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LatinNews Daily - 12 June 2020

In brief: Productive sector paralysis brings substantial losses in Ecuador

* Ecuador’s ministry of production has reported that the economic paralysis caused by measures taken to contain the spread of coronavirus (Covid-19) resulted in losses of US$14.1bn for the country’s productive sector between 16 March (the start of quarantine) and 24 May. Production Minister Iván Ontaneda noted that sales dropped substantially as nearly 70% of economic activities were suspended. The commercial sector was hit hardest, followed by services, manufacturing, and agriculture, while three sectors benefitted from the emergency – food and drink, pharmacy and medical supplies, and e-commerce. Ontaneda claimed that the situation has already begun to improve, with the lowest sales figures reported in April, noting that the resumption of delivery services in early May boosted sales by over US$400m in the first week of the month alone.

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