Statistics Canada to release April GDP report today, record plunge expected

statistics canada

Statistics Canada will release its reading for gross domestic product for April this morning.

The report is expected to show a record plunge as the COVID-19 pandemic brought non-essential businesses to a halt.

April is expected to be the bottom for the economy with non-essential businesses shut for the full month before they started reopening in May.

Statistics Canada's initial estimate for April that it released last month pointed to a 11 per cent decline in GDP for the month.

Economists on average expect a drop of 13 per cent, according to financial markets data firm Refinitiv.

The Canadian economy pulled back 7.2 per cent in March as the World Health Organization declared the pandemic and non-essential businesses closed to slow the spread.