The skyline in Panama City, Panama

Panama Economic Data & Projections

Panama's Macroeconomic Analysis:

Nominal GDP of USD 76.5 billion in 2022.

Nominal GDP of USD 83.3 billion in 2023.

GDP per capita of USD 18,711 compared to the global average of USD 10,589.

GDP per capita of USD 17,411 compared to the global average of USD 10,589.

Average real GDP growth of 4.9% over the last decade.

Average real GDP growth of 4.7% over the last decade.

Share of the region's population
Share of the region's GDP

Sector Analysis

In 2021, services accounted for 70% of overall GDP, manufacturing 5%, other industrial activity 22%, and agriculture 3%. Looking at GDP by expenditure, private consumption accounted for 54% of GDP in 2020, government consumption 17%, fixed investment 24%, and net exports 5%.

GDP by economic sector
GDP by type of expenditure

International trade

In 2021, manufactured products made up 3% of total merchandise exports, mineral fuels 0%, food 14%, ores and metals 80% and agricultural raw materials 1%, with other categories accounting for 2% of the total. In the same period, manufactured products made up 64% of total merchandise imports, mineral fuels 17%, food 18%, ores and metals 1% and agricultural raw materials 0%, with other goods accounting for 0% of the total. Total exports were worth USD 21 billion in 2022, while total imports were USD 30 billion.

Key exports
Key imports
Key export partners
Key import partners

Main Economic Indicators

Economic growth

The economy recorded average annual growth of 4.9% in the decade to 2022. To read more about GDP growth in Panama, go to our dedicated page.

Fiscal policy

Panama's fiscal deficit averaged 3.4% of GDP in the decade to 2021. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 6.5% in the decade to 2021. For more information on Panama's unemployment click here.

Inflation

Inflation averaged 1.6% in the decade to 2022. Go to our Panama inflation page for extra insight.

Exchange Rate

From end-2012 to end-2022 the balboa stayed on the same level vs the U.S. dollar. For more info on the balboa, click here.

Economic situation in Panama

Annual GDP growth likely hovered near Q2’s level in Q3. Nevertheless, recent data is encouraging: Economic activity rose 3.1% in July–September (April–June: +2.6% yoy) on stronger growth in construction, trade and transport. Improving Panama Canal activity provided a tailwind to growth, and lower average inflation in Q3 compared to Q2 supported purchasing power. Less positively, last year’s closure of the Cobre Panama copper mine continued to weigh on mining and quarrying and depressed goods exports by nearly 80% in Q3—mining accounted for about three-quarters of all exports in 2022. In Q4, our panelists expect the economy to be accelerating as declining prices and looser monetary conditions lift domestic demand. In other news, S&P Global recently downgraded Panama’s credit rating to ‘BBB-’, citing rising public debt and weak revenue in the aftermath of Cobre Panama’s closure.

Panama Economic Forecasts

Projections out to 2034.

44 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 20 expert analysts.

Want to get insight on the economic outlook for Panama in the coming years? FocusEconomics collects projections out to 2034 on 44 economic indicators for Panama from a panel of 20 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Panama economy. To download a sample report on the Panama's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Panama Economic Indicators

2019 2020 2021 2022 2023
Population (million) 4.2 4.3 4.3 4.4 4.5
GDP (USD bn) 69.8 57.1 67.4 76.3 83.3
GDP per capita (USD) 16,539 13,335 15,540 17,355 18,711
Economic Growth (Nominal GDP, ann. var. %) 3.7 -18.2 18.1 13.2 9.2
Economic Growth (GDP, ann. var. %) 3.1 -17.8 16.5 10.8 7.4
Private Consumption (ann. var. %) 6.9 -7.9 6.7 3.0 4.8
Government Consumption (ann. var. %) 3.8 11.5 7.2 2.9 3.4
Fixed Investment (ann. var. %) -1.4 -47.8 31.2 20.6 18.8
Exports (G&S, ann. var. %) 1.1 -18.0 28.0 22.3 5.1
Imports (G&S, ann. var. %) -1.8 -26.5 31.5 24.0 7.1
Industry (ann. var. %) 1.7 -33.6 30.4 11.9 12.3
Unemployment (% of active population, eop) 7.1 18.5 11.3 9.9 7.4
Fiscal Balance (% of GDP) -2.9 -10.0 -6.4 -4.0 -3.0
Public Debt (% of GDP) 44.5 64.8 60.1 58.0 56.4
Inflation (CPI, ann. var. %, eop) -0.1 -1.6 2.6 2.1 1.9
Inflation (CPI, ann. var. %, aop) -0.4 -1.6 1.6 2.9 1.5
Inflation (PPI, ann. var. %, aop) -1.1 -0.3 2.3 3.2 1.8
Current Account Balance (USD bn) -3.5 0.4 -0.8 -0.5 -3.7
Current Account Balance (% of GDP) -5.0 0.7 -1.1 -0.6 -4.5
Merchandise Trade Balance (USD bn) -7.6 -2.8 -3.5 -6.7 -11.1
Merchandise Exports (USD bn) 14.6 11.6 16.8 20.4 19.1
Merchandise Imports (USD bn) 22.3 14.4 20.3 27.1 30.2
Merchandise Exports (ann. var. %) -0.7 -20.8 45.1 21.3 -6.6
Merchandise Imports (ann. var. %) -7.1 -35.3 41.0 33.6 11.2
Foreign Direct Investment (USD bn) 3.9 0.2 1.6 2.9 2.0
International Reserves (USD bn) 3.4 9.6 8.8 6.9 6.8
International Reserves (months of imports) 1.8 8.0 5.2 3.0 2.7
External Debt (USD bn) 103.9 112.5 118.4 127.4 136.4
External Debt (% of GDP) 149 197 176 167 164
Free Sample Report

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