No menu items!

Panama’s GDP grows 10.8 percent in 2022

The Panamanian Government assured today that the country’s Gross Domestic Product (GDP) growth was 10.8 percent in 2022, as a reflection of the fact that the Panamanian economy managed to overcome the economic effects caused by the Covic-19 pandemic.

The data were highlighted in a report on the General Treasury Account corresponding to the fiscal year 2022, presented this Tuesday by Panama’s Minister of Economy and Finance, Héctor Alexander, before the entire legislature, on behalf of the Executive and to comply with the principle of accountability in public finances, according to a press release from the Ministry of Economy and Finance.

The Ministry pointed out that the document highlights the result in a complex international context, marked by the crisis in Ukraine, the growth in price levels worldwide, and the adverse economic effects of some countries’ pandemics.

The Panama Canal Administration Building, Panama City. (Photo internet reproduction)
The Panama Canal Administration Building, Panama City. (Photo internet reproduction)

It highlighted this growth as a consolidation of the economic recovery.

He noted that the GDP at current prices in 2022 totaled US$76.522 billion and that this means that the country reached and exceeded the pre-pandemic GDP level of 2019, which was US$69.721 billion.

According to the document, he mentioned that the economic activities with the highest growth in 2022 were the arts, entertainment and recreation, hotels and restaurants, construction, professional, scientific, and technical activities, commerce and transport, storage, and mail sectors.

According to the bulletin, Alexander stated that the results reflect the commitment of the National Government to the prudent and responsible management of public finances and compliance with the Fiscal Social Responsibility Law to give certainty to the Panamanian society of the seriousness and transparency in the direction of fiscal policy.

The minister predicted that the Panamanian economy would grow at least 5 percent this year a few days ago.

Check out our other content