Canada’s economy had its worst year on record in 2020
Statistics Canada records show that Canada’s economy in 2020 had its worst showing on record.
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Statistics Canada records show that Canada’s economy in 2020 had its worst showing on record.
Statistics Canada records show that Canada's economy in 2020 had its worst showing on record.
According to StatCan, "real gross domestic product (GDP) grew 2.3% in the fourth quarter of 2020, following record fluctuations in the previous two quarters. In 2020, real GDP shrank 5.4%, the steepest annual decline since quarterly data were first recorded in 1961. Final domestic demand rose 0.9% in the fourth quarter, but was down 4.5% for 2020 overall."
The economy was rocked hard during March and April of 2020, when the first round of lockdowns were put in place.
The economy has struggled to find its footing ever since, and has recovered at a crawl.
According to the report, the economy grew at an annualized rate of 9.6 percent in 2020's fourth quarter, a drop of 31 percent compared to the third quarter.
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