LatinNews Daily - 18 August 2021

In brief: Colombia’s GDP shrinks as a result of protests

* Colombia’s national statistics department (Dane) has published the latest quarterly GDP figures, which show that in seasonally adjusted terms the country’s economy contracted by 2.4% in the second quarter of the year compared with the previous quarter. Dane stated that the negative GDP variation was driven by a 3.9% quarterly decline in exports and an 18.3% decline in gross fixed capital formation. These decreases coincided with the wave of anti-government protests that saw key transit routes blockaded across Colombia in May and June. In year-on-year terms, GDP in Q2 was up 17.6%, reflecting the effects of the economic shutdown that was introduced after the coronavirus (Covid-19) pandemic reached Colombia last year. Despite the strong year-on-year rebound, Q2 GDP remained 2.9 percentage points below the pre-pandemic levels recorded in Q2 2019.

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