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30.06.2020, 12:52

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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