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COVID-19 Reducing Atlantic Canada’s GDP

Date: April 22, 2020

COVID-19 Reducing Atlantic Canada’s GDP
Preliminary Estimates as of April 20

APEC estimates Atlantic Canada’s real GDP will decline as a result of COVID-19.

  • March 2020: down 10% from the previous month, similar to Statistics Canada preliminary estimate of a 9% decline nationally.
  • April 2020:  13% below March 2020.
  • Q2 2020:  a drop of 21% relative to Q2 2019, assuming current health measures continue throughout the spring.
  • 2020:  down 11% from 2019, assuming a slow phased reopening starting in June.
  • Newfoundland and Labrador will likely face a larger drop in income in 2020 due to lower commodity prices and offshore royalties. It is also experiencing a halt to several major capital projects and the postponement of future investment projects.
  • There is significant uncertainty about the duration of the shutdown and the speed and length of the recovery. The Bank of Canada shows a range of possible scenarios from a quick recovery to a deep impact, slow recovery scenario that takes years for GDP to recover.

For more information on how COVID-19 is impacting Atlantic Canada's GDP, see our economic impact page.


 

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