Visitor spending went from $3.728 billion in 2014 to $4.2 billion in 2015, double the growth rate for the category in a year.
The entry of travelers into Panama grew by 6.9% at the end of last year, going from 6,668 in 2014 to 7,128 in 2015. This greater volume of passengers spent 12.7% more than they did in 2014, reaching a record high of $4,199.7 million, according to the National Institute of Statistics and Census.
In Panama the increase in room supply has caused a price war between hotels trying to attract travelers and increase the occupancy rate which on average is not more than 60%.
Hotel occupancy in the country has been declining since 2011, when it stood at 68.6% dropping to 59.3% within the sector this year, according to figures from the Tourism Authority of Panama (ATP).
The average occupancy rate in 2013 in the country's hotels was less than 50%, the lowest in the last five years.
Figures from the Costa Rican Tourism Institute indicate that the average occupancy rate during 2013 was 48.7%, the lowest since 2009, when the international crisis started, resulting in a significant reduction in the flow of foreign tourists coming to the country.
The 2.270 million visitors who came to Panama in 2013 stayed on average 9.3 days and spent $168 a day.
The number of tourists who came to Panama last year exceeded the target of 2,250 million set by the Tourism Authority of Panama.
"The month with the highest tourism spending is not necessarily the one with the most tourist arrivals. In March $323.5 million came into the country by way of tourist spending.
Although the rate of increase of Panamanian tourism dropped to 3.7%, the level of what each visitor spends during their stay has risen sharply.
During the first seven months of 2013 the country received 1.3 million tourists, who spent a total of $1.43 billion, up 10.4% compared to the same period in 2012.
In the same period the previous year $1.301 billion in tourist spending was reported, in other words this year $136 million more was received.
On average, each person attending a convention injects $300 per day into the Panamanian economy, for accommodation, shopping, food and transport.
According to the Tourism Authority of Panama (ATP), since the beginning of last year up until now there have been approximately 200 conferences in the country. The conventions in 2012 alone generated for the country between $45 and $50 million in foreign exchange.
The act of holding conventions in Panama has intensified areas such as transportation, lodging and shopping, and its contribution to GDP is projected for this year at $32 million.
According to the Tourism Authority of Panama (ATP), the IX World Congress and celebration of 50th anniversary of the World Missionary Movement's work, held at the Figali Convention Center, generated 20,000 room nights and provided $5 million.
In the first seven months of the year 1,236,000 visitors came to the country, 5.4% more than the in same period in 2011, with the majority of tourists coming from the U.S.
The increase in the number of visitors has not been sufficient to cover the greater supply of hotels, which experienced a drop in occupancy rates of 7%.
Hotel industry representatives point out that in order to maintain the occupancy level above 60%, the increase in the number of tourists would have to be 15%.