2020 was the worst year on record for Canada’s economy. It shrank by 5.4%

DM

Canada’s economy shrank by 5.4 per cent last year, official data from Statistics Canada showed Monday, making 2020 the worst year for the country’s economic output since record keeping began. The data agency said Tuesday that Canada’s gross domestic product — the total value of all goods and services it produced — grew by 2.3 per cent during the last three months of the year, but that was nowhere near enough to offset the record-setting plunge it experienced during the the middle half of 2020. The drop for the year was due to the shutdown of large parts of the economy in March and April during the first wave of the COVID-19 pandemic. But since the summer, economic activity has slowly and steadily grown.

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