Panama Economic Activity July 2016


Economic activity in July slows to seven-month low

In July, the monthly indicator for economic activity (IMAE, Índice Mensual de Actividad Económica) decelerated from 4.1% in June to a seven-month low of 3.0% in July. According to the National Comptroller’s Office (Contraloría General de la República), mining and quarrying, construction and transportation were the components that reported the strongest expansions while manufacturing industry, commerce and fishing contracted.

On a month-on-month basis, growth in economic activity in July picked up from the 0.22% expansion observed in June to 0.32% in July. Meanwhile, annual average growth in economic activity inched down from 4.2% in June to 4.1% in July.

FocusEconomics Consensus Forecast panelists project that the economy will grow 5.7% in 2016, which is down 0.1 percentage points from last month’s forecast. The panel expects GDP to expand 5.9% in 2017.

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Panama Economic Activity Chart

Panama Economic Activity July 2016

Note: Year-on-year changes and annual average variation of trend-cycle economic activity in %.
Source: National Comptroller’s Office and FocusEconomics calculations.

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