Panamas economic activity slows

IN THE CLOSING month’s of the previous administration, Panama’s economic activity plummeted to the lowest level since 2009

 The monthly index of economic activity (Imae) registered a growth of 4.29% in the first seven months of the year compared with the same period last year,reports  the Comptroller General’s Office. 
The Imae, an indicator of the level of production of the country, reflectes the slowdown in the economy so far this year. In 2013, in the same period in 2013 the Imae grew 7.71% and it reached 10.74% in 2012 A.
The figure for 2014 is the lowest since 2009, also an election year and coincided with the global financial crisis, when production grew 1.71% in the period from January to July.
The sectors with positive results for the period are: fishing; transport, storage and communications, the segment which includes the Panama Canal and the port system. Others with good reports were ; financial institutions; hotels and restaurants; and trade.
All other sectors showed positive rate, but at a slower pace, with the exception of manufacturing, electricity and water; and construction, mining and quarrying, which fell slightly.
Construction and operation of mines and quarries were affected by reduced activity in the Panama Canal expansion and the completion of major projects of state investment. Likewise, “lower demand for basic inputs such as concrete and cement, and items associated with mining was observed,” says the report.