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The latest economic data shows Panama rebounded dramatically in 2021, posting a 15.3% increase from 2020.

Copper mining and the Panama Canal played a major role in the increase, but Panama Real Estate also played a major role, according to the government data. The increase reflects Panama’s reopening, as well as the strength of the economy’s foundation.

It’s also worth noting that the final number beat the expectations of the World Bank, 9.9%; the Economic Commission for Latin America and the Caribbean (ECLAC), 12.4%; and the Chamber of Commerce, Industries and Agriculture of Panama, 13.8%, El Capital Financiero reports.

The increase was led by the manufacturing industry, electricity, construction, commercial, real estate, and business activities, according to the government data. The Panama Canal saw an increase of 10.0%, in tolls, mainly from the large neo-Panamax ships, as the global economy started to recover. Mining operations generated 331,000 tons of copper, as the Cobre Panama mine ramped up production.

The data illustrates an improving economy on several points. For example, the Public Debt versus GDP ratio fell to 63.7% compared to the previous year, which was around 68.5%.