Canadian GDP takes a big hit in April due to COVID

Mining, quarrying and oil and gas extraction decreased 9.4 per cent in April, as all subsectors were down

Canadian GDP takes a big hit in April due to COVIDReal gross domestic product (GDP) in Canada dropped 11.6 per cent  in April, following a 7.5 per cent decline in March as April marked the first full month of measures put in place to slow the spread of COVID-19, according to a new report released Tuesday by Statistics Canada. The federal agency said all 20…

COVID has taken a toll on all aspects of Canadian economy

From February to May, total employment has fallen by over 2.7 million, as the unemployment rate rose to a record high 13.7 per cent

COVID has taken a toll on all aspects of Canadian economyThe magnitude of change in the Canadian economy since the onset of COVID-19 has been profound, says a new report released Wednesday by Statistics Canada. From February to May, total employment has fallen by over 2.7 million, as the unemployment rate rose to a record high 13.7 per cent, it reported. Also a flash estimate…

Natural resources sector sees decline in GDP in Q1

Real GDP of the energy subsector edged down 0.3 per cent, largely because of a 3.9 per cent drop in refined petroleum products

Natural resources sector sees decline in GDP in Q1Real gross domestic product (GDP) of the natural resources sector edged down 0.4 per cent in the first quarter, the third consecutive quarterly decline, reported Statistics Canada on Wednesday. “The drop in the natural resources sector was modest, compared with the sharp decline in the economy-wide real GDP (-2.1 per cent) owing to far-reaching restrictions…

Canadian economy expected to contract by 8.2%

Conference Board of Canada report said there will be an economic rebound of 6.7 per cent in 2021 and 4.8 per cent in 2022

Canadian economy expected to contract by 8.2%An 8.2 per cent decline in the Canadian economy this year will mark the worst annual contraction on record, says the Conference Board of Canada in a report released on Monday. But the report said there will be an economic rebound of 6.7 per cent in 2021 and 4.8 per cent in 2022. “This rebound is…

Natural resource sector a key to Alberta’s economy

Weak oil prices and pipeline bottlenecks have pushed the number of jobs in Alberta down by about 32,000 (16 per cent) since the peak reached in 2013

Natural resource sector a key to Alberta’s economyWe've all known for years how important the natural resource sector is to the overall Alberta economy, now new data illustrates it. Citing Statistics Canada, ATB Financial's Economics & Research Team says Alberta’s natural resource sector produced a third (33 per cent) of Alberta’s real GDP in 2018. The proportion for Canada as a whole…

Canadian GDP falls more than 7% in March

Expressed at an annualized rate, real GDP fell 8.2 per cent in the first quarter, says Statistics Canada of COVID impact

Canadian GDP falls more than 7% in MarchThe full impact of the COVID-19 pandemic was felt in the first quarter of the year as Canada’s economy took a hard hit from the crisis. Statistics Canada reported Friday that Real gross domestic product (GDP) fell 2.1 per cent in the first quarter, owing to reduced household spending and widespread shutdowns of non-essential businesses…

Calgary and Edmonton to lead country in economic decline in 2020

From 2020 through to 2024 as well forecast for Calgary and Edmonton to lead the country in with an average annual growth of 4.3 per cent

Calgary and Edmonton to lead country in economic decline in 2020The Conference Board of Canada’s latest Major Cities Insights report, released Tuesday, says Calgary and Edmonton will lead all Canadian major cities in the biggest decline in their economies this year.  The Board is forecasting Calgary's annual GDP growth to be a negative 5.5 per cent while Edmonton will be minus 5.6 per cent. The…

Canadian GDP falls by 9% in March

Statistics Canada estimates the Canadian economy declined by about 2.6 per cent in the first quarter of 2020

Canadian GDP falls by 9% in MarchStatistics Canada estimates the Canadian GDP fell by about nine per cent in March which would be the largest one-month decline in GDP, since the series started in 1961. Overall for the quarter, this flash estimate of GDP leads to an approximate decline of 2.6 per cent for the first quarter of 2020, it said in a report…

Alberta economy forecast to contract by 8.2% this year

Report projects employment to plummet by 440,000 in Alberta during the COVID-19 (coronavirus) pandemic with unemployment rate soaring

Alberta economy forecast to contract by 8.2% this yearAlberta will suffer through a recession in 2020 where the GDP will contract by a nation-leading 8.2 per cent year-over-year, says a report released Monday by RBC Economics. The Provincial Outlook report said the Canadian economy will fall by 4.9 per cent. “The outlook for oil-producing provincial economies is especially grim. The collapse in oil…

Canadian GDP to plunge in Q2 by more than 30%

Canada's GDP is forecast to plunge by a stunning 32 percent in the second quarter of this year, according to a new report released Thursday by RBC Economics.

Canadian GDP to plunge in Q2 by more than 30%The report said the economic cost of the COVID-19 crisis may pale in comparison to the human cost. But both will be substantial. "Measures to contain the virus have upended supply chains and financial markets and weighed on commodity prices, creating a perfect storm for the Canadian economy. Given the hit to both the services…