Wednesday, August 4, 2021
All countries COVID-19 Cases
200,669,532
Total confirmed cases
Updated on August 4, 2021 5:38 PM

Canada’s economy suffers less damage than expected in third wave of virus

Must Read
- Advertisement -
Writer

‘The Canadian economy hit a rough patch in April and May, but the journey was not as bumpy as expected’

Article content

Canada’s economy contracted less than expected during the third wave of COVID-19, proving surprisingly resilient despite the lockdowns.

Gross domestic product shrank 0.3 percent in April and by a similar amount in May, according to Statistics Canada estimates released Wednesday. Economists had anticipated a 0.8 percent drop in April.

Despite the contraction, this is good news suggesting that the economy was able to avoid the worst effects of the restrictions that included massive closures in the retail sector in the main provinces during those two months.

The report may stoke expectations of a strong rally from here, with preliminary evidence pointing to robust activity in June. Economists predict the country will rebound to pre-pandemic production levels in the third quarter, barring further delays in reopening.

“The Canadian economy hit a rough patch in April and May, but the journey was not as bumpy as expected,” Royce Mendes, an economist at the Canadian Imperial Bank of Commerce, said in a report to investors.

Bloomberg.com

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

SUGGESTED NEWS
- Advertisement -
Latest News

Nike debuts classic edition uniforms for the 75th NBA season

With the NBA's 75th anniversary beginning next season, Nike introduced the new Nike NBA Classic Edition uniforms that...
- Advertisement -

More Articles Like This

- Advertisement -