Panama’s economy advanced 0.4 percent year-on-year in the first quarter of 2020 following a 3.3 percent expansion in the previous period. Growth was mainly dragged by construction (-6.9 percent vs -4.2 percent in Q4), manufacturing (-3.9 percent vs -2.2 percent), lodging & food services (-5.2 percent vs -1.3 percent), financial services (-1.4 percent vs 2.8 percent), and fishing (-4.9 percent vs -16.8 percent). In contrast, mining jumped 103.8 percent (vs 79.5 percent), transport increased by 4.4 percent (vs 8.4 percent), and health & social services grew 3.8 percent (vs 5.3 percent).

GDP Annual Growth Rate in Panama averaged 6.50 percent from 2010 until 2020, reaching an all time high of 12.20 percent in the second quarter of 2011 and a record low of 0.40 percent in the first 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 August of 2020. source: Instituto Nacional de Estadística y Censo - Panamá

GDP Annual Growth Rate in Panama is expected to be -3.00 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 1.50 in 12 months time. In the long-term, the Panama GDP Annual Growth Rate is projected to trend around 3.90 percent in 2021 and 3.70 percent in 2022, according to our econometric models.

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Panama GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.40 3.30 12.20 0.40 2010 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2019-09-17 03:00 PM Q2 2.9% 3.1% 2.9%
2019-12-17 06:00 PM Q3 2.7% 2.9% 2.8%
2020-03-03 02:00 PM Q4 3.3% 2.7% 3.5%
2020-06-19 11:00 PM Q1 0.4% 3.3% 1.5%
2020-09-15 03:00 PM Q2 0.4% -3.5%
2020-12-15 06:00 PM Q3 -2.5%


News Stream
Panama GDP Growth Loses Steam
Panama’s economy advanced 0.4 percent year-on-year in the first quarter of 2020 following a 3.3 percent expansion in the previous period. Growth was mainly dragged by construction (-6.9 percent vs -4.2 percent in Q4), manufacturing (-3.9 percent vs -2.2 percent), lodging & food services (-5.2 percent vs -1.3 percent), financial services (-1.4 percent vs 2.8 percent), and fishing (-4.9 percent vs -16.8 percent). In contrast, mining jumped 103.8 percent (vs 79.5 percent), transport increased by 4.4 percent (vs 8.4 percent), and health & social services grew 3.8 percent (vs 5.3 percent).
2020-06-19
Panama Economy Grows the Most in a Year
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.
2020-03-03
Panama GDP Growth Slows to 2.7% in Q3
Panama’s economy advanced 2.7 percent year-on-year in the third quarter of 2019, easing from a 2.9 percent expansion in the prior period. It was the weakest growth rate since at least 2010, amid a slowdown in trade (1.2 percent from 2 percent in Q2); financial intermediation (1.9 percent from 3.9 percent) and education (1.7 percent from 4.8 percent). Additionally, output shrank in construction (-2.6 percent from 2.9 percent); real estate (-2.8 percent from 3.3 percent) and restaurants & hotels (-3.6 percent from 1.4 percent). Also, manufacturing activity contracted further (-1.9 percent from -1 percent). In contrast, output went up at a faster pace in transport & communications (9.1 percent from 5.2 percent); utilities (5.7 percent from 2.1 percent); social services & private health (4.1 percent from 3.1 percent); mining (83 percent from 6.6 percent) and agriculture (10.1 percent 8.4 percent).
2019-12-17
Panama Q2 GDP Growth Slows to 2.9%
Panama’s economy advanced 2.9 percent year-on-year in the second quarter of 2019, easing from a 3.1 percent expansion in the previous period. It was the weakest growth rate since at least 2010, amid a slowdown in construction (2.9 percent from 4.5 percent in Q1); financial services (3.9 percent from 4.7 percent); restaurants & hotels (1.4 percent from 2 percent); and utilities (2.1 percent from 5.6 percent). Additionally, manufacturing activity shrank further (-1 percent from -0.9 percent). On the other hand, output rose at a faster pace in transport & communications (5.2 percent from 4.3 percent); trade (2 percent from 1.9 percent); social services & private health (3.1 percent from 2.7 percent); education (4.5 percent from 0.9 percent); mining (4.7 percent from 4.5 percent); agriculture (8.4 percent from 2.4 percent); and real estate (3.3 percent from 2.8 percent). Also, fishing activities contracted less (-32.5 percent from -39.9 percent).
2019-09-17

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.