Canadian Economy Contracted 5.4 Percent in 2020, Worst Year on Record

Canadian Economy Contracted 5.4 Percent in 2020, Worst Year on Record
Shipping containers are seen at the Fairview Cove Container Terminal in Halifax on Aug. 25, 2017. Andrew Vaughan/The Canadian Press
The Canadian Press
Updated:

OTTAWA—The Canadian economy posted its worst showing on record in 2020 as the COVID-19 pandemic swept across the country, shutting down businesses and putting millions out of work.

Statistics Canada says real gross domestic product shrank 5.4 percent in 2020, the steepest annual decline since comparable data was first recorded in 1961.