Panama Economic Activity March 2020


Panama: Economy slows in March due to lockdown measures

June 9, 2020

Economic activity increased 1.4% in year-in-year terms in March, which followed February's 1.7% increase.

March's reading marked the weakest growth since May 2018, and was in part due to lockdown measures introduced in the month to reduce the spread of coronavirus. Most notably supporting activity growth in March were the transport, storage and communications, and financial services sectors.

On a month-on-month, seasonally-adjusted basis, economic activity expanded 1.3% in March after contracting 0.6% in February. Meanwhile, annual average growth came in at 2.9%, down from February's 3.0%.

FocusEconomics Consensus Forecast panelists see the economy growing 2.3% in 2020, which is up 0.1 percentage points from last month’s forecast. The panel expects GDP to expand 4.9% in 2021.

Author:, Economist

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Panama Economic Activity Chart

Panama Economic Activity March 20 20

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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