Panama: Economic activity accelerates marginally in November
December 27, 2017
The monthly indicator for economic activity (IMAE, Índice Mensual de Actividad Económica) inched up from 4.1% year-on-year growth in October to 4.2% in November. In cumulative terms, economic activity expanded 5.3% annually in the January–November period (January–November 2016: +4.4% year-on-year).
According to the National Comptroller’s Office, November’s print came on the back of expansions in all but two components of the index. Commerce, transportation and communications, and mining and quarrying were the components that grew the most. Faster growth in wholesale trade drove the expansion in commerce, and higher cargo movements in Panamanian ports and ship transits through the Panama Canal supported growth in transportation and communications. In contrast, private healthcare and fishing were the only two components that declined in the surveyed month.
On a month-on-month basis, growth in economic activity came in at 0.6% in November, matching the print observed in October. Annual average growth in economic activity in November remained steady at the 5.2% increase observed in October.