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Canada economy posts record plunge, falling 38.7% in Q2 2020

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Declines are recorded across the board, but there is also a bright spot: Canada's gross domestic product rose 6.5% in June, the final month of the 2nd quarter.

Canada's economy shrank at a record annualized pace of 38.7% in the 2nd quarter as a nationwide pandemic lockdown closed businesses and curtailed spending, the government statistical agency said on Friday, August 28.

"It was a quarter to forget for Canada's economy," commented CIBC analyst Royce Mendes in a research note. According to Statistics Canada, household spending fell 13.1% due to substantial job losses and few opportunities to spend as most stores and restaurants were closed and travel and tourism was restricted by the closure of the border.Amid uncertainty at the height of the COVID-19 global outbreak, business investment was down 16.2% as construction activities slowed, plants closed, and oil prices slumped.

Source: Financial Digest (financialdigest.net)

 

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