Panama Economic Activity

Panama

Panama: Economic activity stabilizes in August

October 24, 2014

In August, the monthly indicator for economic activity (IMAE, Indice Mensual de Actividad Economica) expanded 4.9% over the same month last year, which matched the growth registered in July (previously reported: +4.3% year-on-year). According to the National Comptroller’s Office, the increase in August was driven by growth in several sectors of the economy, including transport, warehousing and communications, fishing, financial services and tourism. Meanwhile, the construction sector and mining and quarrying industry showed some growth despite the ongoing slowdown in work related to the Panama Canal expansion project.

On a month-on-month basis, economic activity in August increased 0.75% in seasonally-adjusted terms, which was below the 1.22% increase recorded in July. Meanwhile, the overall trend continues to point downward; annual average growth in economic activity inched down from 6.3% in July to 6.0% in August, which represented the lowest reading since October 2010.

FocusEconomics Consensus Forecast panelists project that the economy will grow 6.7% in 2014, which is unchanged from last month’s forecast. The panel expects GDP to expand 6.2% in 2015.


Author:, Economist

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Panama Economic Activity Chart


Panama Economic Activity August 2014

Note: Year-on-year changes and annual average variation of trend-cycle economic activity in %.
Source: National Comptroller’s Office and FocusEconomics calculations.


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