2020 was the worst year on record for Canada’s economy. It shrank by 5.4%

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2020 was the worst year on record for Canada's economy. It shrank by 5.4%

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Canada’s economic system shrank by 5.Four per cent final yr, official information from Statistics Canada confirmed Monday, making 2020 the worst yr for the nation’s financial output since report holding started.

The info company stated Tuesday that Canada’s gross home product — the whole worth of all items and companies it produced — grew by 2.Three per cent throughout the final three months of the yr, 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 nearly twice as a lot because the U.S. did through the COVID-19 pandemic, regardless of the U.S. seeing way more circumstances per capita.

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

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