Panama Economic Activity September 2019


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.

FocusEconomics Consensus Forecast panelists see the economy growing 4.6% in 2020, which is unchanged from last month’s forecast. The panel expects GDP to expand 4.9% in 2021.

Author:, Economist

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Panama Economic Activity Chart

Panama Economic Activity September 2019 0

Note: Year-on-year changes and annual average variation of trend-cycle economic activity in %.
Source: National Comptroller’s Office and FocusEconomics calculations.

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