Canada’s GDP declined slightly in April
Posted Jun 30, 2021 5:34 am.
Last Updated Jun 30, 2021 7:59 am.
OTTAWA – The real gross domestic product contracted 0.3 per cent in April, according to Statistics Canada.
The result compared with an initial estimate for April for a drop in of 0.8 per cent. The decline was the first after 11 consecutive monthly increases
While the GDP contracted slightly, the agency says “total economic activity remained at about 1 per cent below its level before the COVID-19 pandemic” took hold, in February 2020.
Statistics Canada says its preliminary estimate for May shows a drop of 0.3 per cent as many restrictions were still in place through the month as the country grappled with the third wave of the COVID-19 pandemic.
Attention will now turn to figures for June where experts expect signs of a consumer-led recovery as vaccination rates rise, restrictions roll back and cooped up Canadians have a chance to spend on goods and services.
