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Recent Developments in the Canadian Economy, 2020: COVID-19, first edition

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Released: 2020-05-26

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 (Catalogue number11-626-X), is now available.

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