Statistics Canada says April hit a record low with a historic economic drop. Stats Can published a report Tuesday morning saying the Gross Domestic Product (GDP) dropped 11.6 per cent in April. That’s on top of a 7.5 per cent decline in March.
While the numbers show a relative standstill across most sectors for April, Stats Can says May will likely tell a different story. Preliminary information suggests a 3 per cent increase is on the way for May. That’s when most regions gradually kick-started their economies.
A new estimate will be issued at the end of July with May’s numbers reflected in our GDP.