Panama's economic activity grows by 4.33% in 2025

Posted on 2026-02-16

Panama's IMAE accumulated a growth of 4.33% in 2025, supported by transportation, commerce and finance, according to the National Institute of Statistics and Census.

Panama's Monthly Index of Economic Activity (IMAE) accumulated a growth of 4.33% in 2025, with an annual rate in December of 4.03% driven by sectors such as transport, commerce and finance, according to data from the National Institute of Statistics and Census (INEC) released this Friday.

The year-on-year expansion in December of 4.03% is lower than the 6% reported in the same month of the previous year, according to INEC, an entity of the Panamanian Comptroller General.

The IMAE is a production indicator that allows us to approximate the path of the country's economic growth, which according to official forecasts will register an expansion of around 4% of the gross domestic product (GDP) in 2025.

According to official statistics, the transport, storage and communications sector was one of the drivers of the year-on-year indicator due to the performance of the Panama Canal in terms of toll revenues and net tons transported by ships, although air transport and the movement of TEU containers through the national port system also contributed.

Commercial activity showed positive performance in both local retail and wholesale trade; financial intermediation maintained an upward trajectory reflected in deposits, loans, insurance activity, and construction was driven by the execution of civil works and a greater demand for related basic inputs such as pre-mixed concrete and gray cement.

Industrial production showed positive results due to the increase in the slaughter of pigs and cattle, and the production of alcoholic beverages such as beer, as well as the agricultural sector, due to the cultivation of pineapples destined for export, among others.

Hotel and restaurant services continued their dynamism from previous months due to the arrival of tourists to the country both by air and through cruise ships, an influx that produced greater hotel occupancy and consumption in gastronomic establishments.

On the other hand, the commercial activity of the Colón Free Zone showed negative variations due to the lower value of re-exports of goods, the cultivation of bananas destined for export and the export of fish and fish fillets and other chilled and frozen seafood products.

Panama's gross domestic product (GDP) grew by 2.7% in 2024, driven by trade and domestic consumption.