Macroeconomic Forecast Panama

Economic activity in Panama fell by a seasonally-adjusted 1.8% y-o-y in May, down from 8.8% growth a year earlier, suggesting that the country is still feeling the shock of global economic headwinds. While the imminent commencement of construction work on the new lock of the canal expansion project should ensure that the country's real GDP growth rate remains in positive territory this year, we are still braced for a massive deceleration. We see real GDP growth coming in at just 0.8% this year, down from 9.2% and 11.2% in 2008 and 2007, respectively.

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