Q2 2020 GDP Released by Stats Can - and as Expected, It's Not Good News

Statstics Canada reported on Canadian Q2 GDP today. The economy shrank by 11.5% compared to Q1 - an annualized decline of 38.7%. This is marginally better than predicted in July (see below), but still "the steepest [decline] since quarterly data were first recorded in 1961". All sectors of the economy were down. Non-residential business building construction fell in Q2 by an annualized 11.8%, while government investment in non-residential buildings was down 4.1%. As a comparison, the total US GDP shrank at an annual rate of 31.7% in Q2. With the reopening of the economy, we're expected to be back in growth mode in Q3. Full information is available on the Stats Can website.