2020 was the worst 12 months on file for Canada’s economic system. It shrank by 5.4%

Canada’s economic system shrank by 5.4 per cent final 12 months, official information from Statistics Canada confirmed Monday, making 2020 the worst 12 months for the nation’s financial output since file maintaining started.

The information company mentioned Tuesday that Canada’s gross home product — the full worth of all items and companies it produced — grew by 2.3 per cent throughout the final three months of the 12 months, however that was nowhere close to sufficient to offset the record-setting plunge it skilled through the the center half of 2020.

Since bottoming out within the spring and early summer season, financial exercise has slowly, steadily grown.

For comparability functions, Canada’s economic system contracted virtually twice as a lot because the U.S. did through the COVID-19 pandemic, regardless of the U.S. seeing way more cases per capita.

Preliminary information suggests the U.S. economic system shrank by 3.5 per cent final 12 months.

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