Canadian Output plunges 8.2% in Q1 2020
Saturday, 05 30 2020, Category: Economy, Country: World
Canada’s economy shrank the most since the 2008-09 financial crisis, marking the beginning of what’s expected to be the deepest contraction of the post-war era.
Gross domestic product dropped at an annualized 8.2% in the first three months of the year, Statistics Canada said Friday in Ottawa. Economists had anticipated a 10% decline. The agency also released preliminary estimates for April that show an 11% plunge in output, versus the 7.2% drop in March when coronavirus restrictions were first imposed halfway through the month.
As bad as the numbers are, the better-than-expected data suggest the country may be able to avoid the most dire scenarios, helped by a flood of government transfers into the economy.