MEF: Panama’s economy to grow 7.3% in 2023

The Panamanian economy recorded a growth of 7.3 percent in its gross domestic product (GDP) during 2023, according to the report of the National Institute for Statistics and Population Census (INEC) of the Chief Inspector of the Republic.

This growth amounted to B/. 78,823.4 million at constant 2018 prices, compared to the previous year.

Various internal sectors, including construction, contributed to this increase the most notable is the increase in the value of construction permits of 36.7%, it is stated in the press release of the Ministry of Economy and Finance,

Wholesale and retail trade also recorded growth of 7.3%, boosted by fuel sales.

The manufacturing industry showed an increase of 17.7% in the production of concrete, while the alcoholic beverages sector recorded a growth of 2.4%.

However, activities such as hydraulic power generation (-23.0%) and livestock slaughtering (-4.0%) had negative variations.

Nominal GDP reached B/. 83,382.4 million, representing an increase of 9.0% compared to the previous year, which translates into an increase of B/. 6,859.9 million.

At the international level, there has been an increase in re-exports from the Colón Free Zone, passenger air transport through Tocumen International Airport, Panama Canal operations, as well as banana and fish exports.

However, there was a decline in copper ore exports and port operations.

The steady growth of GDP reflects the resilience and dynamism of the Panamanian economy, cementing it as one of the strongest in the region, according to the INEC report.