Canada’s GDP shrinks record 9 per cent in March [Toronto Globe and Mail (Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
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Source: Toronto Globe and Mail
Canadian GDP contracts 9% in March as pandemic upends economy The Canadian economy plunged by 9 per cent in March as COVID-19 started to upend business operations, with even uglier results expected in April. In an estimate, Statistics Canada on Wednesday said the decline in gross domestic product for March would be the largest one-month contraction in records dating back to 1961. For the entire first quarter, GDP would decline by 2.6 per cent. Under normal circumstances, Statscan would release its March GDP figures in May. However, given the economic devastation wrought by the novel coronavirus, Canada’s national statistical agency moved to release a timelier estimate of activity. Statscan stressed the estimates will change once more data is used in the full report released in May. “Economic disruptions have been both deep and widespread in the month of March,” Statscan said, noting that industries such as travel and tourism, restaurants, accommodation and retailing have taken major h
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