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Canadian economy plunges record 11.6 percent in April

Christian 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.
Canada factory
Statistics   Canada factory
All 20 industrial sectors of the Canadian economy dropped in April, producing the largest monthly decline. The country's economy was 18.2 percent below its February level, the month before the anti-COVID-19 measures began.

Topics: Canadian

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.


 

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