Panama ended December with accumulated current revenues of US$10,371.6 million, a 12% increase from the US$9,256.3 million recorded in the same period of 2024. However, despite this growth, the figures were significantly below official targets. The main reason was the shortfall in tax revenue collection. Direct taxes reached US$3,703.6 million, up 23.4% year-on-year but still 18.4% below the projected figure. Indirect taxes totaled US$2,554.1 million, 27.3% below the target and only 1.8% more than the previous year. Tax revenues summed up to US$6,257.7 million, 22.3% below the budget of US$8,055.2 million. Non-tax revenues rose to US$4,088.2 million, a 12.4% increase compared to 2024 but 17% below the budget. In the segment of fees, duties, and other revenues, US$1,073.7 million was recorded, 47.3% less than expected. Consequently, the total revenue failed to reach the planned target of US$13,056.0 million, creating a gap of US$2,684.4 million. The failure to meet the budget was anticipated, as the target was ambitious, and the government focused more on highlighting the growth compared to the previous year rather than on achieving the annual goals.
