Canada’s Economy Returns to 90% of Pre-Pandemic Performance

In April 2020, the Canadian economy reached its lowest margins since the Great Depression, but saw a strong comeback in May and June. The economy saw an increase of 4.5 percent in May, and June is predicted to see an additional five percent increase. 

Out of 20 of the sectors tracked by Statistics Canada, 17 have seen an increase in business. The goods-producing industry sprung back incredibly strong, with an eight percent increase. Construction also experienced additional activity with an increase of 18 percent. The entertainment industry will take some time to strengthen, but the restart of the NHL will bring much needed fuel to the sector.

Out of 20 of the sectors tracked by Statistics Canada, 17 have seen an increase in business!

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A Bank of Montreal economist, Benjamin Reitzes, said the bounce-back was even greater than expected. Statistics Canada predicted a three percent increase for May. The government will be focusing on stimulating demand to increase new jobs and bringing back investment to bring the economy up to pre-pandemic numbers. 

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