STATS CAN: OVER HALF CANADIAN COMPANIES HAVE LOST AT 20% OF REVENUE TO COVID-19

Apr 29, 2020

By Bob Komsic

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More than 50% of companies have lost at least 1/5 of their revenue due to the pandemic.
That’s the finding of a Statistics Canada and Canadian Chamber of Commerce questionnaire of over 12,600 companies.
Nearly 1/3 have lost 40% of their revenue, while a further 1/5 report at least a 20% reduction in their bottom line.
Overall, more than eight-in-ten businesses which responded say they’ve experienced a ”medium to high” drop in demand for products or services.
While the numbers clearly show thousands of businesses are quickly approaching closing for good, Chamber of Commerce economist Trevin Stratton says others are surviving and adapting on the fly.
”Countless companies can still be saved if we move fast enough to help them,” adds Stratton.
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