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