StatsCan tracks economic impact of Covid-19

With the effects of the Covid-19 outbreak now dominating the Canadian economy, Statistics Canada is launching a new data tool that aims to capture the effects of the outbreak on key metrics.

The national statistical agency released a new dashboard that includes 16 indicators, such as real GDP, consumer prices, the employment rate, merchandise exports and imports, retail sales, hours worked, manufacturing sales, air and railway transportation and travel.

The new tool is intended to “help monitor the impact of the pandemic on economic activity in Canada,” StatsCan said.

Each indicator is measured from January 2019 to the current month, and expressed in both month-over-month and year-over-year terms.

Additionally, an index for each indicator aims to “more easily track and compare the relative impacts” of the outbreak.

“Data are not expected to reflect the full economic impacts of Covid-19 for some time,” StatsCan said.

“For instance, some indicators for January, such as aviation statistics, were not significantly affected. Others, such as international trade — which showed a 7.8% decrease in exports to China and a 12.1% drop in imports from China — already reflect the effects of the outbreak,” StatsCan noted.

The dashboard will be updated as new data and analysis become available, and more indicators may be added to provide “a more comprehensive picture of the rapidly evolving situation,” StatsCan said.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.