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.
Author: Carl Kelly, Economist