Canada’s GDP Dropped 38.7% Between April and June

Source: Staff The Canadian Press, globalnews.ca, August 28, 2020

Preliminary estimates for July indicate a three-per-cent increase in real GDP.

Statistics Canada says the economy posted its steepest decline on record in the second quarter as the novel coronavirus pandemic forced the closure of non-essential businesses and slowed the economy to a crawl.

The agency says real gross domestic product contracted at an annualized rate of 38.7 per cent for the three-month period.

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