Panama Economic Activity May 2021


Panama: Economic activity grows at record pace in May

July 21, 2021

Economic activity rose 20.8% in year-on-year terms in May, which was above April's 12.1% increase. The result marked the best on record. In detail, trade-related activity performed well, amid growth in the retail sub-sector. In addition, food manufacturing also grew, and the transportation, storage and communication sub-sector improved.

Meanwhile, the trend improved, with the annual average variation of economic activity coming in at minus 11.3% in May, up from April's minus 15.6% reading.

FocusEconomics Consensus Forecast panelists see the economy expanding 10.7% in 2021, which is up 0.1 percentage points from last month’s forecast. The panel expects GDP to grow 6.0% in 2022.

Author:, Junior Economist

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Panama Economic Activity Chart

Panama Economic Activity May 2021 0

Note: Year-on-year changes and annual average variation of economic activity in %.
Source: Instituto Nacional de Estadística y Censo.

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