Panama Economic Activity July 2022

Panama

Panama: Economic activity growth falls to over one-year low in July

September 19, 2022

Economic activity expanded 3.4% year on year in July (June: +8.4% yoy). The outturn marked the worst reading since March 2021.

Meanwhile, the trend pointed down, with the annual average growth of economic activity coming in at 14.9% in July, down from June's 16.7% reading.

The softened print came amid a more difficult base effect as well declines in copper exports and agriculture and fishing activity. Activity was likely affected by cost-of-living strikes throughout July. On the other hand, improvements were seen in construction and financial services.

FocusEconomics Consensus Forecast panelists foresee the economy expanding 7.3% in 2022, which is up 0.2 percentage points from last month’s forecast. For 2023, the economy is seen growing 4.8%.


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