Panama: Economic activity inches up in January
The monthly indicator for economic activity (IMAE, Índice Mensual de Actividad Económica) rose 2.7% year-on-year in January, accelerating from the 2.5% expansion recorded in December. Meanwhile, average annual growth in economic activity was unchanged at 3.2% for the second month running in January.
The uptick was driven by favorable developments in the transport, storage and communications sector—which includes activity in the Panama Canal and national ports—with increased canal operations and TEU container transit through the country’s ports. Furthermore, higher demand for local products boosted the trade sector, while the mining, agricultural and financial intermediation sectors all posted positive results in January.
On a month-on-month, seasonally-adjusted basis, economic activity contracted 0.3% in January, softening slightly from the 0.5% contraction recorded in the previous month.