Macroeconomic Forecast Panama

Panama's economic activity index (IMAE) continued to perform strongly in October 2011, growing by 8.4% y-o-y. The index averaged growth of 8.7% y-o-y between January and October. This data underpins very strong real GDP growth in Q311, coming in at 10.4% y-o-y. We forecast real GDP growth of 6.9% y-o-y in 2012, moderating slightly from our 2011 estimate of 8.3% growth in 2011, as global macroeconomic headwinds and domestic political tensions may weigh on growth.

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