OTTAWA – Statistics Canada says the economy posted its steepest decrease on record in the second quarter as the COVID-19 pandemic constrained the conclusion of non-essential businesses and eased back the economy to a creep.
The agency says real gross domestic product contracted at an annualized pace of 38.7 per cent for the three-month time frame, the most noticeably awful appearing since the beginning of 2009 at the tallness of the global financial crisis.
Economists had expected a contraction in the quarter at an annualized pace of 39.6 per cent, as indicated by financial markets data firm Refinitiv.
Pretty much every single component of the economy used to compute GDP was at its absolute bottom over April, May and June – driven to a great extent by across the board lockdowns in April.
Financial yield bounced back in May by 4.8 percent, and the agency says June posted an increase of 6.5 per cent.
OTTAWA – Statistics Canada says the economy posted its steepest decrease on record in the second quarter as the COVID-19 pandemic constrained the conclusion of non-essential businesses and eased back the economy to a creep.
The agency says real gross domestic product contracted at an annualized pace of 38.7 per cent for the three-month time frame, the most noticeably awful appearing since the beginning of 2009 at the tallness of the global financial crisis.
Economists had expected a contraction in the quarter at an annualized pace of 39.6 per cent, as indicated by financial markets data firm Refinitiv.
Pretty much every single component of the economy used to compute GDP was at its absolute bottom over April, May and June – driven to a great extent by across the board lockdowns in April.
Financial yield bounced back in May by 4.8 percent, and the agency says June posted an increase of 6.5 per cent.
Photo credit: THE CANADIAN PRESS/Sean Kilpatrick
News source: THE CANADIAN PRESS
