Statistics Canada is reporting that real gross domestic product in Canada dropped 11.6% in April, following a 7.5% decline in March.
April marked the first full month of measures put in place to slow the spread of Covid-19.
The transportation and warehousing sector was down for the fifth time in six months, dropping 23.1% in April, as border closures and travel restrictions continued affecting the sector.
The output of motor vehicle and motor vehicle parts and accessories merchant wholesalers were down by half in April and contributed most to the overall decline in the sector, as the shuttering of North America’s automotive assembly plants reduced the need for cross-border movement of parts and products.
All 20 industrial sectors of the Canadian economy were down, producing the largest monthly decline since the series started in 1961. The economy was 18.2% below its February level, the month before the COVID-19 measures began.
Preliminary information indicates an approximate 3.0% increase in real GDP for May.
Have your say: