Canada's economy posts a record 38.7% annualized second-quarter contraction

FILE PHOTO: TD Bank, CIBC and Bank of Montreal are seen in the financial district as the provincial phase 2 of reopening from the coronavirus disease (COVID-19) restrictions begins in Toronto, Ontario, Canada June 24, 2020. REUTERS/Carlos Osorio/File Photo

Aug 28 (Reuters) - Canada’s economy contracted at a record annualized rate of 38.7% in the second quarter as a result of the shutdowns related to the novel coronavirus pandemic, Statistics Canada said on Friday.

June’s GDP rose by 6.5% over May as both goods-producing and services-producing sectors recovered from the shutdowns.

Following are seasonally adjusted figures for gross domestic product, in percent. With the exception of the price index data, they are adjusted for inflation.

Q2 Q1 Q4

Annualized change -38.7 -8.2 +0.6

Change from previous quarter -11.5 -2.1 +0.1

Quarterly change in GDP

implicit price index -1.2 -0.5 +0.8

NOTE: The median forecast of analysts in a Reuters poll was for -39.6% annualized growth in the quarter and a +5.6% increase in June GDP.

Reporting by Dale Smith; Editing by Kelsey Johnson;; +1 613 235-6745