Panama’s economy grew 13.5% last year compared to the previous year, the Central American country’s comptroller general said on Thursday, reporting a gross domestic product (GDP) landing at 76.52 billion Panamanian balboas ($76.5 billion).
“Economic activities continued to recover during the year, thanks to the pandemic coming under control, allowing for the total opening of the economy, despite a fourth wave of COVID-19 at the start of the year and external factors such as higher fuel prices, which also led to protests,” it said in a statement.
The manufacturing, electricity, construction, commercial, real estate and business sectors all performed positively during the year, the office said, though production and goods and services related to private education declined.
The comptroller reported a debt-to-GDP ratio of 57.8%.
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Source: Yahoo Finance