Panama economic activity up near 15% in 9 months

The monthly index of economic activity (IMAE) of Panama between January and September grew by 14.94%, compared to the same period in 2020, which shows “the recovery process after the impact” in the productive apparatus of the health emergency due to the covid-19 pandemic.

In September the IMAE, expanded by 18.02%, compared to the same month of the previous year, according to data from the National Institute of Statistics and Census (INEC ) of Panama released  Tuesday.

In the first semester of this year, the Panamanian gross domestic product (GDP) expanded by 10%. International risk rating agencies and agencies foresee that the indicator will grow between 8% and 12%  in 2021

The expansion of the IMAE in the three quarters of the current year was driven by the mining industry, due to the export of copper ore and its concentrate, as well as construction, the execution of public investments and the gradual reactivation of many private projects private, said the INEC.

Economic activity showed a positive rate in indicators such as re-exports in the Colon Free Zone, and local retail and wholesale trade, as well as transportation, storage and communications services, due to the good performance of the Panama Canal and the movement of containers in ports.

On the other hand, hotel services continued to show negative rates, especially due to the low influx of tourists, hikers and passengers in transit, the statistical entity said.