New estimates from Statistics Canada show the impact COVID-19 is having on the country’s economy.
Canada’s GDP declined by around nine per cent in March – the biggest monthly decline on record – and 2.6 per cent during the first quarter of 2020.
“Economic disruptions have been both deep and widespread in the month of March,” said the agency in a statement Wednesday.
Among the hardest-hit by physical distancing and government restrictions are the travel- and tourism-related industries, including personal transportation, restaurants and accommodation.
Major declines have also been reported in personal services, retailing, entertainment and sporting events, and movie exhibition.
“Working from home and distance learning have been growing trends across society, however, due to the suddenness and breadth of the shutdowns of government and education facilities, the volume of output in these sectors, based on actual hours worked, is calculated to decline dramatically,” said Statistics Canada.
But not all sectors of the economy declined in March. Activity in the health sector, food distribution and online retailing and streaming have been growing.
Early indications also seem to show the volume of oil and gas extraction and pipeline transportation had not yet been substantially impacted in March, despite the collapse in oil prices and the pullback in the sector’s investment activities.
