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: Economic activity grows at quickest pace since August 2021 in May
July 22, 2022
Economic activity grew 26.3% compared to the same month of the previous year in May, soaring from April's 6.2% increase.
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Panama: Economic activity growth eases to over one-year low in April
June 20, 2022
Economic activity increased 6.2% year on year in April (March: +12.6% yoy).
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Panama: Inflation comes in at highest level since February 2013 in May
June 15, 2022
Consumer prices increased 0.76% over the previous month in May, picking up from the 0.58% rise seen in April.
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Panama: Economic growth moderates in Q1, but underlying momentum remains strong
June 7, 2022
According to a preliminary reading, GDP growth slowed markedly to 13.6% year on year in the first quarter, from 16.3% in the fourth quarter of last year.
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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.
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