Panama Economic Activity November 2017


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.

FocusEconomics Consensus Forecast panelists see the economy growing 5.4% in 2018, which is unchanged from last month’s forecast. The panel expects GDP to expand 5.7% in 2019.

Author: Jean-Philippe Pourcelot, Economist

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Panama Economic Activity Chart

Panama Economic Activity November 2017

Note: Year-on-year changes and annual average variation of trend-cycle economic activity in %.
Source: National Comptroller’s Office and FocusEconomics calculations.

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