Colombian Economy Contracted 9 Percent in Third Quarter

The Colombian economy contracted 9 percent in the third quarter, compared with the same period in the year 2019, as the nation continues to suffer the effects of the COVID-19 pandemic and the lockdown measures that the government has been imposing to contain its spread.

The Colombian economy contracted 9 percent in the third quarter, compared with the same period in the year 2019, as the nation continues to suffer the effects of the COVID-19 pandemic and the lockdown measures that the government has been imposing to contain its spread.

In a statement, Colombia’s Economy Ministry said the contraction was way more severe than the median prediction by analysts of the Central Bank and official finance agencies, who pointed out that the country’s gross domestic would contract by 8.7 percent.

The ministry also said that government statistics agency DANE revised the contraction for the second quarter to a slightly more severe 15.8 percent, from a previous contraction figure of 15.7 percent and lowered growth in the first quarter to 1.2 percent from an original expansion figure of 1.4 percent.

The Colombian economy contracted 9.54 percent and 10.37 percent in July and August respectively and shrunk by 7.25 percent in September.


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