Panama forecasts growth of more than 7.5% through 2022

Panama’s General Accounting Office released its forecast for the country’s gross domestic product (GDP) to grow by more than 7.5 percent this year.

In a statement, the Comptroller’s Office highlighted data from the National Institute of Statistics and Census (INEC) showing that the performance of the Panamanian economy increased by 11.8 percent from January to June 2022, compared to the corresponding period last year.

The GDP recorded a cumulative amount of US$21.022 billion for the estimated period, an increase of US$2.214 billion.

The institution noted that the country’s economic activity will continue to increase until the end of 2022, despite the economic situation with strikes and work stoppages in the month of July.

It pointed out that according to the data and indicators, growth is expected to exceed 7.5%, which puts the country in the position of an economy with growth before the pandemic.

In turn, the World Bank recently projected Panamanian economic growth of 6.2 percent by 2022, 5 percent by 2023, and 5 percent by 2024.

According to estimates by the Economic Commission for Latin America and the Caribbean, Panama would finish this year with 7 percent growth, which would double the percentage GDP growth of most countries in the region.

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