Panama's gross domestic product shrank 10.9 percent year-on-year in the fourth quarter of 2020, following a 23.6 percent decline in the previous period, as the pandemic crisis continued to hit activity and demand. Sharp declines were seen primarily in hotels & restaurants (-67.2 percent vs -75.4 percent in Q3); construction (-48.4 percent vs -70.5 percent); real estate activities (-28.2 percent vs -40.5 percent) and manufacturing (-9.2 percent vs -29.5 percent. Meanwhile, notable growth was recorded in mining & quarrying (57 percent vs 13.1 percent), fisheries (16.1 percent vs 18.2 percent) and agriculture (2.9 percent vs 0.5 percent). Considering the full year of 2020, the economy plummeted 17.9 percent, compared to a 3 percent growth a year earlier. source: Instituto Nacional de Estadística y Censo - Panamá
GDP Annual Growth Rate in Panama averaged 4.40 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 -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 August of 2021.
GDP Annual Growth Rate in Panama is expected to be 16.80 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 3.50 in 12 months time. 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.