But better than economists estimates
Canada’s economy shrank the most since the 2008-09 financial crisis, marking the beginning of what’s expected to be the deepest contraction of the post-war era.
“Overall, the economy has likely troughed at least for now, with businesses beginning to reopen,” Royce Mendes, an economist at Canadian Imperial Bank of Commerce, said in a report to investors. “Look for the economic data to begin showing signs of revival over the summer months, even if it only represents the low-hanging fruit of eased restrictions.”
“The new news here is that the figures were a little less dire than feared,” Porter said in a report. Spending StallsFriday’s report showed the downturn was broad-based, with household spending falling 9 per cent annualized, the most on record. The drop in consumption accounted for 5 percentage points of the 8.2 per cent annualized drop. Businesses scaling back inventories accounted for another 2 percentage points.
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