Confidence at 73, growth at 5.5%
Short answer: Panama’s consumer confidence index fell from 75 to 73 between June and September 2026 (100 is neutral), driven by worry about jobs, while the press reports GDP growth of 5.5% in the first half and unemployment down from 10.4% to 8.5%. Households are more cautious than the headline data. The survey measures expectations, not purchases.
A buyer reading the news can see two Panamas: one growing and one worried. This note puts the two sets of numbers side by side, explains how the confidence index is built, and lists what it cannot tell you about property. Press-reported figures; we have not seen the underlying releases.
Step 1: what the confidence index says
According to Infobae, the Panamanian Consumer Confidence Index (ICCP), produced by the Chamber of Commerce (CCIAP) and The Marketing Group, was 73 in September 2026, two points below June. It is built by subtracting the share of negative answers from the positive ones and adding 100, so anything under 100 means negative views outweigh positive ones. It is not the share of unhappy citizens.
The sharpest fall was the unemployment outlook, from 87 to 72. Of respondents, 41% see it as unlikely they will have work in the next six months, against 52% with favourable expectations. Household situation (79 to 81) and ability to save (70 to 74) improved a little; the outlook for the country (63 to 64) stayed the weakest.
Step 2: the table
June and September 2026 values as reported. All are expectations for the next 12 months.
| Indicator (12-month outlook) | June 2026 | September 2026 |
|---|---|---|
| Overall consumer confidence index | 75 | 73 |
| Unemployment outlook | 87 | 72 |
| Household economic situation | 79 | 81 |
| Ability to save | 70 | 74 |
| Country’s economic outlook | 63 | 64 |
Step 3: the harder numbers next to it
The same Infobae article reports growth of 5.5% in the first half of 2026 (INEC) and an unemployment rate that fell from 10.4% in September 2025 to 8.5% in August 2026 (Contraloría labour survey). The two periods differ, so they are context rather than a like-for-like comparison.
On credit, Newsroom Panama, citing the Superintendencia de Bancos, reports $21.413 billion of new loans from the banking system between January and September 2026 (+8.2%), with September disbursements the highest monthly amount since 2012 and driven by the public sector. Lending to the private sector grew 3.3% year to date. The overdue and non-performing local portfolio fell from 5.6% to 5.2%.
Step 4: what this suggests for a buyer
A reasonable reading, labelled as ours: growth and falling unemployment are real in the press-reported data, but households do not feel them yet, and private credit is growing modestly. A cautious household is more likely to compare prices, ask for discounts and take its time. That fits a market where many sellers still hold their asking prices, but we have not measured any link between this index and property prices or sales.
Practical consequence: do not read weak sentiment as a discount coming, and do not read strong GDP as a reason to rush. Check the specific building, the price per m² against recent closings, and your own job and cash position. Related: the mortgage squeeze and what 5% growth means for property.
How the survey was run
700 telephone interviews nationwide between 14 and 24 September 2026, adults with household income above $400 a month, with a margin of error of 3.7 points at 95% confidence, as reported. The index uses the University of Michigan method adapted by the chamber and, in the words of the article, does not replace official employment or growth statistics.
Related: The mortgage squeeze, 5% growth and property.
Questions about a specific unit? Jacky, from the Brax team, answers on WhatsApp: +507 6776-4203. Brax is paid a commission by developers on new-build units.
Common questions
What is Panama’s consumer confidence index?
An index by the Chamber of Commerce (CCIAP) and The Marketing Group: positive minus negative answers plus 100. It was 73 in September 2026, down from 75 in June; 100 is neutral.
Is Panama’s economy growing?
Infobae reports 5.5% growth in the first half of 2026 (INEC) and unemployment down from 10.4% (Sep 2025) to 8.5% (Aug 2026, Contraloría). Households remain more cautious than that data suggests.
Does low consumer confidence mean property prices will fall?
We cannot say. The index measures expectations of mostly local households and we found no data linking it to property prices or sales.
How fast is bank lending growing in Panama?
Newsroom Panama, citing the Superintendencia de Bancos, reports new loans of $21.413 billion in January–September 2026 (+8.2%), with private-sector lending up 3.3% year to date.
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