Revised 2020 GDP Figures, with Provincial Breakdowns, Released by Statistics Canada

Statistics Canada released revised GDP figures for 2020 today, changing shrinkage in the economy to 5.3% from the 5.4% reported in March. The provincial/territorial GDP breakdown showed all provinces down compared to 2019, with only the Yukon (1.1% growth) and Nunavut (3.5% growth) bucking this trend. Services-producing industries contributed more to the overall decline than did goods-producing industries, with transportation and warehousing; arts, entertainment and recreation; accommodation and food services; and other services (excluding public administration) being especially hard hit. In the service sector, only finance and insurance industries showed growth in all jurisdictions, while real estate and rental/leasing activities, were up in most regions. The full text of the announcement is here.