Panamanian Economy Grew 7.3% in 2023

The GDP in 2023 was $78,823.4 million, an increase of $5,374.1 million compared to 2022. Regarding the GDP in nominal terms, it was $83,382.4 million, with a growth rate of 9.0% compared to the previous year, which corresponded to an increase of $6,859.9 million.  The increase in GDP in 2023 was driven by the dynamic growth of various sectors of the internal economy such as construction, which registered an increase of 36.7% in the value of construction permits, in addition to the good performance in the wholesale and retail trade sector due to the 7.3% increase in fuel sales.  Positive figures were also recorded in the activity of the manufacturing industry with an increase of 17.7% in concrete production. The slaughter of pigs also grew by 1.0% and poultry by 0.7%, alcoholic beverages by 2.4%, electricity with thermal generation by 95.4%, land transportation with increases in passengers in the Metro by 14.9% and to a lesser extent Mi Bus with 0.1%, runner capacity at 6.4%; Financial services, telecommunications, real estate and business activities, among others, also contributed significantly.