Panama: Economic activity accelerates in April
June 27, 2013
In April, the monthly indicator for economic activity (IMAE, Indice Mensual de Actividad Economica) expanded 7.7% over the same month last year, well above the 4.2% increase registered in March. In fact, the reading represented the fastest expansion since November last year. According to the National Comptroller's Office, the monthly reading was mainly driven by growth in fishery, mining and quarrying as well as in construction.
On a month-on-month basis, economic activity increased 0.28% in seasonally adjusted terms in April, only slightly above the 0.27% rise observed in March.
Despite the strong annual expansion the trend continues to point downwards, with annual average growth in economic activity falling from 8.6% in March to 8.3% in April.
FocusEconomics Consensus Forecast panellists project the economy to grow 7.8% this year, which is down 0.1 percentage points from last month's forecast. For 2014, the panel expects GDP to expand 6.9%.