Panamanian Economy Shows Evidence Gradual Recovery
The report details that GDP at current prices totaled $63,605.1 million in 2021, $9,628.0 million or 17.8% more than that registered in 2020. Which means that the level of nominal GDP advanced on the way to recovering from pre-pandemic levels.
National Institute of Statistics and Census (INEC) indicates that the real Gross Domestic Product (GDP) of the Republic of Panama totaled $40,736.4 million, during fiscal year 2021, which meant an increase of $5,416.6 million or 15.3%, compared to what registered in 2020.
According to the spending approach, economic growth was the result of greater external demand that underpinned exports of goods and services (mainly mining, commercial, maritime, air and travel) and also due to the gradual recovery of internal demand, both for household consumption and for investment.