Panama: Economic growth drops to slowest pace in over three years
July 25, 2013
In May, the monthly indicator for economic activity (IMAE, Indice Mensual de Actividad Economica) expanded 5.4% over the same month last year, which was below the 5.8% increase registered in April.The figure marks the slowest expansion since February 2010. According to the National Comptroller's Office, the monthly reading was mainly driven by growth in fishery, mining and quarrying, as well as in construction.
On a month-on-month basis, economic activity in May increased 0.23% in seasonally adjusted terms, slightly below the 0.30% rise observed in April.
As a result of the slower annual expansion, the trend continues to point downwards, with annual average growth in economic activity falling from 8.0% in April to 7.6% in May.
FocusEconomics Consensus Forecast panellists project the economy to grow 7.8% this year, which is down 0.1 percentage points from last month's forecast. The panel expects GDP to expand 6.9% in 2014.