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A first semester of losses for the Ecuadorian economy- Ecuador Times

Date: Jul 2, 2020

Ecuador’s economy will close with sales losses in the first half of this 2020. This scenario includes the impact of the pandemic in the productive area from March 16 to June 16, which according to a preliminary report from the Ministry of Production they would add USD 6114 million. The data corresponds to electronic invoicing. The activity that had the worst performance in the first semester was commerce , with losses of 8,722 million in the pandemic . Services and industries followed. The least affected sectors were agriculture, banking, livestock and fishing.

Businesses food and medicines were the least affected.

The fall in economic activity hit employment and there were 240,000 disaffiliations to social security until mid-June.

The economic losses in the companies began to be reflected from March 16 of this year and remained constant until the first week of May when the figures began to improve.

To read the full article on Ecuador Times, click here.