Canada’s GDP shrank by 11.6% in April — worst monthly drop on record

Statistics Canada says the economy saw its largest monthly drop on record in April as it came to a near standstill due to the coronavirus pandemic, but early indications point to a rebound in May as
businesses began to reopen.

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The agency says gross domestic product fell 11.6 per cent in April with non-essential businesses shut for the full month following a 7.5 per cent decline in March.

CANADA'S MONTHLY CHANGE IN GDP

However, Statistics Canada says its initial flash estimate for May points to growth of 3.0 per cent.

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Economists on average expected a drop of 13 per cent for April, according to financial markets data firm Refinitiv.

More to come

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