Business formation in Colombia increased 11.5% in June compared to the same month last year, according to figures from Confecámaras (Colombian Confederation of Chambers of Commerce), in its Report on the Dynamics of Creation of Companies for the first semester of 2020.
Non-specialized food and clothing retail sectors were the main industries to bring growth.
While in March, the creation of companies decreased by 34.3%, in April it contracted 87% and in May 56%, which led to 131,848 new firms in the first half of the year, 26.3% less than in the same period of 2019 (178,844).
According to Julián Domínguez, president of Confecámaras, these figures “claim the role that the business sector plays in our society as an engine of well-being and development. The productive sector begins to show a path towards recovery with the increase in the birth of companies, many of them created as an opportunity in the midst of this crisis, and in this framework, the conditions must continue to ensure that the reopening goes on without jeopardizing the health of Colombians.”