Canada’s GDP Falls By 9 Per Cent in March

Canada’s GDP fell by nine per cent in March.

That’s according to Statistics Canada who released a monthly report to show the extent of damage the COVID-19 pandemic is having on the economy.

Overall, the first quarter of 2019 saw a 2.6 per cent drop.

March’s drop is the biggest Canada has seen since Statistics Canada started releasing this data in 1961.

The hardest-hit sectors are revolving around travel and tourism. This includes personal transportation, restaurants, and accommodation.

Personal services, retail, entertainment, and sporting events have also been hit hard.

Despite the crash of oil prices, the sector wasn’t substantially impacted as facilities were still being filled.

Meanwhile, the health sector, food distribution, and online retailing and streaming sectors all saw growth month-over-month.

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