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The Financial Express

Canada's real GDP contracted 0.3pc in April

| Updated: July 08, 2021 14:19:01


File photo, (Collected) File photo, (Collected)

Canada's real gross domestic product (GDP) shrank 0.3 per cent in April 2021, according to Statistics Canada on Wednesday.

The total value of all the goods and services produced in Canada's economy shrank for the first time in a year in April due to the unprecedented impact of COVID-19.

The country's total economic activity remained at about 1.0 per cent below its level before the onset of the COVID-19 pandemic in February 2020, reports Xinhua.

Overall, 12 of 20 industrial sectors were down as gains in goods-producing industries, which rose 0.5 per cent, were more than offset by contractions in services-producing industries, which fell 0.6 per cent.

The retail trade, construction and real estate rental and leasing sectors contributed the most to the declines while the finance and insurance, and wholesale trade sectors posted gains.

Preliminary numbers for May suggest that the economy shrank again in May by another 0.3 per cent, according to Statistics Canada.

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