Panama Economic Activity April 2020

Panama

Panama: Economic activity falls at sharpest pace on record in April

July 3, 2020

Economic activity nosedived 34.7% year-on-year in April (March: +0.6% yoy). The reading marked the worst reading since January 2007, which is when current records began, and was due to the coronavirus crisis. Most affected by the crisis in April were the construction, hotels and restaurants, trade, and manufacturing sectors.

On a seasonally-adjusted monthly basis, economic activity fell 32.3% in April (March: +1.3% mom), which also marked a historic decline. Moreover, the trend pointed down, with the annual average variation of economic activity coming in at minus 0.4% in April, contrasting March's plus 2.8% reading.

FocusEconomics Consensus Forecast panelists see the economy contracting 3.0% in 2020, which is down 0.7 percentage points from last month’s forecast. The panel expects GDP to expand 4.8% in 2021.


Author:, Economist

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