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GDP in Q1 worst showing since 2009: StatsCan

作者:admin 2020-05-31

OTTAWA — Canada’s economy had its worst quarterly showing since 2009 through the first three months of 2020 owing to COVID-19, Statistics Canada said Friday, warning an even steeper drop may be coming.

Gross domestic product fell at an annualized rate of 8.2% in the first quarter, including a 7.2% drop in March as restrictions by public health officials began rolling out, including school closures, border shutdowns and travel restrictions.

Preliminary information indicates an 11% drop in GDP for April, but the statistics agency said that figure is likely to be revised as more information becomes available.

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