Panama: Economic activity continues to slow in February
April 24, 2013
In February, the monthly indicator for economic activity (IMAE, Indice Mensual de Actividad Economica) expanded 6.0% over the same month last year, which was below the 7.0% increase registered in January. In fact, the reading represented the slowest pace of expansion observed in almost two years. According to the National Comptroller's Office, the monthly reading was mainly driven by growth in fishery, construction as well as in mining and quarrying.
On a month-on-month basis, economic activity increased 0.30% in seasonally adjusted terms in February, down from the 0.72% rise observed in January.
As a result of the weaker annual expansion the trend continues to point downwards, with annual average growth in economic activity falling from 9.5% in January to 9.2% in February.
The government expects economic growth to decelerate to 8.0% in 2013. FocusEconomics Consensus Forecast panellists project the economy to grow 7.6% this year, which is unchanged from last month's forecast. For 2014, the panel expects GDP to expand 6.5%.