Panama: Economic activity reaches 14-month high in November
January 27, 2014
In November, the monthly indicator for economic activity (IMAE, Indice Mensual de Actividad Economica) expanded 8.6% over the same month of the previous year, which was above the 8.4% growth registered in October. The result marked the highest level since September 2012. According to the National Comptroller's Office, the monthly reading was mainly driven by growth in mining and quarrying, as well as in construction and fishing.
On a month-on-month basis, economic activity increased 0.85% in seasonally-adjusted terms in November, which was slightly below the 0.89% rise observed in October. Nonetheless, the trend is pointing upward; annual average growth in economic activity increased from 7.5% in October to 7.6% in November.
FocusEconomics Consensus Forecast panelists project that the economy will grow 7.2% in 2014, which is up 0.3 percentage points from last month's forecast. The panel expects GDP to expand 6.5% in 2015.
Author: Carl Kelly, Economist