Panama’s economy advanced 3.3 percent year-on-year in the last quarter of 2019, following a 2.6 percent expansion in the previous period. It was the strongest growth rate since Q4 2018, boosted by trade (4.4 percent vs 1.2 percent in Q3); financial intermediation (2.8 percent vs 1.9 percent); education (3.3 percent vs 1.7 percent); and social services & private health (5.3 percent vs 4.1 percent). In addition, output shrank less in real estate (-1.8 percent vs -2.8 percent) and restaurants & hotels (-1.3 percent vs -3.6 percent). Meanwhile, growth slowed in transport & communications (8.4 percent vs 9.1 percent); mining (79.5 percent vs 83 percent); agriculture (9.6 percent vs 10.1 percent); and utilities (4 percent vs 5.7 percent). Also, manufacturing activity (-2.2 percent vs -1.9 percent); and construction output (-4.2 percent vs -2.6 percent) contracted further. Considering full 2019, the economy grew 3 percent, its weakest since 2009, after expanding 3.7 percent in 2018.
GDP Annual Growth Rate in Panama averaged 6.65 percent from 2010 until 2019, reaching an all time high of 12.20 percent in the second quarter of 2011 and a record low of 2.70 percent in the third quarter of 2019. This page provides the latest reported value for - Panama GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Panama GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2020. source: Instituto Nacional de Estadística y Censo - Panamá
GDP Annual Growth Rate in Panama is expected to be 2.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Panama to stand at 0.30 in 12 months time. In the long-term, the Panama GDP Annual Growth Rate is projected to trend around 2.90 percent in 2021 and 3.70 percent in 2022, according to our econometric models.