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- Canada’s economy shrinks 11.6 percent in April
Canada’s economy shrinks 11.6 percent in April
Statistics
Canada announced on Tuesday that the country’s gross domestic product (GDP)
dropped 11.6 percent m-o-m in April, following a revised 7.5 percent m-o-m fall
in March (originally a 7.2 percent m-o-m contraction). This was the largest
monthly decline in GDP since the series started in 1961 but was better than economists’
forecast of a 13.0 percent m-o-m decrease.
According to
the report, 25 of 26 all sectors recorded declines in April. Manufacturing tumbled
22.5 percent m-o-m in April as all subsectors contracted as many factories were
either completely shut down or operated at a much lower capacity to slow down
the spread of COVID-19. In addition, the construction sector fell 22.9 percent
m-o-m in April, retail trade contracted 22.9 percent m-o-m, the transportation
and warehousing sector dropped 23.1 percent m-o-m, the accommodation and food
services sector plunged 42.4 percent m-o-m. and wholesale trade fell 17.9
percent m-o-m. Meanwhile, information
and communication technologies industries recorded a 0.4 percent m-o-m advance in April.
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