The Panama Tourism Authority (ATP) indicated in a report that, during the first quarter of 2024, Panama’s tourism revenues exceeded those achieved in the same period of the previous year by $123.5 million, which represents a growth of 8.4% in relation to 2023.
According to the ATP, in the first quarter of 2024, total foreign exchange earnings were $1,601.6 million.
This growth is due to several factors, including an increase in leisure tourism versus business tourism.
According to the document, international promotion efforts and improved air connectivity have been key to this success. Currently, the nine priority sending markets, which include countries such as Colombia, the United States (USA), Brazil, Argentina, Canada, Germany, Costa Rica, Spain and France, represent 61.8% of the tourists arriving in Panama.
The report also indicates that the hotel sector has shown significant improvements, with an increase in the average daily rate, according to the report, which provides competitiveness indicators and analysis of the hotel market. Additionally, vacation rentals have seen a notable increase in demand during the first quarter of 2024, compared to the same period in 2023, boosting revenues and occupancy.
Recently, Panama was recognized for the third consecutive year as the “Best Leisure Destination” in Latin 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.