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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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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.