Recent developments in the Canadian economy, COVID-19, second edition
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Released: 2020-06-24
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.
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The research article "Recent Developments in the Canadian Economy, 2020: COVID-19, second edition," part of Economic Insights (11-626-X), is now available.
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