Panama's GDP changed from approximately $4B 253M in 1980 to $87B 347M in 2024, showing an overall 1953.8% sharply increased during the period.
The lowest GDP was recorded in 1980 at $4B 253M, and the highest in 2024 at $87B 347M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 7.1%.
For comparison, the average annual growth rate of Costa Rica was 7.0%, and that of Colombia was 4.9%.
Panama GDP from 1980 to 2024
The total market value of goods and services produced annually in Panama.
Overview of Panama's GDP (1980–2024)
The Gross Domestic Product (GDP) of Panama recorded a 1953.8% sharply increased from 1980 to 2024.
The average GDP during this period was $27B 253M, and the median was $13B 685M.
GDP fluctuated within a range of $83B 94M, with a standard deviation of $25B 587M.
The average annual change was $1B 773M.
Highest and Lowest GDP Records
- Lowest GDP: 1980, $4B 253M
- Highest GDP: 2024, $87B 347M
- Most Recent GDP: 2024, $87B 347M
Notable Annual GDP Changes
- 2021: Significant increase in GDP
- 2020: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Panama's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $69B 722M → $57B 87M
- Outcome: sharply declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $22B 72M → $28B 104M
- Outcome: sharply increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $12B 958M → $13B 166M
- Outcome: increased
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $11B 245M → $12B 191M
- Outcome: increased
Key Economic Indicators of Panama (1980–2024)
| year | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1980 | $ 4B 253M | $ 2,146.47 | $ 3,659.53 | $ 7B 252M | 4.5 % | -7.728 % | 13.83 % | 0 % | 1M 982K people |
1981 | $ 4B 814M | $ 2,371.71 | $ 4,270.53 | $ 8B 668M | 9.207 % | -11.113 % | 15.48 % | 0 % | 2M 29K people |
1982 | $ 5B 319M | $ 2,559.06 | $ 4,665.33 | $ 9B 696M | 5.348 % | -3.649 % | 13.78 % | 0 % | 2M 77K people |
1983 | $ 5B 461M | $ 2,567.34 | $ 4,524.47 | $ 9B 624M | -4.491 % | 3.639 % | 14.69 % | 0 % | 2M 127K people |
1984 | $ 5B 700M | $ 2,619.58 | $ 4,706.49 | $ 10B 241M | 2.709 % | -3.549 % | 10.19 % | 0 % | 2M 176K people |
1985 | $ 6B 30M | $ 2,710.02 | $ 4,982.64 | $ 11B 87M | 4.942 % | 1.245 % | 12.13 % | 0 % | 2M 225K people |
1986 | $ 6B 266M | $ 2,755.17 | $ 5,150.18 | $ 11B 714M | 3.568 % | -1.578 % | 15.33 % | 0 % | 2M 274K people |
1987 | $ 6B 294M | $ 2,708.27 | $ 5,071.89 | $ 11B 787M | -1.809 % | 8.658 % | 17.38 % | 0 % | 2M 324K people |
1988 | $ 5B 441M | $ 2,292.22 | $ 4,452.69 | $ 10B 570M | -13.38 % | 13.258 % | 10.13 % | 0 % | 2M 374K people |
1989 | $ 5B 456M | $ 2,250.82 | $ 4,602.44 | $ 11B 156M | 1.562 % | 2.044 % | 3.42 % | 0 % | 2M 424K people |
1990 | $ 5B 931M | $ 2,397.22 | $ 5,056.67 | $ 12B 511M | 8.099 % | 3.526 % | 11.94 % | 0 % | 2M 474K people |
1991 | $ 6B 522M | $ 2,580.39 | $ 5,599.48 | $ 14B 152M | 9.418 % | -3.697 % | 10.35 % | 0 % | 2M 527K people |
1992 | $ 7B 414M | $ 2,871.87 | $ 6,067.05 | $ 15B 662M | 8.203 % | -3.564 % | 13.82 % | 0 % | 2M 581K people |
1993 | $ 8B 96M | $ 3,071.25 | $ 6,414.01 | $ 16B 908M | 5.456 % | -1.182 % | 19.67 % | 0 % | 2M 636K people |
1994 | $ 8B 633M | $ 3,207.88 | $ 6,599.55 | $ 17B 761M | 2.849 % | 0.184 % | 21.62 % | 0.994 % | 2M 691K people |
1995 | $ 8B 825M | $ 3,212.82 | $ 6,716.94 | $ 18B 451M | 1.752 % | -5.332 % | 20.45 % | 2.246 % | 2M 747K people |
1996 | $ 10B 406M | $ 3,711.35 | $ 7,195.06 | $ 20B 174M | 7.371 % | -1.928 % | 20.13 % | 4.288 % | 2M 804K people |
1997 | $ 11B 245M | $ 3,929.35 | $ 7,635.90 | $ 21B 852M | 6.48 % | -4.506 % | 23.63 % | 1.914 % | 2M 862K people |
1998 | $ 12B 191M | $ 4,174 | $ 8,120.80 | $ 23B 718M | 7.332 % | -8.334 % | 19.09 % | -0.089 % | 2M 921K people |
1999 | $ 12B 775M | $ 4,286.70 | $ 8,384.32 | $ 24B 986M | 3.878 % | -9.071 % | 16.60 % | 1.617 % | 2M 980K people |