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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Canada's GDP in the II quarter collapses by a record 38.7%

August, 28 2020
watermark Economic news

According to Statistics Canada, the country's economy contracted by a record 11.5% in the second quarter compared to the previous quarter and entered a recession due to the coronavirus. In annual terms, GDP in April-June fell by 38.7%, which also became a record figure.


Analysts predicted a 12% contraction in the economy qoq and 39.6% y/y. In the first quarter, the Canadian economy contracted 2.1% m/m and 8.2% y/y.


Household spending plunged by a record 13.1% quarter-on-quarter amid job losses and limited spending opportunities due to store closures and travel restrictions.


Business investments in fixed assets decreased by 16.2%, the maximum since the beginning of the indicator. Government spending fell 2.7% after cutting 0.3% in the first quarter. Exports fell by 18.4%, imports – by 22.6%.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.