Panama: Economic growth accelerates in August
October 25, 2013
In August, the monthly indicator for economic activity (IMAE, Indice Mensual de Actividad Economica) expanded 7.2% over the same month last year, which was above the 6.9% growth registered in July. According to the National Comptroller's Office, the monthly reading was mainly driven by growth in mining and quarrying, construction and in fishing.
On a month-on-month basis, economic activity in August increased 0.81% in seasonally-adjusted terms, which was slightly below the 0.92% rise observed in July.
The trend continues to point downward, with annual average growth in economic activity falling from 7.6% in July to 7.5% in August.
FocusEconomics Consensus Forecast panelists project the economy to grow 7.6% this year, which is unchanged from last month's forecast. The panel expects GDP to expand 6.9% in 2014, which is down 0.1 percentage points from last month's projection.
Author: Carl Kelly, Economist