Recent Developments in the Canadian Economy, 2020: COVID-19, first edition
The magnitude of change in the Canadian economy since the onset of COVID-19 has been profound. From February to April, total employment has fallen by three million, while hours worked has declined by almost 30%. Flash estimates of gross domestic product, published by Statistics Canada in mid-April, projected a 9% decline in gross domestic product in March.
A new study from the Economic Insights series provides an integrated overview of major changes in Canadian economic conditions since the onset of COVID-19 in March, using the latest labour, trade and consumer price data. It is the first in a series of articles that will summarize key economic developments related to COVID-19 as new data and information become available.
The article also highlights results from a special survey Statistics Canada conducted in partnership with the Canadian Chamber of Commerce on how COVID-19 has affected business operations. Nearly two-thirds of respondents indicated that their business had been highly affected due to lower demand for their products or services, while almost three-quarters of respondents reported that they were negatively affected by physical distancing measures.
The research article "Recent Developments in the Canadian Economy, 2020: COVID-19, first edition," part of Economic Insights ( 11-626-X), is now available.
For more information, contact us (toll-free 1-800-263-1136; 514-283-8300; STATCAN.infostats-infostats.STATCAN@canada.ca).
To enquire about the concepts, methods or data quality of this release, contact Guy Gellatly (email@example.com), Analytical Studies Branch.