Canada first quarter GDP
- Prior was +0.3% (unrevised)
- -2.1% q/q drop
- Sharpest drop since Q1 2009
- Household spending -2.3% in Q1, worst ever
- Exports -3.0%
- Imports -2.8%
- Inventories -$3.7B
- Full report
There’s nothing surprising in this report. Q2 is going to blow away the numbers we see here, especially with so much of Canada still locked down.