Panama: Economic activity accelerates in June
September 12, 2012
In June, the economy expanded 10.3% over the same month last year, which was above the revised 9.6% increase recorded in May (previously reported: +8.7% year-on-year), according to the monthly indicator for economic activity (IMAE, Indice Mensual de Actividad Economica). Gains in construction, mining, social and personal services as well as in transport were the biggest drivers behind the monthly expansion. A month-on-month analysis corroborates the acceleration suggested by annual figures, as economic activity increased 1.12% in seasonally adjusted terms in June, which was up from May's 1.07% expansion. As a result of the strong growth in June, the trend is pointing upwards, with annual average growth in economic activity rising from 8.7% in May to 9.0%. Growth in economic activity should remain strong going forward, fuelled by ongoing investment in a project that aims to double the capacity of the Panama Canal by 2014.