Economy posted record 11.6% plunge in April: Statistics Canada
By CP STAFF
Economy Industry Manufacturing COVID-19 Economy GDP manufacturingManufacturing was down 22.5% with many factories either shuttered or operating at greatly reduced capacity.
OTTAWA — Statistics Canada says the economy saw its largest monthly drop on record in April as it came to a near standstill due to the pandemic, but early indications point to a rebound in May as businesses began to reopen.
The agency says gross domestic product fell 11.6% in April with non-essential businesses shut for the full month following a 7.5% decline in March.
However, Statistics Canada says its initial flash estimate for May points to growth of 3%, which will be revised and finalized at the end of July.
Economists on average expect a drop of 13% for April, according to financial markets data firm Refinitiv.
Manufacturing was down 22.5% in April as many factories either shuttered or greatly reduced capacity in line with public health measures to slow the spread of COVID-19.
The output of the accommodation and food services sector dropped 42.4% in April, as customers replaced eating out with staying in, hitting a sector that saw a 37.1% decline in March.
