Earning Less, Spending More

PANAMA - Report 30 Aug 2013 by Marco Fernandez and Guillermo Chapman
Executive Summary Activity cooled slightly in May, with the Monthly Economic Activity Index up 4.3% y/y, and 6.3% for the first five months of 2013. Both results were a far cry from the days of 10% growth. The most dynamic sectors over the past year were fishing, construction, mining, transport/storage/communications, and hotels and restaurants. Only commerce shrank, due to Colon Free Zone issues: commerce contracted 12.2% y/y in total, and re-exports by 14.9% y/y. H1 operations for the NFPS resulted in a 2% of GDP deficit, or a gap of $800.7 million, slightly higher than in Q1. The main re...

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