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Early estimate from Statistics Canada shows economic growth slowed in Q1

THE CANADIAN PRESS | posted Friday, Apr 30th, 2021

Statistics Canada estimates the economy grew at an annualized rate of 6.5 per cent in the first quarter of the year.

The preliminary estimate for the first three months of the year compares with growth at an annualized rate of 9.6 per cent over the last three months of 2020.

Statistics Canada says the economy grew 0.4 per cent in February and estimated growth of 0.9 per cent for March.

Service industries that have been hard-hit through the course of the COVID-19 pandemic showed a small gain in February, while goods-producing industries had a small contraction for the first time since last April.

With the gain in February, overall economic activity was about two per cent below the levels seen pre-pandemic in February 2020.

Taking into account the preliminary numbers for March, Statistics Canada estimates the economy last month was roughly one per cent below pre-pandemic levels.

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