The economy of Panama grew 25.5 percent year-on-year in the third quarter of 2021, easing from a record-high 40 percent growth in the previous period, as the low base effects due to the coronavirus pandemic started to fade. Main increases were seen for mining (131.2 percent), construction (101.5 percent), hotels & restaurants (96.9 percent), retail sales (32.3 percent), manufacturing (12.5 percent), and utilities (11.2 percent). Meanwhile, fishing plunged 26.1 percent and financial intermediation fell 1.6 percent. source: Instituto Nacional de Estadística y Censo - Panamá

GDP Annual Growth Rate in Panama averaged 5.34 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 January of 2022.

GDP Annual Growth Rate in Panama is expected to be 11.00 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


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.
Actual Previous Highest Lowest Dates Unit Frequency
25.50 40.00 40.00 -38.20 2010 - 2021 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2021-09-17 09:00 PM Q2 40.4% -8.5% 27%
2021-12-17 08:10 PM Q3 25.5% 40.0% 28%
2022-03-02 12:00 AM Q4


Related Last Previous Unit Reference
GDP Annual Growth Rate 25.50 40.00 percent Sep/21
GDP From Utilities 462.06 447.16 PAB Million Sep/21
GDP From Transport 1462.37 1614.70 PAB Million Sep/21
GDP From Mining 812.43 681.85 PAB Million Sep/21
GDP From Manufacturing 418.63 379.16 PAB Million Sep/21
GDP From Construction 907.04 920.00 PAB Million Sep/21
GDP From Agriculture 284.89 242.83 PAB Million Sep/21
GDP Constant Prices 10337.66 9124.88 PAB Million Sep/21


News Stream
Panama GDP Growth Rate Eases From Record High
The economy of Panama grew 25.5 percent year-on-year in the third quarter of 2021, easing from a record-high 40 percent growth in the previous period, as the low base effects due to the coronavirus pandemic started to fade. Main increases were seen for mining (131.2 percent), construction (101.5 percent), hotels & restaurants (96.9 percent), retail sales (32.3 percent), manufacturing (12.5 percent), and utilities (11.2 percent). Meanwhile, fishing plunged 26.1 percent and financial intermediation fell 1.6 percent.
2021-12-17
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