Panama Economic Activity March 2022


Panama: Economic activity growth slows in March

May 19, 2022

Economic activity increased 12.6% in year-on-year terms in March, which represents a slight slowdown from February's 13.3% increase. The overall upturn was broad-based, with Panama Statistics highlighting the easing impact of the pandemic as the primary driver for the recovery, with sectors such as retail, construction, hotels and restaurants and transport performing well.

Meanwhile, the trend improved sizably, with the annual average growth of economic activity coming in at 22.3%, up from February's 21.2% reading. That said, economic activity growth is expected to cool going forward, amid a waning base effect and rising external headwinds.

FocusEconomics Consensus Forecast panelists foresee the economy expanding 7.0% in 2022, which is down 0.1 percentage points from last month’s forecast. For 2023, the economy is seen growing 5.0%.


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Panama Economic Activity Chart

Panama Economic Activity March 2022

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

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