Panama Economic Activity July 2021

Panama

Panama: Economic activity growth loses pace in July

September 21, 2021

Economic activity increased 28.5% in year-on-year terms in July, which followed June's 32.9% increase. In addition, data from April was subject to a considerable upward revision for the second consecutive month. Notably, July’s downtick doesn’t necessarily represent a cooling of the economy as it was largely due to a fading base effect. Meanwhile, activities related to food production were among the growing sub-sectors. However, hotel services were down amid low tourist arrivals.

Meanwhile, the trend improved notably, with the annual average variation of economic activity coming in at plus 1.2%, contrasting June's minus 3.3%.

FocusEconomics Consensus Forecast panelists see the economy expanding 11.0% in 2021, which is up 0.3 percentage points from last month’s forecast. The panel expects GDP to grow 6.4% in 2022.


Author:, Junior Economist

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Panama Economic Activity July 2021 0

Note: Year-on-year changes and annual average variation of economic activity in %.
Source: Instituto Nacional de Estadística y Censo.


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