Canada April 2020 GDP data
- Worst month on record
- March was -7.2 m/m (revised to -7.5%)
- GDP contracts 17.1% y/y vs -17.1% expected
- Through March, GDP contracted 5.8% y/y
- Flash May estimate +3.0% m/m
- Manufacturing sector -22.5% in April
- Construction sector -22.9%
- Retail trade -22.9%
- Transportation and warehousing -23.1%
- Accommodation and food services sector -42.4% in April and -64% from Feb
The headline beat is matched by the prior revision and that put the y/y in-line with expectations. In any case, a decade of GDP growth has been wiped out in two months.
The Canadian dollar took the report in stride and was largely unchanged.