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.