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Statistics Canada says economy posted record 11.6% plunge in April

作者:admin 2020-07-01

OTTAWA — The full impact of sweeping economic lockdowns meant to slow the spread of COVID-19 came into sharper view, with new figures showing Canada saw the largest monthly drop on record in April as the country came to a near standstill.

Statistics Canada said Tuesday that gross domestic product fell 11.6% in April with non-essential businesses shut for the full month following a 7.5% decline in March.

Economists on average expected a drop of 13% for April, according to financial markets data firm Refinitiv.

Even though the April figures fell short of expectations, they showed the unprecedented drop the country experienced in such a short time.

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