CANADIAN ECONOMY SHRANK 5.4% IN 2020, WORST YEAR ON RECORD

Mar 02, 2021

By Bob Komsic

Share on
This should comes as no surprise to most.
Canada’s economy shrank 5.4% last year, according to Statistics Canada, making 2020 the worst year for economic output since recording keeping began.
Gross Domestic Product (total value of all goods and services produced) grew by 2.3% during the final quarter of the year, but was nowhere near enough to offset the record-setting plunge during the middle of the year.
That decline was due to the shutdown of large parts of the economy during the first wave of COVID-19.
Since last summer the economy has slowly, steadily grown.
All in all, Stats Canada says economic output in December was 3% lower than it was in February before the pandemic hit.
In its early estimate for January, the agency says growth was 0.5%.
Join Our Fan Club
Coverage Area
Downtown Toronto
96.7FM
Toronto HD
96.3 HD-2
Kingston to Windsor, Parry Sound to Pittsburgh
AM740
ZoomerRadio Logo

Recently Played: