Macroeconomic Forecast Panama

BMI View: The Panamanian economy's robust recovery continued apace in Q110, according to recent data, with the monthly index of economic activity measure up 4.7% y-o-y, and a solid 3.7% on the seasonally adjusted reading. With the index back to record highs, this implies the recovery is built on more than simply base effects alone, and while the tertiary sector and manufactured exports may suffer from lower economic activity in the second half of this year, strong canal-related activity should keep headline growth buoyed throughout 2010, in line with our own 4.1% real GDP growth rate projection.

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