Recent developments in the Canadian economy, COVID-19, second edition
The magnitude of change in the Canadian economy since the onset of COVID-19 has been profound. From February to May, total employment has fallen by over 2.7 million, as the unemployment rate rose to a record high 13.7%. A flash estimate of gross domestic product (GDP), released by Statistics Canada in late May, projected an 11% decline in real GDP in April, following March's 7.2% decrease.
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, using the latest data on output, labour, trade, manufacturing, and consumer prices. It is the second in a series of articles that will summarize key economic developments related to COVID-19 as new data and information become available.
The research article "Recent Developments in the Canadian Economy, 2020: COVID-19, second edition," part of Economic Insights ( 11-626-X), is now available.
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; STATCAN.infostats-infostats.STATCAN@canada.ca) or Media Relations (613-951-4636; STATCAN.mediahotline-ligneinfomedias.STATCAN@canada.ca).