Panama's economy grew 5.2% in the first quarter of 2025

Posted on 2025-06-27

The main drivers of the economy were transport and trade

Panama's economy grew 5.2% in the first quarter of 2025, according to figures from the National Institute of Statistics and Census (INEC) of the Comptroller General of the Republic. Gross Domestic Product (GDP) at constant 2018 prices reached US$21,449.4 million, while in nominal terms it totaled US$22,855.4 million, representing an increase of 5.3% compared to the same period of the previous year.

The main driver of this performance was the transportation sector, which grew 26.2%, thanks to increased revenue from Panama Canal tolls, which increased 43.6% at current prices. Also contributing to this growth was the movement of containers in the National Port System, with a 3.0% increase, and the use of public transportation: MiBus transported 5.1% more passengers, and the Panama Metro registered an increase of 0.6%.

Trade was another sector that supported economic growth, with a 2.9% increase, driven by retail sales (5.6%) and new car sales (14.1%).

Financial intermediation remained dynamic, with growth of 7.1%, reflecting the good pace of operations in the International Banking Center and insurance companies.

Construction grew 1.8%, supported by a 20.7% increase in public works, including Metro Line 3, the fourth bridge over the Canal, and several road projects nationwide.

In the external sector, exports also showed positive signs. The volume of banana exports grew 50.7%, that of fresh fish 23.6%, and that of shrimp 45.7%, contributing to the overall balance of the country's economic activity at the beginning of the year.