Consumer confidence in Panama Jumps 13 points in January

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By LatAm Reports Staff Writers

On the possibility of saving money in the next 12 months, the index this January marked 81 points, with an increase of 11 over last November.

The Panamanian consumer confidence index (ICCP) stood at 84 points this January, 13 units above the previous measurement (November 2023), given the best expectations regarding the economic situation over the next 12 months, according to the results of a survey released on Tuesday.

In the poll measured by ICCP, by The Marketing Group, 100 is the balance point or ‘thermometer’ of confidence and/or consumer mistrust in the development of their homes, the country, saving and jobs.

On the possibility of saving money in the next 12 months, the index marked 81 points this January, with an increase of 11 points compared to last November, according to the results of the survey, developed with the collaboration of the Chamber of Commerce, Industry and Agriculture of Panama (CCIAP).

As for the economic future of the home, the expectation of consumers reached 92 points, 18 more than the previous measurement, “reflecting a more favorable perception, approaching levels of confidence,” that is, 100 points or more.

The indicator of the country’s overall economic situation for the next 12 months marked 73 points, up 22 points from last November, but still far from confidence levels.

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“The Consumer Confidence Index remains below the level of confidence,” said the president ofThe Marketing Group, Domingo Barrios.

Panama’s economy grew by about 7 percent of gross domestic product (GDP) in 2023 according to government forecasts, while multilateral estimates of 2024’s economic expansion range from 2 percent of CAF to 4.6 percent of the World Bank.

There are more clouds in the dollared Panamanian economy in 2024 in the face of the expected fall in tax revenues due to the closure of the Copper Panama mine, the largest open sky in Central America, and the reduction of transits through the interoceanic canal due to the drought, which would mean an increase in the deficit.

This article has been translated from the original which first appeared in Panamerica