Panama Economic Activity October 2020


Panama: Decline in economic activity softens in October, but remains marked

December 22, 2020

Economic activity slid 17.0% in October (September: -22.3% yoy). October's print marked the smallest decline since March. The uptick came amid a recovering transportation sector, as Panama Canal crossings data improved. Moreover, the easing of domestic restrictions likely also played a role.

Meanwhile, the trend pointed down, with the annual average variation of economic activity coming in at minus 14.7%, down from September's minus 13.0% reading.

FocusEconomics Consensus Forecast panelists see the economy expanding 6.4% in 2021, which is unchanged from last month’s forecast. The panel expects GDP to grow 5.5% in 2022.

Author:, Junior Economist

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Panama Economic Activity Chart

Panama Economic Activity October 20 20

Note: Year-on-year changes and annual average variation of economic activity in %.
Source: Instituto Nacional de Estadística y Censo.

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