Economics
Canada’s Economy Shrank Almost 12% in Historic April Contraction
- GDP decline was broad-based, with all major sectors falling
- Signs of recovery appear in May, with growth rebounding 3%
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Canada’s economy collapsed in April as the country recorded its biggest output drop on record in the first full month of lockdowns to curb the Covid-19 pandemic.
Gross domestic product shrank by 11.6%, extending the 7.5% decline in March, Statistics Canada said Tuesday in Ottawa. Before the crisis, the economy had never contracted more than 1.5% in any one month over the past sixty years.