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Statistics Canada says economy contracted 0.3 per cent in April

Statistics Canada says economy contracted 0.3 per cent in April

OTTAWA – Statistics Canada says the economy contracted in April as real gross domestic product posted its first decline since April 2020 during the first wave of the pandemic.

The agency says real gross domestic product fell 0.3 per cent in April.

The result compared with an initial estimate for April for a drop of 0.8 per cent.

Statistics Canada says its preliminary estimate for May shows a drop of 0.3 per cent as many restrictions were still in place through the month as the country grappled with the third wave of the COVID-19 pandemic.

The decline in April, as well as the early estimate for May, put overall economic activity about one per cent below pre-pandemic levels seen in February 2020.

Attention will now turn to figures for June where experts expect signs of a consumer-led recovery as vaccination rates rise, restrictions roll back and cooped up Canadians have a chance to spend on goods and services.

©2021 The Canadian Press

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