April was one of, if not the worst, months for Canada’s economy.
According to Statistics Canada, the GDP dropped by 11.6 per cent. This after taking a 7.5 percent hit in March.
April was the first full month COVID-19 measures were in place, making this the largest monthly decline since they started tracking this data in 1961.
The oil and gas sector has seen a 19.3 per cent decline in the past three and a half months.
The main reasons for the drop are being credited to weakness in oil prices, global over stock, and the COVID-19 pandemic.
Meanwhile, Statistics Canada suggests May saw a three per cent increase in GDP.