Panama: Economic activity accelerates further in October
December 27, 2013
In October 2013, the monthly indicator for economic activity (IMAE, Indice Mensual de Actividad Economica) expanded 8.1% over the same month of the previous year, which was above the 7.8% growth registered in September. The result marked a 12-month high. According to the National Comptroller's Office, the monthly reading was mainly driven by growth in mining and quarrying, construction and fishing.
On a month-on-month basis, economic activity increased 0.81% in seasonally-adjusted terms in October, which was above the 0.79% rise observed in September. Nonetheless, trend continues to point downward; annual average growth in economic activity fell from 7.5% in September to 7.4% in October.
FocusEconomics Consensus Forecast panelists project the economy to grow 7.4% this year, which is up 0.5 percentage points from last month's forecast. The panel expects GDP to expand 6.5% in 2015.
Author: Carl Kelly, Economist