Canada Q1 GDP -8.2% vs -10.0% expected

Canada first quarter GDP

Canada, 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.