Preliminary Estimate by Statistics Canada Suggests Economy Plunged in March

Governor of the Bank of Canada Stephen Poloz listens to a question at a press conference on Parliament Hill in Ottawa, on Wednesday, March 18, 2020. Canada's central bank will make an announcement today on its key interest rate and detail the impact of COVID-19 on the national economy. Justin Tang/The Canadian Press

OTTAWA–Initial Statistics Canada data shows economic activity collapsed in March, dropping nine percent—the biggest monthly decline on record.

The COVID-19 pandemic brought business to a halt across the country as Canadians were urged to stay at home as a preventative measure.