Panama: Economic activity gains traction at the end of Q3
November 20, 2019
The monthly indicator for economic activity (IMAE, Índice Mensual de Actividad Económica) grew 4.0% year-on-year in September, accelerating from the 3.2% expansion in August. Meanwhile, average annual growth in economic activity was unchanged at 3.3% in September.
Stronger growth was driven by favorable developments in the transport, storage and communications sector—which includes activity in the Panama Canal and national ports—due to expanding Panama Canal operations and increased TEU container transit through national ports. Moreover, trade; financial intermediation; public administration; and construction registered solid performances, while mining and quarrying and agricultural output also improved. Electricity and water supply also picked up in September on the back of stronger thermal energy generation and natural gas supply.
On a month-on-month, seasonally-adjusted basis, economic activity rose 0.8% in September, down from 1.4% in August.
Author: Lindsey Ice, Economist