Panama: Economic activity gains steam in January
Latest reading: Economic activity increased 4.1% on a year-on-year basis in January, following a 4.0% rise in the prior month.
The transport sector remained a key growth driver, supported by higher Panama Canal cargo volume growth in January from the previous month, as well as air transport. Commercial activity was also a notable source of support, underpinned by higher car registrations, fuel sales, and a recovery in Colón Free Trade Zone reexports. Construction contributed through both public and private infrastructure investment, while financial services maintained an upward trajectory. On the downside, banana and seafood exports contracted in January.
On a month-on-month basis, economic activity was down 1.3% in January, following a 2.3% fall in the prior month.