Ottawa, March 3
Canada’s gross home product shrank 5.4 per cent in 2020, the worst yr for the nation’s economy since record retaining started in 1961, in accordance with authorities.
In a press release on Tuesday, Statistics Canada mentioned the nation’s worst financial output was because of the first wave of the Covid-19 pandemic which shut down companies and triggered tens of millions of individuals out of labor in March and April of 2020, reviews Xinhua information company.
Canada’s gross home product, together with the full worth of all items and companies it produced, grew by 2.3 per cent within the final quarter of 2020, however that was nowhere close to sufficient to offset the record-setting plunge it skilled throughout the first wave.
Since early summer season final yr, Canadian financial exercise has slowly recovered.
The economy grew at an annualized fee of 9.6 per cent within the fourth quarter of final yr, down from an annualised development fee of 40.6 per cent within the third quarter.
However, regardless of the better-than-expected end result for the quarter as a complete, Statistics Canada mentioned whole financial exercise in December 2020 was about 3 per cent under the pre-pandemic stage in February 2020.
For comparability functions, Canada’s economy contracted virtually twice as a lot because the US did throughout the Covid-19 pandemic, regardless of the latter seeing much more instances per capita.
For January 2021, Statistics Canada mentioned its early estimate was for development within the economy of 0.5 per cent, including that wholesale commerce, manufacturing and building sectors led the rise whereas retail commerce fell to begin the yr. — IANS