Current Account in Panama
Panama - Current AccountThe economy is under severe strain in the first half of the year. The government declared a national emergency on 13 March and a national quarantine on 25 March, essentially paralyzing all non-essential commercial activity. On the external front, prospects for all-important transit revenues from the Panama Canal in H1 this year appear equally bleak. To help the government manage its finances, international organizations including the IMF, World Bank and IDB have so far provided financial support worth nearly USD 1 billion. Nevertheless, on 24 April, S&P Global Ratings lowered its BBB+ credit rating outlook to negative from stable, citing Panama’s worsening fiscal profile. Meanwhile, the government is now looking at slowly re-activating the economy again, and has allowed a few sectors to begin operating from 13 May.
Panama - Current Account Data
|Current Account (% of GDP)||-7.9||-8.0||-5.9||-8.2||-5.2|
5 years of economic forecasts for more than 30 economic indicators.
Panama Current Account Chart
Source: General Controllership of the Republic of Panama and FocusEconomics calculations.
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July 3, 2020
Economic activity nosedived 34.7% year-on-year in April (March: +0.6% yoy).
June 26, 2020
Consumer prices fell 0.44% in March on a month-on-month basis, down from the 0.25% decline in February.
June 19, 2020
The economy expanded 0.4% in the first quarter of 2020 compared to the same quarter a year earlier, down from the 3.3% expansion recorded in the fourth quarter of 2019 and marking the worst growth reading since Q4 2009.
June 9, 2020
Economic activity increased 1.4% in year-in-year terms in March, which followed February's 1.7% increase.
April 21, 2020
In the face of the growing coronavirus pandemic, the government raised USD 2.5 billion in global debt markets on 26 March to help fund a sizeable response to the economic impact of the public health crisis.