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Panama Economic Activity June 2023

Panama: Economic activity growth drops to six-month low in June

Economic activity rose 7.4% in year-on-year terms in June, which followed May’s 9.0% increase. June’s result marked the worst reading since December 2022. The reading reflected a decline in mining and quarrying output and weaker production of hydroelectric power, while growth in the construction, industrial and retail trade sectors prevented a steeper downturn. Meanwhile, the ongoing drought in the Panama Canal likely weighed further on economic activity growth.

Accordingly, annual average economic activity growth fell to 8.4% in June (May: +8.7%), pointing to a worsening trend.

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