ECONOMIC OVERVIEW: PANAMA

The economy is slowing down sharply. On 24 June the outgoing administration announced that economic activity fell 2.65% in April, year-on-year. This was Panama's first economic contraction since 2003. To be fair growth in the first quarter was still positive, at 2.5%, year-on-year.
This first quarter growth was a bit slower than the 3.4% originally indicated by the Indice Mensual de Actividad Económica (Imae). The main engines for growth in the first quarter were construction, mining, services and tourism. The sluggish sectors were agriculture and manufacturing.

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