The Panamanian economy recovered part, but not all, of the ground lost in 2020, the worst moment of the pandemic, characterized by strict confinement.
According to the latest report made by the Comptroller General of the Republic, at the end of 2021 the gross domestic product (GDP) grew 15.3% compared to the previous year.
The economy was coming off a 17.9% drop in 2020, so when compared to the pre-pandemic situation, economists speak of recovery rather than growth.
The nominal GDP at the end of 2021 was $63,605.1 million, a lower level than that registered in 2019 ($66,787.9 million).
The recovery of the economy in 2021 is largely explained by the progressive lifting of the quarantine measures imposed by the Government and the control of the pandemic through the process of vaccinating the population.
Among the internal activities that presented a positive performance in this period were: the manufacturing industry, electricity, construction, commercial, real estate and business activities, and other personal services; as well as the production of cattle, pigs and poultry.
However, activities related to the financial sector showed decreases, reported the Comptroller.
Among the added values generated by activities related to the rest of the world that showed increases, the exploitation of mines and quarries, the passage of ships through the Panama Canal, re-exports from the Colon Free Zone and the movement of containers stood out.
The behavior of the economy exceeded the estimates made by the business sector. The Chamber of Commerce had projected a growth of 13.8% for the past fiscal year.
