Contents of this analysis
- 2025, the year Panama passed three million visitors
- First half of 2026: the best start in a decade
- Tocumen and Copa Airlines: the connectivity engine
- Cruises and conferences: the two fastest-growing segments
- How much tourism weighs in the Panamanian economy
- What it means for business: six opportunities
- What could slow the growth
- Frequently asked questions
- Sources
2025, the year Panama passed three million visitors
Panama received 3,004,266 international visitors in 2025, 8.2% more than in 2024 and the first time in its history it has crossed the three-million mark, according to the Panama Tourism Authority (ATP). Tourism revenue, excluding international transport, reached 6.583 billion dollars, 9.7% more than the year before. The figure that matters most to business is another one: 2,330,677 of those visitors stayed overnight in the country, 11% more, and they are the ones who fill hotels, restaurants and shops.
| Point of entry | Visitors 2025 | Change vs 2024 |
|---|---|---|
| Tocumen International Airport | 2,244,078 | +10% |
| Cruise ports | 344,408 | +11.5% |
| Paso Canoas border (Costa Rica) | 106,006 | +2.9% |
| Total international visitors | 3,004,266 | +8.2% |
| Overnight tourists | 2,330,677 | +11% |
| Tourism revenue (USD million) | 6,583 | +9.7% |
Three out of four visitors enter through Tocumen, which explains why the country’s tourism strategy is so closely tied to aviation. Cruises, although they account for just over 11% of arrivals, were the segment with the highest percentage growth of the year.
First half of 2026: the best start in a decade
Between January and June 2026 Panama received 1,755,998 international visitors, 17.4% more than in the same period of 2025 and 22% more than in 2024. The ATP estimates the economic spending of that half-year at around 3.7 billion balboas, 21% above the figure recorded two years earlier. It is the country’s best first half for tourism in the past ten years. Radar Panamá follows the sector’s evolution in its Economy section.
Gloria De León Zubieta, administrator of the Panama Tourism Authority, presenting the results of the first half of 2026
According to the ATP, the results respond to three levers worked on together with the Tourism Promotion Fund (PROMTUR): international promotion, expansion of air connectivity and diversification of the offer. In the half-year, direct Wingo flights between Río Hato and Bogotá and Aeroregional flights from Quito were added, opening the interior of the country to markets that previously arrived only via Tocumen.
1.76 million
International visitors between January and June 2026, 17.4% more than in 2025.
67.6%
Average hotel occupancy in the half-year, 14% higher than the year before, with peaks above 70% in high season.
74 conferences
International events held through June, with 113,000 participants and 47,000 hotel nights.
132,000 tourists
Travellers who used the Panama Stopover programme to break their journey and stay a few days.
Tocumen and Copa Airlines: the connectivity engine
Tocumen International Airport moved 20,981,855 passengers in 2025, the highest figure in its history and 8.8% more than the 19.2 million of 2024. Seventeen passenger airlines and 28 cargo airlines operated to 97 international destinations. For 2026 the terminal raised its projection from 22 to 23 million passengers after moving 15,855,759 travellers between January and August, 15% more than in the same period of 2025.
The centrepiece of the system is Copa Airlines, which in 2026 announced the purchase of 60 aircraft to reach a fleet of 200 planes by 2034, double the current one, and applied to go from six to eight connection banks from March 2027. More connection banks mean more flights coinciding at Tocumen in the same time slot, and therefore more transit passengers who can become visitors. Its Panama Stopover programme exceeded 200,000 travellers in 2025, 25% more than the year before.
Cruises and conferences: the two fastest-growing segments
Between January and July 2026 the National Port System recorded 488,567 cruise passengers in embarkation and disembarkation operations, 21.6% more than the 401,608 of the same period of 2025, according to the Panama Maritime Authority. Arrivals rose from 119 to 143. The Amador terminal, on the Pacific, and Colón 2000, on the Atlantic, operate both as port of call and as home port, and the 2026-2027 season starts in October.
| Cruise indicator | January to July 2025 | January to July 2026 | Change |
|---|---|---|---|
| Passengers moved | 401,608 | 488,567 | +21.6% |
| Disembarkations | n/a | 247,353 | |
| Embarkations | n/a | 241,214 | |
| Ship arrivals | 119 | 143 | +20.2% |
The other expanding segment is meetings tourism. Panama hosted 74 international conferences in the first half of 2026, with 113,000 participants and 47,000 hotel rooms occupied, and has 110 conferences booked for the year as a whole with some 80,000 hotel nights. The conference visitor spends more per day than the holidaymaker and travels in low season, which smooths out hotel seasonality.
How much tourism weighs in the Panamanian economy
The World Travel & Tourism Council (WTTC) forecasts that Panama’s tourism GDP will grow 8.4% in 2026, with an 8.9% increase in international visitor spending, driven by regional demand and by lower exposure to the geopolitical tensions affecting other destinations. The same body calculates that the sector’s total contribution, direct and induced, is around 16% of national GDP.
| Indicator | Value | Source |
|---|---|---|
| Forecast tourism GDP growth in 2026 | +8.4% | WTTC |
| Forecast growth in international visitor spending | +8.9% | WTTC |
| Total contribution of the sector to GDP | Around 16% | WTTC |
| Multiplier effect | Every 100 USD in hotels and restaurants activates around 60 USD in other sectors | WTTC |
| Jobs per tourism sales | More than 42 jobs per million USD | WTTC |
| Public investment in tourism infrastructure | IDB loan of 100 million USD, 34 tendered | ATP |
What it means for business: six opportunities
Sustained double-digit growth in visitors does not stay in the hotels. The multiplier effect the WTTC calculates spreads across the whole service chain, and the 2025 and 2026 data point to where demand still lacks enough supply.
Hotels outside the capital
Direct flights to Río Hato and the IDB loan point to the interior. Coclé, Chiriquí, Bocas del Toro and Azuero receive visitors with fewer quality rooms than the city.
Meetings tourism
110 conferences in a year require catering, audiovisuals, translation, executive transport and inbound agencies. It is the segment with the highest spending per visitor.
Excursions for cruise passengers
Almost 500,000 passengers in seven months look for four- to eight-hour activities from Colón and Amador: the canal, Casco Antiguo, communities, nature.
Stopover and short stays
More than 132,000 stopover travellers in a half-year need one- to three-day products: compact tours, food, shopping, hotels near Tocumen.
Short-term rental real estate
With hotel occupancy above 70% in high season, well-managed holiday rental apartments have steady demand in the city and on the beaches. The steps to buy property in Panama as a foreigner are in their own guide.
Professional services
Every new operator needs company incorporation, ATP licences, accounting, insurance, marketing and technology support. The sector’s growth pulls services along with it.
What could slow the growth
- Dependence on Tocumen and on one airline. Three out of four visitors arrive through a single airport and most on a single carrier. Any operational disruption passes straight through to tourism.
- Infrastructure in Colón. The rebound in cruise passengers has exposed urban and service shortcomings in the Atlantic city, noted by operators and local media.
- Health as a tourism product. Medical tourism grows on the same connectivity, with accredited hospitals and some 50,000 international patients a year.
- Shortage of qualified staff. The WTTC warns that workforce development is one of the four conditions for sustaining growth, together with connectivity, destination infrastructure and consumer confidence.
- Concentration in the capital. Most quality hotel supply remains in Panama City, while demand in the interior grows faster than rooms. It is one of the trends Radar Panamá analyses in Real Estate & Construction.
- Seasonality. High-season peaks exceed 70% occupancy, but the annual average stands at 67.6%. Conferences and regional tourism are the way to fill the low months.
Frequently asked questions about tourism in Panama
How many tourists did Panama receive in 2025?
3,004,266 international visitors, 8.2% more than in 2024, according to the Panama Tourism Authority. Of those, 2,330,677 stayed overnight in the country.
How much money does tourism generate in Panama?
Tourism revenue in 2025 was 6.583 billion dollars, excluding international transport. In the first half of 2026 alone the estimated spending was around 3.7 billion balboas.
How is tourism in Panama doing in 2026?
Between January and June 2026, 1,755,998 visitors arrived, 17.4% more than in the same period of 2025. It is the best first half of the past decade.
How many passengers does Tocumen Airport move?
20,981,855 passengers in 2025, an all-time record, and a projection of 23 million for 2026 after moving 15.86 million between January and August.
What is the Panama Stopover programme?
A programme by Copa Airlines and the ATP that allows connecting passengers to stay in Panama for up to seven days at no extra cost on the ticket. It exceeded 200,000 travellers in 2025 and 132,000 in the first half of 2026.
How much is cruise tourism growing in Panama?
21.6% between January and July 2026, with 488,567 passengers and 143 arrivals, according to the Panama Maritime Authority.
What is hotel occupancy in Panama?
Average occupancy in the first half of 2026 was 67.6%, 14% more than the year before, with peaks above 70% in high season and during the big conferences.
What percentage of Panama’s GDP is tourism?
The World Travel & Tourism Council calculates that the sector’s total contribution, direct and induced, is around 16% of GDP, and forecasts tourism GDP growth of 8.4% in 2026.
Sources
- Panamá supera los 3 millones de visitantes en el 2025, Panama Tourism Authority.
- Tourism indicators of the Republic of Panama 2015-2025, ATP.
- Panamá recibió 1,75 millones de visitantes y creció 17,4 % en el primer semestre, La Prensa.
- Turismo en Panamá crece: 1,7 millones de visitantes y B/.3.721 millones generados, Telemetro.
- Aeropuerto de Tocumen movilizó récord de 20,9 millones de pasajeros en 2025, Revista E&N.
- Tocumen eleva a 23 millones su proyección de pasajeros para 2026, Infobae.
- Panama Stopover supera 200 mil visitantes en 2025, Telemetro.
- Panamá con sólido crecimiento en la actividad de cruceros, Panama Maritime Authority.
- El turismo en Panamá crecerá 8,4 % en 2026, según el WTTC, La Prensa.
- Contribution of Panama’s travel and tourism sector to GDP, WTTC.
- Panama Travel & Tourism Economic Impact Research, WTTC Research Hub.
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