Panama Economic Activity May 2017


Panama: Economy activity strengthens in May

July 24, 2017

The monthly indicator for economic activity (IMAE, Índice Mensual de Actividad Económica) expanded 7.5% in May year-on-year, coming in above April’s 6.3% growth. May’s print showed an increase in economic activity on the back of large infrastructure projects and gains related to the expansion of the Panama Canal completed last year.

According to the National Comptroller’s Office (Contraloría General de la República), the strongest performers in May were construction, mining and quarry, transport, warehousing and communications, electricity and water, public administration, and trade. However, fishing, agriculture and health services all registered a decline in May.

On a month-on-month basis, economic activity declined 1.1% in May (April: +0.7% month-on-month). Meanwhile, annual average growth in economic activity ticked up from 5.1% in April to 5.2% in May, the highest since October 2014.

FocusEconomics Consensus Forecast panelists project that the economy will grow 5.4% in 2017, which is unchanged from last month’s forecast. The panel also expects GDP to also expand 5.7% in 2018.

Author:, Economist

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Panama Economic Activity Chart

Panama Economic Activity May 2017 5

Note: Year-on-year changes and annual average variation of trend-cycle economic activity in %.
Source: National Comptroller’s Office and FocusEconomics calculations.

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