Tourism During 2025 Reached $6.583 Billion in Foreign Exchange Earnings in Panama

Tourism foreign exchange earnings in Panama reached $6.583 billion in 2025, the highest figure recorded by the sector and equivalent to 7.3% of the country’s current Gross Domestic Product (GDP), according to the most recent Monthly Executive Economic Report of the Panamanian Association of Business Executives (Apede). 

Revenue Figures in Panama

According to the report prepared with data from the National Institute of Statistics and Census (INEC) and the Panama Tourism Authority (ATP), tourism revenues increased from $4,615.5 million in 2018 to $6,583 million in 2025, reflecting an accumulated growth of $1,967.5 million during that period.  Furthermore, the sector maintained positive expansion over the past three years, with growth of 15.5% in 2023, 10% in 2024 and 9.7% in 2025, which shows that tourism entered a more stable growth stage after the post-pandemic recovery. 

The report also reveals that Panama continues to receive more international visitors as pictured above at Tocumen Airport with spending power. According to figures from the Panama Tourism Authority (ATP) included in the report, the country received 3,004,266 international visitors in 2025, an 8.2% increase compared to 2024. Of that total, 2,330,677 were tourists who stayed at least one night in the country, a segment that grew by 11% and represented 78% of all visitors. 

Number of Visitors

Likewise, the cumulative figures between January and March 2026 show that 999,934 international visitors entered the country, equivalent to a growth of 17.3% compared to the same period in 2025.  In terms of connectivity, the report, compiled using information from Tocumen and the Panama Tourism Authority (ATP), highlights that Tocumen International Airport handled 20.9 million passengers in 2025, maintaining its position as the leading international airport in Latin America and the Caribbean in terms of international traffic.

Furthermore, the Panama Stopover program served over 200,000 travelers in 2025, representing a growth of more than 25% compared to 2024 and generating an estimated economic impact of $180 million.  However, the report warns that the main challenge remains ensuring that this growth translates into more formal employment and economic development outside the capital city. Although tourism revenue has already surpassed pre-pandemic levels, tourism employment reached 212,149 in 2024, still below the 233,816 recorded in 2019. 

Engine of Regional Development

The president of Apede, Giulia De Sanctis, pointed out that Panama has the opportunity to make tourism one of the main drivers of regional development in the country because of its competitive advantages: air connectivity, biodiversity, culture, beaches and a strategic geographic location.

“The challenge now is to ensure that this tourism growth generates more formal employment, more opportunities for SMEs, and more investment in the provinces. Tourism can become a key tool for boosting regional economies and reducing development gaps,” De Sanctis stated.

The report also reveals a strong territorial concentration in both hotel demand and tourism investment. According to PROMTUR data for the period January-August 2025, 54% of tourists stayed in the province of Panama, followed by Chiriquí with 16.6%, Colón with 8.6%, Panama Oeste with 7.9%, Coclé with 4.8%, Bocas del Toro with 3.9%, and the remaining provinces with 4.0%. 

Regarding tourism investment, the report indicates that between 2019 and 2023 —excluding 2020 due to the extraordinary impact of the pandemic— Panama concentrated 74% of the country’s tourism investment, equivalent to $265.5 million, while the interior received $93.3 million, just 26% of the total.  Apede indicated that expanding connectivity to the provinces, strengthening segmented tourism promotion, increasing the average stay outside the capital, and promoting greater participation of local SMEs will be key to boosting the sector’s economic impact throughout the country.