The economy of Panama grew 40.4% year-on-year in the second quarter of 2021, the biggest gain ever, after a record slump a year earlier due to the coronavirus crisis. Government support and the vaccination progress allowed health authorities to reduce or eliminate the restrictions. Main increases were seen for transport and communications (29.8%); trade (23.9%); real estate (15.3%); rice (5.2% ) and corn (7.7%); cattle (16.2%), pigs (24.1%) and poultry (19.4%). On the other hand, financial services decreased 5.3%. source: Instituto Nacional de Estadística y Censo - Panamá

GDP Annual Growth Rate in Panama averaged 4.90 percent from 2010 until 2021, reaching an all time high of 40.40 percent in the second quarter of 2021 and a record low of -38.20 percent in the second quarter of 2020. 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 September of 2021.

GDP Annual Growth Rate in Panama is expected to be 16.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Panama GDP Annual Growth Rate is projected to trend around 6.00 percent in 2022 and 4.70 percent in 2023, according to our econometric models.

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Panama GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
40.40 -8.50 40.40 -38.20 2010 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-12-15 06:00 PM Q3 -23.6% -38.2% -16%
2021-03-02 12:00 AM Q4 -10.9% -23.6% -12%
2021-08-31 09:00 PM Q1 -8.5% -10.9% -8.5%
2021-09-17 09:00 PM Q2 40.4% -8.5% 27%
2021-12-17 06:00 PM Q3
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News Stream
Panama GDP Growth Rate at Record 40.4%
The economy of Panama grew 40.4% year-on-year in the second quarter of 2021, the biggest gain ever, after a record slump a year earlier due to the coronavirus crisis. Government support and the vaccination progress allowed health authorities to reduce or eliminate the restrictions. Main increases were seen for transport and communications (29.8%); trade (23.9%); real estate (15.3%); rice (5.2% ) and corn (7.7%); cattle (16.2%), pigs (24.1%) and poultry (19.4%). On the other hand, financial services decreased 5.3%.
2021-09-17
Panama Economy Remains Stuck in Recession
Panama’s gross domestic product shrank 8.5 percent year-on-year in the first quarter of 2021, following a 10.9 percent slump in the previous quarter. Still, it was the smallest economic contraction in the current sequence that began in the second quarter of 2020 amid the Covid-19 crisis. Some sectors posted smaller declines, including hotels and restaurants (-54.8 percent vs -67.2 in Q4 2020), construction (-35.1 percent vs -48.4 percent), real estate management (-20.4 percent vs -28.2 percent) and manufacturing (-2.4 percent vs -9.2 percent). At the same time, notable growth took place in mining & quarrying (71.2 percent vs 57 percent), fisheries (15.5 percent vs 16.1 percent), and private health and social services (4.6 percent vs 6.7 percent).
2021-08-31
Panama Economy Shrinks 10.9% YoY in Q4
Panama's gross domestic product shrank 10.9 percent year-on-year in the fourth quarter of 2020, following a 23.6 percent decline in the previous period, as the pandemic crisis continued to hit activity and demand. Sharp declines were seen primarily in hotels & restaurants (-67.2 percent vs -75.4 percent in Q3); construction (-48.4 percent vs -70.5 percent); real estate activities (-28.2 percent vs -40.5 percent) and manufacturing (-9.2 percent vs -29.5 percent. Meanwhile, notable growth was recorded in mining & quarrying (57 percent vs 13.1 percent), fisheries (16.1 percent vs 18.2 percent) and agriculture (2.9 percent vs 0.5 percent). Considering the full year of 2020, the economy plummeted 17.9 percent, compared to a 3 percent growth a year earlier.
2021-03-02
Panama Economy Shrinks 24% in Q3
Panama's gross domestic product shrank 23.6 percent year-on-year in the third quarter of 2020, as the coronavirus pandemic and restrictive measures to curb it continued to hit activity and demand. Hotels and restaurants posted the sharpest rate of contraction (-75.4 percent vs -79.7 percent), followed by construction (-70.5 percent vs -89.3 percent in Q2), real estate activities (-40.5 percent vs -48.8 percent) and manufacturing (-29.5 percent vs -45.3 percent).
2020-12-15

Panama GDP Annual Growth Rate
Panama is one of the fastest growing economies in the Americas, greatly influenced by the famous canal connecting Atlantic and Pacific Ocean and business-friendly regulations. As a result service sector with insurance, finance, legal industries and flagship registry accounts for 80 percent of GDP.