Initial Statistics Canada data shows economic activity collapsed in March, dropping nine per cent — the biggest monthly decline on record. The coronavirus pandemic brought business to a halt across the country as Canadians were urged to stay at home as a preventative measure. #Breaking Canada GDP contracts 9% in March and 2.6% in Q1 […]

Initial Statistics Canada data shows economic activity collapsed in March, dropping nine per cent — the biggest monthly decline on record.

The coronavirus pandemic brought business to a halt across the country as Canadians were urged to stay at home as a preventative measure.

mike eppel
@eppman

Canada GDP contracts 9% in March and 2.6% in Q1 according to Stats Canada. Conference Board of Canada sees 2nd Qtr. GDP contraction of 25%.

mike eppel

@eppman

Stats Canada typically releases GDP 2 months after the reference month. Calls this a “flash estimate”. Hardest hit sectors were travel and tourism, retail, sports leagues.

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The preliminary estimate is the first from the agency.

On Tuesday, the International Monetary Fund predicted Tuesday that the national economy will contract by 6.2 per cent this year.

Its report said heavy government spending in Canada and elsewhere to help households pay bills and businesses to stay afloat may need to be scaled up if the pandemic persists.

RELATED: Coronavirus and finances

On Saturday, the House of Commons approved a $73-billion wage subsidy program aimed at helping businesses and workers survive the economic ravages of the COVID-19 pandemic.

Some six million people had filed claims by Sunday night for a $2,000-a-month emergency benefit for help during the first four-week eligibility period.

Prime Minister Justin Trudeau has said the government is willing to send money to provinces that want to provide salary top-ups to help keep essential workers on the job and will soon announce help for people who are falling through the cracks of emergency aid program

Source: Canadian economy shrinks 9% in March – CityNews Toronto

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