The year starts slowly…but exports of copper may change the trend. Martinelli´s trial may heat up the headlines

PANAMA - Report 29 Mar 2019 by Marco Fernandez

The economic data for the first month of 2019 suggests a weak start to the year. The recently published Monthly Economic Index for January point in that direction (see Graph 1 below). Surprisingly, the effect of the World Youth Meeting in January, which should have increased internal demand by 0.7% of GDP according the organizers (and our own projections) did not fulfill expectations: foreign visitors - initially estimated to be around 250,000 - were less than 50,000 according to the entry of passengers that month compared with January of the previous year. Some local businesses complained that their sales were hampered by crowds and traffic, as well as the need for a total shutdown of some offices during the week.

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