Panama: Economic activity ticks up in October
December 26, 2014
In October, the monthly indicator for economic activity (IMAE, Indice Mensual de Actividad Economica) expanded 5.1% over the same month of the previous year, which was just above the 5.0% growth tallied in September (previously reported: +4.7% year-on-year). The print marked the strongest gain since February. According to the National Comptroller’s Office, the increase in October 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 October increased 0.65% in seasonally-adjusted terms, which was below the 0.81% increase recorded in September. Meanwhile, the overall trend continues to point downward; annual average growth in economic activity inched down from 5.8% in September to 5.5% in October, which represented the lowest reading since September 2010.
Author: Carl Kelly, Economist