April 2020 GDP and Flash Estimate for May Released

Statistics Canada today released April 2020 GDP figures. Their earlier "flash" estimate called for a decline of 11% compared to March, but the results were actually marginally lower than that, at -11.6%. The carnage was widespread, with all 20 reporting sectors seeing declines. Non-residential construction fell by 36.0% as commercial, public and industrial construction were all down by double-digits. The bright spot in today's announcement was the "flash" estimate for May, which indicates an increase of approximately 3.0% as a result of reopening initiatives across the country. Read the release here.