Panama: Economic activity grows at slowest pace in two years
May 27, 2013
In March, the monthly indicator for economic activity (IMAE, Indice Mensual de Actividad Economica) expanded 5.9% over the same month last year, a notch down from the 6.0% increase registered in February. In fact, the reading represented the lowest expansion observed in two years. According to the National Comptroller's Office, the monthly reading was mainly driven by growth in fishery, mining and quarrying as well as in construction.
On a month-on-month basis, economic activity increased 1.47% in seasonally adjusted terms in March, up from the 0.30% rise observed in February.
As a result of the weaker annual expansion the trend continues to point downwards, with annual average growth in economic activity falling from 9.2% in February to 8.6% in March.
FocusEconomics Consensus Forecast panellists project the economy to grow 7.6% this year, which is unchanged from last month's forecast. For 2014, the panel expects GDP to expand 6.5%.