Canada’s economy shrank at fastest pace on record in Q2 despite sharp bounceback in May and June

DM

Canada’s economy shrank at almost 40% annual pace in 3 months between April and June Canada’s economy shrank at the fastest pace on record in the second quarter, as consumer spending, business investment, imports and exports all dried up because of COVID-19. Statistics Canada reported Friday that the country’s gross domestic product shrank by 11.5 per cent in the three-month period between April and June. That’s a 38.7 per cent pace of contraction for the year as a whole, far and away the steepest and fastest decline on records that date back to 1961.

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