Canadian economy plunges record 11.6 percent in AprilChristian Fernsby ▼ | July 2, 2020
Canada's gross domestic product (GDP) plunged 11.6 percent in April, following a 7.5 percent decline in March, according to Statistics Canada on Tuesday.
Statistics Canada factory
Statistics Canada attributed the plunge to the first full month of emergency measures put in place to slow the spread of COVID-19 in April.
However, Statistics Canada said Canada's economy is likely to grow 3 percent in May as businesses across the country began to reopen following coronavirus-caused shutdowns. ■