Statistics Canada released a flash GDP estimate today for the first time
- March GDP -9% annualized
- March decline would be largest since series started in 1961
From the release:
Economic disruptions have been both deep and widespread in the month of March. Among the hardest hit by social distancing measures and government restrictions have been the travel- and tourism-related industries, such as personal transportation, restaurants and accommodation. Major declines have also occurred in personal services, retailing (other than food), entertainment and sporting events, and movie exhibition. Working from home and distance learning have been growing trends across society, however, due to the suddenness and breadth of the shutdowns of government and education facilities, the volume of output in these sectors, based on actual hours worked, is calculated to decline dramatically.
Not all sectors of the economy declined in March. Activity in the health sector, food distribution and online retailing and streaming have been growing. Despite the collapse in oil prices and the pullback in the sector's investment activities, early indications seem to show that the volume of oil and gas extraction and pipeline transportation had not yet been substantially impacted in March as storage facilities were still being filled.
