Canada’s Economy Hit Hard in April

April was one of, if not the worst, months for Canada’s economy.

According to Statistics Canada, the GDP dropped by 11.6 per cent. This after taking a 7.5 percent hit in March.

April was the first full month COVID-19 measures were in place, making this the largest monthly decline since they started tracking this data in 1961.

The oil and gas sector has seen a 19.3 per cent decline in the past three and a half months.

The main reasons for the drop are being credited to weakness in oil prices, global over stock, and the COVID-19 pandemic.

Meanwhile, Statistics Canada suggests May saw a three per cent increase in GDP.

More from 100.5 Cruz FM