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.

ADVERTISEMENT
Image
Roberto Wakerell-Cruz Montreal QC
ADVERTISEMENT

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.

ADVERTISEMENT
ADVERTISEMENT
Sign in to comment

Comments

Powered by StructureCMS™ Comments

Join and support independent free thinkers!

We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.

Support The Post Millennial

Remind me next month

To find out what personal data we collect and how we use it, please visit our Privacy Policy

ADVERTISEMENT
ADVERTISEMENT
By signing up you agree to our Terms of Use and Privacy Policy
ADVERTISEMENT
© 2024 The Post Millennial, Privacy Policy