OTTAWA — Statistics Canada says the economy posted its steepest decline on record in the second quarter as the COVID-19 pandemic forced the closure of non-essential businesses and slowed the economy to a crawl.
The agency says real gross domestic product contracted at an annualized rate of 38.7 per cent for the three-month period.
Economists had expected a contraction in the quarter at an annualized rate of 39.6 per cent, according to financial markets data firm Refinitiv.
This is a breaking news update. More to come…
