CANADIAN ECONOMY SHRANK 5.4% IN 2020, WORST YEAR ON RECORD
Mar 02, 2021
By Bob Komsic
This should comes as no surprise to most.
Canada’s economy shrank 5.4% last year, according to Statistics Canada, making 2020 the worst year for economic output since recording keeping began.
Gross Domestic Product (total value of all goods and services produced) grew by 2.3% during the final quarter of the year, but was nowhere near enough to offset the record-setting plunge during the middle of the year.
That decline was due to the shutdown of large parts of the economy during the first wave of COVID-19.
Since last summer the economy has slowly, steadily grown.
All in all, Stats Canada says economic output in December was 3% lower than it was in February before the pandemic hit.
In its early estimate for January, the agency says growth was 0.5%.