StatsCan Releases March 2020 GDP and Flash Estimate of April 2020 GDP

Statistics Canada released a "flash" estimate for April 2020's Gross Domestic Product, forecasting an 11% decline for the month compared to March. They note that this is a preliminary estimate and that it will be revised as more information becomes available. However, taken together, the March and April declines will likely be the largest consecutive monthly decreases on record. March GDP fell by 7.2%, with almost all sectors being down as a result of measures taken to restrict the spread of COVID-19. Construction (of all types) was down by 4.4%, the largest decrease since the 3.3% contraction experienced by the sector in January 2009. Please see here for more information.