Contraction unprecedented in the canadian economy in April

Contraction sans précédent de l’économie canadienne en avril

The canada’s gross domestic product has witnessed a decline in monthly log of 11.6% in April due to the confinement imposed to counter the COVID-19, reported Statistics Canada on Tuesday.

“All 20 business sectors of the canadian economy showed a decrease, which resulted in the largest monthly decline since the beginning of the series in 1961,” said the federal institution.

With the strong monthly decline already recorded in march, the economy contracted by 18.2 % in April compared to February, the month before the entry into force of the anti-COVID.

The services sector, and accommodation and food is the one that declined the most with a dip of 42.4 % in April, after falling 37.1% in march. This industry has plunged by about 64 % compared to February.

The areas of arts and entertainment (-25,6 %), manufacturing (- 22,5 %), transportation and warehousing (- 23.1 per cent), retail trade (- 22.9 %) and construction (- 22.9 per cent) have backtracked in similar proportions. All sub-sectors of the manufacturing, retail trade and construction declined.

In contrast, the sector of finance and insurance has only lost 1.0% in April. The public services (1.8 %) and professional services (- 1,3 %) have also experienced declines modest.

According to the information provisional collected by Statistics Canada, real GDP rose about 3 % in may, with the déconfinement. The production in the sectors of manufacturing, retail trade, and wholesale trade the public sector (education, health care and public administration) was in growth in may.


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