Canada GDP drop COVID, according to Statistics Canada on Friday

 Canada GDP drop COVID, according to Statistics Canada on Friday.

Canada's gross domestic product (GDP) fell 11.5 percent in the second quarter this year, following 2.1 percent decline in the first quarter due to the COVID-19 pandemic, according to Statistics Canada on Friday.

Almost every single component of the economy used to calculate GDP was at its lowest point in the second quarter as the COVID-19 pandemic forced the country to carry out widespread shutdowns of non-essential businesses, border closures, and restrictions on travel and tourism.

The second quarter decline, the steepest since quarterly data were first recorded in 1961, reflected sharp decreases in household spending, business investment, and international trade.

Final domestic demand dropped 11.1 percent, continuing the 1.9 percent drop in the first quarter.

Expressed at an annualized rate, real GDP plunged 38.7 percent in the second quarter.

The second quarter is largely expected to be the worst quarter in 2020 for the Canadian economy before the country begins what is expected to be a long, bumpy road to recovery. Enditem