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Panama: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama

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  • International Monetary Fund

Abstract

Panama has had the longest and fastest economic expansion in recent Latin American history. The economy has expanded at an average rate of about 6 percent per annum over the last quarter of a century, with Panama achieving one of the highest per capita income in Latin America. More recently, GDP grew by about 5½ percent in 2017 (driven by the expanded Canal), and then slowed to 3¾ percent (y/y) in H1-2018. Inflation remained subdued, reaching almost 1 percent (y/y) in September 2018. The external current account deficit stayed at 8 percent of GDP in 2017, mostly covered by FDI. The fiscal position continued to be strong, with the overall deficit of the non-financial public sector (NFPS) at about 1½ percent of GDP. Credit growth has decelerated as financial conditions have started to tighten.

Suggested Citation

  • International Monetary Fund, 2019. "Panama: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama," IMF Staff Country Reports 2019/011, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2019/011
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