Panama: Economic activity remains feeble in April
June 21, 2019
The monthly indicator for economic activity (IMAE, Índice Mensual de Actividad Económica) grew 2.9% year-on-year in April, down from March’s 3.0% and representing the worst print since July 2018.
According to Panama’s Comptroller’s Office (Contraloría General de la República), the increase in economic activity in April came on the back of growth in the sectors of transportation, warehousing and communications (which includes activity in the Panama Canal and national ports); water, gas and electricity supply; financial intermediation; construction; and public administration. The sectors of commerce, mining, real estate and hotels and restaurants also grew in the month, albeit at a softer pace than the above-mentioned.
On a month-on-month, seasonally-adjusted basis, growth in economic activity came in at 0.2% in April, significantly down from the 1.6% logged in March. Meanwhile, average annual growth in economic activity inched down to 3.1%, from 3.2% in March.
Author: Joffrey Simonet, Economist