Panama's Monthly Economic Activity Index (IMAE) grew by 4.73% year-on-year as of September, accumulating an expansion of 4.3% in the first nine months of 2025. This growth was driven by sectors such as transportation, finance, and construction, according to data from the National Institute of Statistics and Census (INEC) released this Friday.
In explaining the year-on-year IMAE result, which is a production indicator that helps approximate the country's economic growth path, INEC points out that the transportation, storage, and communications sector was mainly driven by the Panama Canal, due to increased toll revenue and net tons. Air transport and container traffic through the National Port System also contributed to this expansive dynamic, stated the statistical body of Panama's Comptroller General's Office.
Financial intermediation continued on a positive path due to an increase in local deposits and credits, while the growth in construction was mainly due to the rise in the value of works, additions, and repairs, which generated a higher demand for inputs that, in turn, boosted the activity of mines and quarries.
On the other hand, negative variations were shown in the commercial activity of the Colón Free Zone due to the lower value of goods re-exports; national fuel sales; the lower processing of some essential food products, such as meat processing and tomato and dairy derivatives; as well as the lower export of fish and chilled and frozen fish fillet, among others.
