Panama: Economy activity expands solidly in April
May 24, 2017
The monthly indicator for economic activity (IMAE, Índice Mensual de Actividad Económica) expanded 6.3% in April, coming in below March’s multi-year high of a 7.9% expansion. Despite the drop, the index logged its second strongest expansion since March 2015 and points to strong momentum in the economy.
According to the National Comptroller’s Office (Contraloría General de la República), April’s expansion was driven by an increase in almost all components of the index where commerce, transportation, warehousing and communication, construction and mining reported the strongest growth rate. On the contrary, fishing, agriculture and health services were the only three components that declined.
On a month-on-month basis, growth remained steady at March’s 0.7% in April. Meanwhile, annual average growth in economic activity increased from 4.9% in March to 5.1% in April, the highest since March 2015.