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Canadian GDP takes a big hit in April due to COVID

by Mario Toneguzzi | Jun 30, 2020

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

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

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

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

Oil prices are down $35 since the start of the year and are projected to average US$31 in 2020, just over half of 2019’s average price

The economy was hit by a string of negative factors such as factory closures and strikes, and just 12 of 20 major sectors reported increased output

Canadian GDP is expected to fall 4.1 per cent this year followed by a rebound of 5.1 per cent in 2021, says Scotiabank Economics report

RBC Economics forecasts a 2.5% decline in GDP this year and an 18% drop in the second quarter as a result of the coronavirus

Province’s GDP will contract by 2.8 per cent this year as a result of challenging global forces but rebound with 2.5 per cent growth in 2021

RBC Economics report suggests Canadian GDP growth could be cut 0.2 percentage points due to rail disruptions that are currently taking place

A report by BMO is forecasting economic annual growth of 1.9 per cent this year in Alberta followed by 1.8 per cent in 2021

Oil sands extraction declined largely because of shutdowns and maintenance of some production facilities. Crude oil extraction also fell

The improvement will be driven by increased oil production, pipeline construction, an uptick in natural gas prices, tourism and population growth