Canada's economy shrank at the fastest pace on record in the second quarter, as consumer spending, business investment, imports and exports all dried up because of COVID-19. Statistics Canada reported Friday that the country's gross domestic product shrank by 11.5 per cent in the three-month period between April and June. That's a 38.7 per cent pace of contraction for the year as a whole, far and away the steepest and fastest decline on records that date back to 1961. While the second quarter was the worst quarter for Canada's GDP in almost 60 years, the numbers for June specifically make that month the biggest bounceback on record, too. Even after June's strong numbers, Canada's GDP is still 9 per cent below where it was in February.

Source: CBC News August 28, 2020 13:05 UTC