The Canadian economy declined by a record 5.4 percent during a COVID-19-plagued 2020, the state statistics agency said on Tuesday
TORONTO (Pakistan Point News / Sputnik - 02nd March, 2021) The Canadian economy declined by a record 5.4 percent during a COVID-19-plagued 2020, the state statistics agency said on Tuesday.
"In 2020, real GDP shrank 5.4 percent, the steepest annual decline since quarterly data were first recorded in 1961," Statistics Canada said in its quarterly GDP report.
The statistics agency noted that economic activity did increase by 2.3 percent in the fourth quarter of 2020, although household disposal income dropped by 1 percent.
However, Canadian business experts and officials have warned that the resurgence of the coronavirus pandemic that began in late 2020 could hamper the country's economy in the first part of 2021. The Bank of Canada expects that the resurgence of the pandemic will place the country back into recession territory in the first quarter 2021.
