Panama: Economic activity slows in March, but overall trend stabilizes
May 25, 2015
In March, the monthly indicator for economic activity (IMAE, Indice Mensual de Actividad Economica) expanded 5.1% over the same month last year, which was below the 5.3% growth tallied in February and marked the slowest growth rate in five months. According to the National Comptroller’s Office, the increase in March was driven by growth in several sectors of the economy, including transport, warehousing and communications, financial services and tourism. Meanwhile, despite the ongoing slowdown of work on the Panama Canal expansion project, the construction sector and the mining and quarrying industry showed positive growth due to activity related to the private sector.
On a month-on-month basis, economic activity in March increased 0.08% in seasonally-adjusted terms, which contrasted the 0.04% decrease recorded in February. Meanwhile, the overall trend stabilized; annual average growth in economic activity in March held at February’s 5.0%.
Author: Carl Kelly, Economist