Canada econmy contracts by 5.1 p.c. in 2020

Toronto, Jan 30 (Sputnik) – Canada’s economy is estimated to have contracted by a record-breaking 5.1 percent in 2020, the state statistics agency revealed.
“This flash estimate points to an… approximate decline of 5.1 percent for the year,” Statistics Canada said in its monthly gross domestic product report on Friday.
The agency said that the Canadian economy grew by 0.7 percent in November and preliminary information suggests that the real GDP will grow by 0.3 percent in December.
While the Canadian economy experienced very moderate growth throughout the fall of 2020, the Bank of Canada expects that the resurgence of the pandemic will place the country back into recession territory in the first quarter 2021.
Statistics Canada will release the fourth quarter and year-end numbers on March 2.