Panama: Economic activity gains momentum in October
December 23, 2011
In October, the economy expanded 9.0% over the same month last year, which was slightly above the 8.8% increase recorded in September, according to the monthly indicator of economic activity (IMAE, indice Mensual de Actividad Economica). The construction and transportation sectors were the biggest drivers behind the expansion. On a monthly basis, economic activity increased 0.63% in seasonally adjusted terms, which exceeded September's 0.46% rise (previously reported: +0.45% month-on-month). Annual average growth in economic activity ticked up from 8.7% in September to 9.1% in October, continuing the upward trend. Growth in economic activity should remain strong going forward, fuelled by ongoing investment in a project that aims to double the capacity of the Panama Canal by 2014.