Panama’s nominal GDP grows 13.5 percent in 2022

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Panama’s nominal Gross Domestic Product (GDP) reached US$76.5 billion in 2022, 13.5 percent more than the previous year, informed Thursday the Office of the Comptroller General of the Republic (CGR).

The entity pointed out that economic activity continued its recovery process throughout last year thanks to the control of the pandemic.

It highlighted that the positive dynamics allowed a total reopening of the economy even though at the beginning of the fourth wave of Covid-19 was unleashed and other external factors, such as the increase in fuel prices, which provoked protests in Panama in the middle of the last year, had an influence.

Panama City. (Photo internet reproduction)
Panama City. (Photo internet reproduction)

However, despite the risks, economic activities continue to recover their usual behavior, it said.

The CGR also noted that this growth favored the ratio of public debt to GDP at current prices, which showed a downward trend of 57.8 percent.

On the other hand, Panama’s GDP, measured in real terms, also grew by 10.8 percent year-on-year, according to the CGR.

The CGR mentioned manufacturing, electricity, construction, commercial, real estate, business, and other personal service activities among the best-performing domestic activities. However, it pointed out that activities related to private education registered a decrease.

Among the added values generated by other activities related to the rest of the world, the Panama Canal registered an increase thanks to the increase in tolls, as well as air transportation and the Colon Free Zone.

But revenues generated by mining and quarrying activities related to the export of copper and its concentrates and port services suffered a decrease.

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