Panama: Economic activity loses traction in May
The monthly indicator for economic activity (IMAE, Índice Mensual de Actividad Económica) grew 2.4% in annual terms in May, down from the 2.9% expansion logged in April and marking the worst performance since July 2018.
Slower economic activity in May was primarily the result of weaker growth in the construction; mining and quarrying; real estate; trade; and hotels and restaurants sectors. Meanwhile, transport, storage and communications acitivity—which includes activity in the Panama Canal and national ports— rose at a strong rate, while water, gas and electricity supply; financial intermediation; and public administration also registered solid growth in the month.
On a month-on-month, seasonally-adjusted basis, economic activity fell 2.5% in May, contrasting the 0.2% increase in April. Meanwhile, average annual growth in economic activity inched up to 3.2% in May from 3.1% in April.