Colombia’s economy loses traction in August and falls 10.6%

Colombia’s economy contracted by 10.6% in August compared to the same month of the previous year, due to the impact caused by stricter quarantines focused on the country’s capital to reduce the speed of contagion of the coronavirus. The annual drop in August was higher than that reported in July, when it reached 9.7%, the National Statistics Department (DANE) specified. The fall of GDP in August was explained by a generalized slowdown in almost all economic activities, mainly in retail, construction, manufacturing industry and the agricultural sector.

Source: Reuters