Since being liberalized in 1991, the Colombian telecommunications sector has added new services, expanded coverage, improved efficiency, and lowered costs. The sector has had the second largest investment in infrastructure since 1997. However, the economic downturn between 1999 and 2002 adversely affected telecommunications. During this period, Colombia's telecommunications industry lost US$2 billion despite a profit of US$1 billion in local service. In June 2003, the government liquidated the state-owned and heavily indebted National Telecommunications Company and replaced it with Colombia Telecomunicaciones. The measure enabled the industry to expand rapidly, and in 2004 it constituted 2.8 percent of gross domestic product (GDP). Telefónica of Spain acquired 50 percent plus one share of the company in 2006.