Canadian GDP Tumbled Further in April
Skerdian Meta•Wednesday, July 1, 2020•1 min read
The Canadian economy was holding up well last year, while he rest of the globe was weakening due to the US-China trade war. But, the coronavirus came and ruined everything for everyone. In March the economy contracted by 7.2%, as last month’;s report showed, but it was revised lower today to -7.5%. In April, the contraction was deeper, as the GDP became 11.6% smaller in just one month. That’s the biggest contraction ever.
Canada April 2020 GDP Data
- April GDP -11.6% vs -12.2% m/m expected
- Worst month on record
- March was -7.2 m/m (revised to -7.5%)
- GDP contracts 17.1% y/y vs -17.1% expected
- Through March, GDP contracted 5.8% y/y
- Flash May estimate +3.0% m/m
- Manufacturing sector -22.5% in April
- Construction sector -22.9%
- Retail trade -22.9%
- Transportation and warehousing -23.1%
- Accommodation and food services sector -42.4% in April and -64% from Feb
The headline beat is matched by the prior revision and that put the y/y in-line with expectations. In any case, a decade of GDP growth has been wiped out in two months. The Canadian dollar took the report in stride and was largely unchanged.
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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