July 17, 20 - 3:46 pm - LABS

Colombian economy shows slight recovery in May

Colombia‘s Economic Monitoring Index registered a 16.65% drop in May, a slight recovery from the 20.49% drop in April, revealed the country’s National Administrative Department of Statistics (Dane) this Friday afternoon.

During 2020, this index shows a negative value of -7.0%, as a result of the contraction demonstrated by the Colombian economy due to the measures adopted to prevent the spread of the coronavirus pandemic, from the end of March to the end of April, when a gradual reopening started in the country.

The latest report from the Economic Commission for Latin America and the Caribbean (ECLAC), released this week, shows that the South American country, the fourth largest gross domestic product (GDP) in the region, will contract by -5.3% in 2020. Despite the strongly negative result, the Colombian economy will suffer less than that of its neighbors.