Public Debt in Panama
Panama - Public Debt
Government announces fiscal response to coronavirus pandemic fallout
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. This, coupled with a USD 515 million emergency loan from the IMF, brings funds equivalent to approximately 5.0% of GDP at the government’s disposal. The proposed fiscal measures include increased healthcare spending, such as on the purchasing of supplies and test kits; relief payments to small businesses and informal workers; tax deferrals and unemployment benefits.
The measures will go some way to covering a sizeable balance of payments gap, although will likely prove insufficient to avoid a contraction in economic activity this year. The suspension of non-essential commercial activities in late March and a mandatory nationwide quarantine are likely to significantly hamper domestic activity in the first half of the year. Additionally, already-sizeable twin deficits will be weighed on further by additional borrowing, with a potential credit rating downgrade a key risk.
FocusEconomics Consensus Forecast panelists foresee a fiscal shortfall of 4.5% of GDP in 2020 and of 3.1% of GDP in 2021. Meanwhile the economy is projected to contract 2.4% in 2020, before growing 5.3% in 2021.
Panama - Public Debt Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Public Debt (% of GDP) | 37.4 | 37.3 | 37.6 | 39.4 | 46.4 |
Panama Facts
| Value | Change | Date |
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Economic News
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Panama: Inflation comes in at highest level since June 2014 in October
November 15, 2021
Consumer prices increased 0.30% over the previous month in October, accelerating from September's 0.15% increase.
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Panama: Economic activity growth eases in August
October 21, 2021
Economic activity expanded 26.4% year-on-year in August (July: +35.9% yoy).
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Panama: Inflation comes in at highest level since June 2014 in September
October 15, 2021
Consumer prices rose 0.15% in September over the previous month, accelerating from August's 0.04% increase.
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Panama: Economic activity growth loses pace in July
September 21, 2021
Economic activity increased 28.5% in year-on-year terms in July, which followed June's 32.9% increase.
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Panama: Economy grows at quickest pace on record in Q2
September 17, 2021
According to a preliminary estimate, economic activity rebounded in the second quarter, increasing 40.4% year-on-year and contrasting the 8.5% contraction recorded in the first quarter.
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