Canadian economy sees record drop in second quarterChristian Fernsby ▼ | August 29, 2020
Canada's gross domestic product (GDP) fell 11.5 percent in the second quarter this year, following 2.1 percent decline in the first quarter due to the coronavirus pandemic, according to Statistics Canada on Friday.
Second quarter Canada America border
The second quarter decline, the steepest since quarterly data were first recorded in 1961, reflected sharp decreases in household spending, business investment, and international trade.
Final domestic demand dropped 11.1 percent, continuing the 1.9 percent drop in the first quarter.
Expressed at an annualized rate, real GDP plunged 38.7 percent in the second quarter.
The second quarter is largely expected to be the worst quarter in 2020 for the Canadian economy before the country begins what is expected to be a long, bumpy road to recovery. ■