In the News from Panama

Panama’s Economy Jumped 13.5% Last Year

New data released this week by the government illustrates the rapid pace of Panama’s economic recovery in the wake of the COVID pandemic.

Economic activity jumped 13.5% in 2022 compared to the previous, reaching $76.5 billion, according to the report from the comptroller general. The manufacturing, electricity, construction, commercial, real estate, and business sectors all performed positively during the year, Reuters reports

“Economic activities continued to recover during the year, thanks to the pandemic coming under control, allowing for the total opening of the economy, despite a fourth wave of COVID-19 at the start of the year and external factors such as higher fuel prices, which also led to protests,” the comptroller said in a statement.

The production of goods and services — a key metric — increased by 10.8%, compared to the previous year.

The results are awe-inspiring, considering the continued presence of COVID early in the year, skyrocketing fuel costs, and a dispute with the Cobre Panama copper mine operators. But the economy’s foundation remained strong, with Panama and the Colon Free Zones, increasing revenue through higher tolls and air transport.