The Canadian economy was devastated in the second quarter due to the ongoing pandemic, according to figures released Friday.

Iran PressAmerica: Statistics Canada said real gross domestic product contracted at an annualized rate of 38.7% for the three-month period. That’s the worst showing since the start of 2009 at the height of the global financial crisis, according to Associated Press.

Almost every single component of the economy used to calculate GDP was at its lowest point over April, May and June, driven largely by widespread lockdowns in April.

The federal Finance Department, meanwhile, said the government ran a deficit of CDN$120.4 billion (US$91.90 billion) during the first three months of its 2020-2021 fiscal year. That compared to a deficit of CDN$85 billion (US$64.88 billion) for the same period in the 2019-2020 fiscal year.

Last month, the Liberal government predicted a historic deficit of CDN$343.2 billion (US$261.9 billion) for this fiscal year.


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