Statistics Canada says the economy in the first quarter had its worst showing since 2009 as steps taken to slow the spread of COVID-19 forced businesses across the country to close their doors and lay off workers.
Statistics Canada says gross domestic product fell at an annualized rate of 8.2 per cent in the first three months of 2020. The collapse came as gross domestic product for March fell 7.2 per cent as restrictions by public health officials began rolling out during the month, including school closures, border shutdowns and travel restrictions.
Events earlier in the quarter also had a drag on GDP with Statistics Canada pointing to the Ontario teachers’ strike and rail blockades in February, as well as a drop in oil prices. [ Sign up