Tourism Growth in Panama: Revenue Rises 8.4% in the First Quarter of 2024

The Panama Tourism Authority (ATP) reported that, during the first quarter of 2024, Panama's tourism revenue increased by $123.5 million compared to the same period the previous year, representing 8.4% growth over 2023.

According to the ATP, in the first three months of 2024, total foreign-currency revenue reached $1,601.6 million.

This growth is attributed to several factors, including an increase in leisure tourism as opposed to business tourism.

The report notes that international promotion efforts and improved air connectivity have been key to this success. Currently, the nine main source markets — including countries such as Colombia, the United States (U.S.), Brazil, Argentina, Canada, Germany, Costa Rica, Spain, and France — account for 61.8% of the tourists who visit Panama.

The hotel sector has also shown significant improvement, with an increase in the average daily rate, according to the report, which provides competitiveness indicators and hotel-market analysis. In addition, vacation rentals saw a notable rise in demand during the first quarter of 2024 compared to the same period in 2023, boosting revenue and occupancy.

Recently, Panama was recognized for the third consecutive year as the "Best Leisure Destination" in Latin America and South America by the Leisure Lifestyle Awards, organized by the North American magazine Global Traveler. This recognition highlights Panama's performance in the leisure, luxury, and lifestyle travel segments.