More than 50% of Canadian companies have lost at least one-fifth of their revenue to COVID-19, StatsCan says

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More than 50% of Canadian companies have lost at least one-fifth of their revenue to COVID-19, StatsCan says

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Greater than half of the businesses in Canada have misplaced not less than 20 per cent of their income due to the COVID-19 pandemic, new numbers from Statistics Canada and the Canadian Chamber of Commerce counsel.

Between April 3 and 24, greater than 12,600 Canadian companies responded to a questionnaire on Statistics Canada’s web site relating to how the COVID-19 pandemic has impacted their enterprise.

The outcomes provide a glimpse of the devastation that the coronavirus has induced.

Almost one-third — 32.Three per cent — of companies have misplaced 40 per cent of their revenues throughout the pandemic. An additional 21.2 per cent stated revenues had been down by not less than 20 per cent.

Whereas the pandemic has hit all sorts of corporations in all corners of Canada, the ache has not been felt evenly throughout the nation.

Companies within the lodging and meals companies sector had been most certainly to have felt the pinch, adopted by leisure and recreation and retail commerce. Greater than 60 per cent of companies in these components of the financial system reported shedding not less than one-fifth of their traditional income.

On the opposite finish of the spectrum, greater than 40 per cent of companies in every of the agriculture, forestry, fishing and looking, and the utilities sectors reported both no change or a rise in income.

Provincial breakdown

The financial affect of COVID-19 was equally uneven geographically, too.

Greater than half of all companies in Alberta, Ontario, British Columbia, Newfoundland and Labrador, and Saskatchewan reported shedding not less than one-fifth of their income.

However nearly one-third of corporations in P.E.I, the territories and New Brunswick reported both no change or a rise in income.

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