Panama: Economic activity increases in October
December 26, 2012
In October, the economy expanded 10.2% over the same month the year before, which was above the revised 8.2% increase recorded in September (previously reported: +7.8% year-on-year), according to the monthly indicator for economic activity (IMAE, Indice Mensual de Actividad Economica). According to the National Comptroller's Office, the expansion was mainly driven by robust growth in construction, mining, transport and storage as well as in communication.
A month-on-month analysis indicates that economic activity increased 0.95% in seasonally adjusted terms in October, down from the 1.46% expansion observed in September.
The annual average growth in economic activity inched up from 9.8% in September to 9.9% in October, thus reaching the highest reading seen since December 2008.
Growth in economic activity should remain strong going forward, fuelled by ongoing investment in a project that aims to double the capacity of the Panama Canal by 2014.