Colombia’s economy contracted 9% in third quarter

The Colombian economy contracted 9% in the third quarter compared to the same period in 2019, and entered a technical recesion. However, the fall is less than the -15.8% recorded between April and June, according to the National Administrative Department of Statistics (DANE). The sectors of trade, accommodation and food services (-20.1%), construction (-26.2%) and mining and quarrying (-19.1%) were the most affected, whislt agriculture, financial services and real state had positive variations of 1.5 %, 1.5 % y 1.8 %, respectively. So far this year, the Colombian economy has contracted by 8.1%. The last time Colombia experienced a recession was in 1999 with a negative growth of 4.5%, due to excessive public and private debt and a mortgage crisis.

Source: Merco Press