Panama: Economic activity expands at fastest pace in six months in August

Economic activity rose 12.8% year on year in August (July: +3.6% yoy). The print marked the best reading since February.

Meanwhile, the trend pointed down, with the annual average growth of economic activity coming in at 12.7%, down from July's 13.9% reading.

The economic acceleration came amid increases in construction activity, amid the gradual restarting of private projects, as well as increased copper exports and Panama Canal activity.

FocusEconomics Consensus Forecast panelists foresee the economy expanding 4.4% in 2023, which is down 0.2 percentage points from last month’s forecast. For 2024, the economy is seen growing 4.7%.