Canada Q1 Growth Rate Drops -8.2% Due to 'Corona Shock'... Worst Since 2009
[Asia Economy Reporter Kwon Haeyoung] Due to the impact of the novel coronavirus infection (COVID-19), Canada's economic growth rate for the first quarter of this year recorded -8.2%, marking the worst performance since the 2009 financial crisis.
On the 29th (local time), Statistics Canada announced that the first quarter gross national product (GNP) growth rate decreased by 2.1% compared to the fourth quarter of last year, and by 8.2% on an annualized basis.
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In particular, the growth rate for March recorded -7.2%, the worst monthly performance since statistics began in 1961. The deterioration was especially notable in the accommodation and food services, aviation, and culture and leisure sectors.
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