Compared to the final quarter of 2019, the decline was 2.1%, Statistics Canada said, adding that the drop in gross domestic product was the sharpest since the 1st quarter of 2009."The Canadian economy collapsed in March," said Benoit Durocher, economist at the Desjardins Bank in Montreal.
The downturn will be exacerbated in the 2nd quarter, he predicted, on the basis of Statistics Canada's preliminary data which showed GDP fell by 11% between March and April. That said, the figures for March were less gloomy than anticipated, pointed out Royce Mendes of CIBC. That"means that the 2nd quarter as a whole won't look much worse than the roughly 40% annualized drop-off in GDP we had been expecting," he added.
The 1st quarter drop in GDP followed measures introduced in mid-March to contain the pandemic, such as the closure of schools and
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