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Economy

Canada GDP Fell at Near Record 8.2%

OTTAWA—Canadian economic output plunged by a near record in the first quarter, as household spending collapsed on coronavirus-induced shutdowns. Exports also fell markedly.

Canada’s gross domestic product, or the broadest measure of goods and services produced in an economy, fell at an 8.2% annualized rate in the first quarter, to 2.10 trillion Canadian dollars ($1.53 trillion), Statistics Canada said Friday. Markets were looking for an annualized drop of 9%, according to economists at Bank of Nova Scotia.

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