Statistics Canada says the economy in the first quarter had its worst showing since 2009 as steps taken to slow the spread of COVID−19 forced businesses across the country to close their doors and lay off workers.
Statistics Canada says gross domestic product fell at an annualized rate of 8.2% in the first three months of 2020.
The collapse came as gross domestic product for March fell 7.2% as restrictions by public health officials and school closures began rolling out during the month.
Events earlier in the quarter also had a drag on GDP with Statistics Canada pointing to the Ontario teachers’ strike and rail blockades in February, as well as a drop in oil prices.
Household spending was down 2.3% in the first quarter of 2020, the steepest quarterly drop ever recorded.
The average economist estimate is for a 9% drop in gross domestic product for March, while the average estimate for the first quarter as a whole is for a GDP pullback at a annualized pace of 10%, according to financial markets data firm Refinitiv.
