Panama: Economic growth steady in July
October 3, 2013
In July, the monthly indicator for economic activity (IMAE, Indice Mensual de Actividad Economica) expanded 6.5% over the same month last year, which matched the figured recorded in June. The increase marks the slowest expansion since January 2011. According to the National Comptroller's Office, the monthly reading was mainly driven by growth in mining and quarrying, construction and in fishing.
On a month-on-month basis, economic activity in July increased 0.59% in seasonally-adjusted terms, which was slightly above the 0.46% rise observed in June.
Despite the steady annual reading, the trend continues to point downward, with annual average growth in economic activity falling from 7.9% in June to 7.6% in July.
FocusEconomics Consensus Forecast panelists project the economy to grow 7.6% this year, which is unchanged from last month's forecast. The panel expects GDP to expand 6.9% in 2014, which is down 0.1 percentage points from last month's projection.
Author: Carl Kelly, Economist