Panama Economic Activity


Panama: Economic activity moderates further in July

August 25, 2014

In July, the monthly indicator for economic activity (IMAE, Indice Mensual de Actividad Economica) expanded 4.3% over the same month last year, which was slightly below the 4.4% growth registered in June. The reading marked the weakest result since December 2009. According to the National Comptroller’s Office, the increase in July was driven by growth in several sectors, including transport, warehousing and communications, as well as in financial services and tourism. Meanwhile, the construction sector and mining and quarrying industry continued to show weakness amid the slowdown in work related to the Panama Canal expansion project.

On a month-on-month basis, economic activity in July increased 0.58% in seasonally-adjusted terms, which was just above the 0.54% increase recorded in June. July’s result marked the highest result in 10 months. Meanwhile, the overall trend continues to point downward; annual average growth in economic activity inched down from 6.5% in June to 6.2% in July, which represented the lowest reading since November 2010.

FocusEconomics Consensus Forecast panelists project that the economy will grow 7.2% in 2014, which is up 0.1 percentage points from last month’s forecast. The panel expects GDP to expand 6.5% in 2015.

Author:, Economist

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Panama Economic Activity Chart

Panama Economic Activity July 2014

Note: Year-on-year changes and annual average variation of trend-cycle economic activity in %.
Source: National Comptroller’s Office and FocusEconomics calculations.

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