Panama GDP Trends from 1980 to 2024: A overall increase with some decline Flow

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%.

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.


Panama GDP from 1980 to 2024

The total market value of goods and services produced annually in Panama.

Change Chart

    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)

    yearNominal GDPGDP per CapitaPPP per CapitaPPP GDPGDP GrowthCurrent AccountSavingsFiscal BalancePopulation
    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