Canada's GDP contracted 5.4% in 2020, which was the worst year for the country's economy since 1961, when they began to record economic indicators. This was announced today by Statistics Canada.
Such a record low volume is due to the first wave of COVID-19, which swept the entire country. As a result of the pandemic, businesses were closed and millions of people were left out of work in March and April 2020.
Canada's GDP, which includes the total value of all goods and services that the country has produced, grew by 2.3% in the last quarter of 2020, but this was not enough to offset the record drop seen during the first wave.
Despite a better-than-expected result for the fourth quarter overall, Statistics Canada noted that overall economic activity in December 2020 was about 3% below the pre-pandemic level of February 2020.