The Colombian economy contracted in the last trimester of 2008 for the first time in ten years. The country's GDP shrunk 0.7 percent amid a global economic crisis.
Colombia's economy hasn't shrunk since 1999 when the GDP plummeted 4.6 percent.
According to Colombia's statistics agency DANE, the economy grew 2.5 percent in 2008, despite the drop in the last four months.
The contraction is mostly to blame on the drop of industrial output, one of the pilars of the Colombian economy.
