ment project called “Ceilings of Hope”. -0.9 Percent change in Gross Domestic Product of Con- 2015 2016 2017 struction: First half of 2015 - 2017 Source: National Statistics and Census Institute. 9.4 8.1 According to the Main Economic Indicators, pub- 6.7 lished by the National Statistics and Census Insti- tute, 7,068 vessels crossed the Panama Canal, 5.5% more than in 2016. Percent variation of transport, storage and commu- nication indicators: first and second quarter of 2016 and 2017 2015 2016 2017 32.0 Ship traffic Fuente: Instituto Nacional de Estadística y Censo. Toll revenue 25.8 29.5 Metric tons 22.7 23.1 Up to June, construction permits amounted to Cargo volume 16.6 15.1 11.9 B/.1,160.4 millions, that is 21.4% or B/.204.3 million 7.3 more. Residential loans rose 26.5% and commercial -0.4 4.0 loans increased 14.9%. By district, the main in- -1.9 -8.7 -9.9 -10.4-10.3 creases were in: Colon (62.0%), for residential per- -14 -11.8 mits, and Arraiján (35.4%) for non-residential. In the -16.9 district of Panama the increase was (24.6%) due to more housing permits. Number of projects, investment in construction and I trim 2016 II trim 2016 I trim 2017 II trim 2017 area: First half of 2013 - 2017a/ Source: National Statistics and Census Institute. Investment Area (thou- Meanwhile, toll revenues totaled B/.1,119.5 million, Number of Year (million of sand square 19.7% more; the movement of net tons grew 28.8% projects balboas) meters) and cargo volume grew 25.9%. These increases are associated with the opening of the new set of locks at the Panama Canal. The expansion of the Canal 2013 5,855 749.8 1,535.7 2014 6,794 1,040.8 2,163.4 has redefined routes in world trade and has allowed 2015 6,284 1,075.8 1,897.9 the use of bigger vessels (Neopanamax) therefore 2016 4,902 956.1 2,324.8 making possible to take advantage of economies of 2017 7,156 1,160.4 2,464.3 scale. Ports in Asia and the East Coast of the United States are now easily reachable by making the a/Corresponds to solicitations for construction permits in the following transportation of products, such as liquefied natural districts: Aguadulce, Arraiján, Colón, Chitré, David, La Chorrera, Pan- gas, easier, shorter and at competitive prices. amá, San Miguelito y Santiago. Source: National Statistics and Census Institute. The National Port System moved 41.8 million metric tons, 13.2% more cargo: in bulk (10.2%) and con- 1.3 Wholesale and retail trade tainerized (16.3%), as the overall decreased 4.7%. In regards to the movement of TEUs totaled 3.4 mil- Gross Domestic Product of Wholesale and Retail lion (13.4% more). trade grew 4.7% in the first half of the year, higher than the increase registered in the same period of the previous year (4.2%). The activity was driven by Página 2 Agosto de 2017 the performance of the Colón Free Zone and the lo- are factors that could have influenced the purchas- cal wholesale trade. ing behavior. Percent change in Gross Domestic Product of 1.4 Banking wholesale and retail trade: First half of 2015 - 2017 5.7 Financial intermediation grew 3.1%. In the National 4.7 Banking System, total deposits in June decreased 4.2 (0.3% less), while domestic deposits grew (2.3% more) due to an increase in private deposits, while external deposits decreased (6.0%) as a result of the downward performance of bank and private deposits Percentage change in Gross Domestic Product of Financial Intermediation: First half of 2015 - 2017 2015 2016 2017 12.8 Source: National Statistics and Census Institute. In this regard, sales or re-exports of the Colon Free 6.8 Zone accumulated to the end of the first half of this year a growth of B/.324.6 million or 6.6%, thus show- 3.1 ing a recovery, compared to the last four consecu- tive years that fell (2013 to 2016). This growth is due to an increase in the sale of medicines, mechanical machines and sound equipment. As a result, sales 2015 2016 2017 increases shipped mainly to Puerto Rico, Nicaragua and Chile. Source: National Statistics and Census Institute. Percentage change in the value of re-exports at the On the other hand, the system accumulated Colon Free Zone: First half of 2012 - 2017 B/.740.5 million in net profits, 18.9% more than last year, as a result of lower expenses (5.2% less) and 17.0 higher revenues (3.7% more). 6.6 The average liquidity index of the National Banking System from January to June was 61.2%, maintain- ing a high liquidity index, above the minimum estab- -8.0 lished by the Executive Decree 52 of April 2008 of -10.8 -11.2 -13.4 liquid assets. The government banking sector stands out with a liquidity of 74.4%, followed by for- eign private banks with 67.8% and Panamanian pri- 2012 2013 2014 2015 2016 2017 vate banks 46.3%. Source: National Statistics and Census Institute. National Banking System Liquidity Index, according to month and day of information and by origin of the Local wholesale trade increased its purchases bank: Years 2016 and 2017 abroad by B/.429.9 million or 7.7%. The goods with the highest growth were consumer products (14.1% 80% additional): fuels in 30.3% mainly diesel and gaso- line; non-durable, durable and domestic utensils in 60% 7% each, such as food, clothing, and electronics. 40% Regarding retail trade the sale of gasoline (6.3%), diesel (5.6%) and liquefied petroleum gas (4.8%) in- 20% creased. Sales of brand new cars continued with a 16 16 16 16 16 16 17 17 17 17 16 16 16 17 17 17 16 17 - - - - - - - - - - - - - - - - - negative trend. A drop on the last six consecutive - Jul Jul Oct Apr Jun Jan Jun Jun - - Feb Mar Mar Aug Sep Nov Nov Dec May May - - - - - - - - - - - - - - - months, so the accumulated sales to June fell by - 04 28 08 18 10 12 05 29 05 01 25 21 14 01 25 19 12 3,876 units or 11.7%. Perhaps due to a more con- 17 servative household approach for consumption, also Banking system Panamanian private a moderate policy in the appraisal of auto loans, as Foreign private Government well as the increase in the effective cost of financing Source: Superintendence of Banks. Página 3 Agosto de 2017 Measures that have strengthened the regulatory bond transaction (B/.171.6 million) decreased framework, for the prevention of money laundering B/.67.6 million.