Panama: Economic activity ticks down in September
November 24, 2014
In September, the monthly indicator for economic activity (IMAE, Indice Mensual de Actividad Economica) expanded 4.7% over the same month last year, which was just below the 4.8% growth tallied in August (previously reported: +4.9% year-on-year). The print marked the weakest gain since January 2010. According to the National Comptroller’s Office, the increase in September 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 the 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 September increased 0.68% in seasonally-adjusted terms, which was below the 0.72% increase recorded in August. Meanwhile, the overall trend continues to point downward; annual average growth in economic activity inched down from 6.1% in August to 5.8% in September, which represented the lowest reading since October 2010.
Author: Carl Kelly, Economist