Canadian GDP fell of a cliff

Canadian GDP Tumbled Further in April

Posted Wednesday, July 1, 2020 by
Skerdian Meta • 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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