GDP in Panama

Panama GDP | Economic News & Forecasts

Panama - GDP

GDP growth plunges in Q4

Growth moderated in the fourth quarter, with GDP increasing 16.3% on an annual basis according to a preliminary estimate (Q3: +25.5% year-on-year).

The services sector grew 13.8% year-on-year in the final quarter, decelerating from the third quarter's 21.2% increase and marking the slowest growth since Q1 2021. Looking at service subsectors, growth decelerated markedly in hotels and restaurants, retail trade, transportation and real estate. In addition, the industrial sector lost steam, growing 32.4% in Q4 (Q3: +64.6% yoy), due to much slower growth in mining production and a slight slowdown in manufacturing output. Meanwhile, the agricultural sector rebounded, growing 6.9% in Q4, contrasting the 0.4% decrease recorded in the prior quarter, thanks to a rebound in fishing activity.

Moving on to Q1 of this year, ad-hoc data suggests firming domestic demand, as both new vehicles and fuel sales grew markedly in January. Moreover, transportation is also benefiting from intensifying transit in the Panama Canal.

FocusEconomics Consensus Forecast panelists project that the economy will expand 12.6% in 2022, which is up 0.9 percentage points from last month’s forecast, and grow 6.4% in 2023.

Panama - GDP Data

2015   2016   2017   2018   2019  
Economic Growth (GDP, annual variation in %)5.7  5.0  5.6  3.7  3.0  

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Panama GDP Chart


Panama GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: General Controllership of the Republic of Panama and FocusEconomics calculations.

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