Panama grew by 7.3% in 2023

According to Panama's Office of the Comptroller General, the country's Gross Domestic Product (GDP) grew by 7.3% in 2023, reaching US$78.8234 billion at constant 2018 prices—an increase of US$5.3741 billion from the previous year.

Key sectors contributing to this growth include:

• Construction: Building permits increased by 36.7%.
• Manufacturing: Concrete production rose by 17.7%.
• Wholesale and Retail Trade: Fuel sales grew by 7.3%.
• Agriculture: Pork production increased by 1.0%, and poultry by 0.7%.
• Beverage Industry: Alcoholic beverage production went up by 2.4%.
• Energy Sector: Thermal power generation surged by 95.4%, while hydroelectric generation declined by 23.0%.
• Transportation: Metro passenger numbers rose by 14.9%, and toll road usage increased by 6.4%.

Additionally, financial services, telecommunications, real estate, and business activities contributed significantly to the economic expansion.