Panama: Economic activity slightly accelerates in February
The monthly indicator for economic activity (IMAE, Índice Mensual de Actividad Económica) grew 3.7% year-on-year in February, ticking up from January’s 3.6% print.
According to Panama’s Comptroller’s Office (Contraloría General de la República), the increase in economic activity in February was largely driven by growth in the sectors of transportation, warehousing and communications (which includes activity in the Panama Canal and national ports); water and electricity supply; and hotels and restaurants. The sectors of commerce, manufacturing and agriculture 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 0.1% in February, up from January’s flat reading. Meanwhile, average annual growth in economic activity inched up from 3.1% in January to 3.2% in February.