Panama: Economic activity ticks up in November
January 30, 2015
In November, the monthly indicator for economic activity (IMAE, Indice Mensual de Actividad Economica) expanded 4.9% over the same month of the previous year, which was just above the 4.8% growth tallied in October (previously reported: +5.1% year-on-year). According to the National Comptroller’s Office, the increase in November 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 positive growth despite the ongoing slowdown in work related to the Panama Canal expansion project.
On a month-on-month basis, economic activity in November increased 0.38% in seasonally-adjusted terms, which was below the 0.53% increase recorded in October. Meanwhile, the overall trend continues to point downward; annual average growth in economic activity inched down from 5.5% in October to 5.2% in November, which represented the lowest reading since August 2010.
Author: Carl Kelly, Economist