Panama: Economic activity picks up markedly in August
October 17, 2018
The monthly indicator for economic activity (IMAE, Índice Mensual de Actividad Económica) accelerated from 2.0% in July to 3.4% in August, its best showing since last April.
According to Panama’s Comptroller’s Office (Contraloría General de la República), the increase in economic activity from January to August came on the back of growth in the sectors of fishing; transportation, warehousing and communications (which includes activity in the Panama Canal); water and electricity supply; public administration; commerce; and financial intermediation. On the other hand, activity in construction; recreation and culture; and mining and quarrying shrank in the period.
On a month-on-month, seasonally-adjusted basis, growth in economic activity swung from a 0.1% contraction in July to a 1.2% increase in August. Meanwhile, average annual growth in economic activity softened from 3.6% in July to 3.4% in August.
Author: Joffrey Simonet, Economist