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.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 |
