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General Overview on Panama's Economy and Investment Climate

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General Overview on Panama's Economy and Investment Climate General Overview on Panama’s Economy and Investment Climate General Information About Panama • Capital: Panama City • Total Area: 75k Sq km • Population: 3.9MM (2014 estimate) • Political Division: 10 Provinces and 5 Indigenous Regions • Government: Constitutional Democracy • Currency: US Dollar, since 1904 • Language: Spanish (Official), English (Commercial) Panama: The Path of Growth Source: Index Mundial, World Bank, Panama Canal Authority, and CIA World Fact Book 1999 2013 •The standard of living in Panama has increased over the past 14 years GDP Per Cápita •The development of the logistics sector and FDI growth over the past years has Total GDP improved key economic sectors in Panamá. •A friendly legal framework for investors including attractive tax incentives MHQ have led Panama to became a center for MHQ in LAC Annual Industrial •Panama is undergoing robust construction initiatives and manufacture industries Prod. Growth with an average growth between 4 to 10% over the last 10 years • Panama’s exports have grown 3 fold since 1999 demonstrating Exports the growth of industry and service •A high demand of foreign proucts and consumer spending, luxury goods, Imports construction materials, automobiles and more. •Currently 90% of the world’s ships can pass through the Canal, providing high Panama Canal revenues from ship transit Revenues •Several social programs are running with a common purpose to reduce Poverty Rate general poverty in Panama. Results are shown over the last decade. Tourism • In 2012 Panama was voted No1 tourist destination for 2012 in several global publications including New York Times ANNUAL TOURISTS Macroeconomic Environment Net Debt vs. Net Debt/GDP Ratio Debt Composition (In MM, USD) 17,112 External Debt (78.3%) 40% 14,721 14,441 2.9% 38% 37% 13,022 18.8% Local Financing (18.8%) 11,602 36% 10,404 36% 34% 35% 9,615 Other Internal 78.3% Financing (2.9%) 2009 2010 211 2012 2013 Oct-13 Oct-14 Favorable Macroeconomic Environment Estimated growth 2014% of GDP in Latin Evolution of GDP per capita of America and the Caribbean ECLAC Panama. 1999-2013 Panama 6.7 2013 11,037 2012 Bolivia 2011 R. Dominicana 2010 Nicaragua 2009 Colombia 2008 2007 Ecuador 2006 Peru 2005 Paraguay 2004 2003 Guyana 2002 Suriname 2001 Costa Rica 2000 1999 0 2 4 6 8 0 2,000 4,000 6,000 8,000 10,000 12,000 % GDP Growth Estimate Figures in USD A Country Open for Business Ranking Doing Business*2009-2014 Variation in the number of positions Panama 26 Peru 20 Costa Rica 15 Country Global Global Ranking Ranking Colombia 10 2013 2014 Chile 34 34 Brazil 9 Peru 39 42 Chile 6 Colombia 42 43 Mexico 3 Mexico 51 53 Ecuador 1 Panama 61 55 Venezuela -7 Guatemala 93 79 Uruguay 85 88 Argentina -13 Costa Rica 109 102 Belice 104 106 Investment Grade Rating Term Rating Date Perspective The stable outlook Agency suggests that no changes Long Term; Foreign BBB July 2, 2012 Currency are expected in the next Short-Term Foreign A-2 July 2, 2012 2 years. Currency Stable Long-Term Local BBB July 2, 2012 Currency Rating agencies expect Short Term Local A-2 July 2, 2012 average growth rates of Currency 6% without significant Long Term; Foreign BBB March 7, 2014 changes in fiscal policy. Currency Stable Long-Term Local BBB March 7, 2014 Currency Short Term Local F3 March 7, 2014 Currency Long Term; Foreign Baa2 Oct 31, 2012 Currency Stable Long-Term Local Baa3 Jun 9, 2010 Currency A Growing Economy with Stable Perspectives GDP % Growth per Year Annual FDI Flows into Panama 2004-2013 4,653.5 14.0% 5000 4500 +56.2% 12.0% 4000 10.0% 3500 8.0% 3000 6.2% 2500 6.0% 2000 4.0% 1500 US$ Millones 1000 2.0% 500 0.0% 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 I Half Unemployment Rate 10.0% By mid 2014, FDI figures reached US$ 2,575.4 9.0% million, which means 26% more in comparison to 8.0% 7.0% last year inflows over the same period. 6.0% 5.0% 4.3% 4.0% 3.0% 2.0% 1.0% 0.0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 GDP figures in US$ Million 1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 6,000.0 - Agriculture, live stock and forestry 2011 Fishing Panama’s GDP Panama’s Mining and quarries 2012 Manufacture Industry Electricity, gas and water supply 2013 2010 Construction S tructure per Sectors Wholsale and Retail - 2013 Hotels and Restaurants Transport, storage and comunications Financial Intermediation Real Estate activities, business and rent Private Education Social service activities and private health Other social activities Logistics Sector in Panama % increase of logistic sector in Panama’s GDP . The transportation and communications sector 14.0% represents about 25% of GDP. 12.0% 13.2% 12.3% . Panama maritime ports move more than 6 million 10.0% 11.3% 8.0% 9.0% TEUs per year. 6.0% 6.1% 4.0% . In 2013 transit through Tocumen International 2.0% reached 7.7 million passengers. This figure is 0.0% 2009 2010 2011 2012 2013 expected to double once operations on the south terminal begin. The Free Zone law, The Panama Pacifico Zone, The Colon Free Zone and the Multinational Headquarters laws are the axes of the framework towards the promotion and attraction of FDI in this sector. Dimensions of Locks and Vessels Existing Locks Max Vessel size: 4,400 TEU’s 33.5 m (110’) 32.3 m (106’) 12.4 m (39.5’) 55 m (180’) 12.8 m (42’) 49 m (160’) 18.3 m (60’) 15.2 m (50’) New Locks Max Vessel size: 12,600 TEU’s POPULATION 2014 (In MM) Main Sea Trade Routes Caribbean 36.8 Central America 43.1 South America 407.1 North America 471.6 Total 958.6 East-West Route North-South Route Both This is a major advantage for developing relay traffic as it provides the possibility of linkages between multiple services on both east-west, and north-south routes. Global Maritime Trade Volume Through The Panama Canal in % Merchandise Share % of Global Maritime Trade Containerized Cargo 4.7% Grains 10.6% Petroleum and Sub Products 1.3% Coal 1.3% Mineral and Metals 1.8% Chemical 5.8% Panama Canal Share on 6% Worldwide Trade Source: Panama Canal Authority based on IHC data, October 2013 Air Connectivity TORONTO BOSTON NUEVA YORK - CHICAGO WASHINGTON D.C JFK LAS VEGAS LOS ANGELES ORLANDO MIAMI NASSAU MONTERREY HABANA CANCUN MEXICO PUNTA KINGSTO SANTIA CANA SAN GUADALAJARA MONTEGON GO JUAN ST SAN PEDROBAY PORT AU SANTO GUATEMALA ARU MAARTEN SULA PRINCE DOMINGO BACURAÇAO SAN TEGUCIGALPA MARACAIB SAN BARRANQUILLA PORT OF SALVADOR O MANAGUA ANDRES CARTAGENA CARACAS SPAIN LIBERIA SAN CUCUTAVALENCIA • 69 destinations in 30 countries BUCARAMA JOSE MEDELLIN PEREIRANGA BOGOTA • Transit of over 7.7 MM passengers CALI QUITO GUAYAQUIL MANAUS in 2013 IQUITOS RECI FE • Construction of 2 new international LIMA airports plus improvements in 3 BRASILIA SANTA CRUZ BELO existing airports HORIZONTE SAO RIO DE PAULO JANEIRO ASUNCION • $779 MM expansion of Tocumen, PORTO ALEGRE adding 20 new gates CORDOBA SANTIAGO BUENOS AIRES MONTEVIDEO Telecommunications Connectivity Network Readiness Index 2014 Panama is ranked 43rd worldwide and 2nd in Latin America by the "Network Readiness Index" of the World Economic Forum 2014 Construction Construction on GDP and Credit Loans by NBS. Data in US$ Million. In 2013 construction generated more than $4.1 Years 2007-2013 billion, accumulating 12% of GDP. This figure was 4500 4500 4000 4000 30% higher than 2012. 3500 3500 3000 3000 . A joint venture business model is very common in 2500 2500 the construction sector. 2000 2000 1500 1500 . There is no restriction on the entry of foreign 1000 1000 companies on this sector. 500 500 0 0 . Construction of lines 2 and 3 of the Panama Metro 2007 2008 2009 2010 2011 2012 2013 raises new opportunities for urban development in Construction Loans Construction GDP eastern and western areas of Panama City. The arrival of expats represents good option for real estate companies to rent or sell apartments and houses at high income areas such as Costa del Este, Panama Pacifico, among others. Financial Sector in Panama Growth rate of Financial Intermediation. Years 2009-2013 . 76% of the Banking Center is comprised by foreign 12.0% banks. 9.6% 10.0% 8.2% 8.0% 7.6% . Under the National Banking System, 52% of total 6.0% assets belong to international private banks, 35% 4.0% to Panamanian private banks and 13% to Official 2.1% 2.0% Banks. -0.9% 0.0% The average lending rates (on loans), have -2.0% 2009 2010 2011 2012 2013 . remained, on average, at about 10% in the period 1990-2012, falling below that level in recent years as a result of a global trend of lower rates. Deposits and loans keep showing a growing trend. Financial Sector in Panama • No Central Bank • Dollarized economy since 1904 • 90 banks (national and international) • US$ 101.5 billion in total assets in 2014 • By 2013, total premiums reached US$ 1,315.9 million (13.5% more than 2012). Car and Health insurance are the major premiums in local market, gathering 1/3 of total premiums by 2013. There are 31 companies in this sector. 100,000 120,000 20,000 40,000 60,000 80,000 0 1990 1991 1992 1993 ExternalInternalIBC, Assets vs. 1994 1995 Total Assets Total 1996 1997 1998 Asian Crisis 1999 2000 Domestic 2001 2002 Dot Com Crisis 2003 Crisis in Argentina 2004 Foreign 2005 2006 2007 2008 2009 Suprime Crisis 2010 2011 2012 European Crisis 2013 2014 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 0 1990 1991 1992 IBC, Internal Vs.
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