Panama: Economic activity picks up in November
The monthly indicator for economic activity (IMAE, Índice Mensual de Actividad Económica) grew 3.6% year-on-year in November, accelerating from the 3.4% expansion recorded in October. Meanwhile, average annual growth in economic activity was unchanged at 3.3% for the fifth month running in November.
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, the financial intermediation, electricity and water supply, agricultural and construction sectors grew in November. The trade sector also strengthened this month due to higher demand for local products.
On a month-on-month, seasonally-adjusted basis, economic activity expanded 1.3% in November, contrasting the 0.4% contraction in the previous month.