Panama: Economic activity picks up in June
The monthly indicator for economic activity (IMAE, Índice Mensual de Actividad Económica) grew 2.9% over the same month a year prior in June, accelerating from the 2.4% expansion registered in May.
Increased economic activity in June was driven by stronger growth in the transport, storage and communications sector—which includes activity in the Panama Canal and national ports. In addition, the mining and quarrying; financial intermediation; public administration; and gas and electricity supply sectors also logged favorable growth in the month. On the other hand, construction and trade weakened in June.
On a month-on-month, seasonally-adjusted basis, economic activity recovered 0.4% in June from the 2.5% contraction logged in May. Meanwhile, average annual growth in economic activity was stable at 3.2% in June.