Real GDP changes across Canada for 2020. (Stats Canada)

By David Opinko

Alberta’s GDP fell 8.2% in 2020, hardest-hit province in Canada

May 3, 2021 | 2:25 PM

LETHBRIDGE, AB – To say that this past year has been tough for the economy is an understatement.

Stats Canada has released its full report on real GDP across the country for 2020 and Canada did not fare well.

Overall, the national economy contracted by 5.3 per cent.

The agency says factors such as travel restrictions, forced business closures, and other COVID-19 measures took their tolls on almost every industry.

“For most provinces, the economic contraction in 2020 was the most severe observed in 40 years.”

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With a decline of 8.2 per cent, Alberta’s drop in GDP was the largest of the 10 provinces.

Only Northwest Territories had a bigger negative change than Alberta at 10.4 per cent.

Nunavut (+3.5 per cent) and Yukon (+1.1 per cent) were the only jurisdictions in the country to see a positive change in GDP.

For Alberta, Stats Canada says this was the province’s fourth annual economic contraction in 12 years.

The sector that contributed the most to this change was mining, quarrying, and oil and gas extraction. That industry lead to an overall drop in the province’s GDP of -2.07 per cent.

Top contributing sectors to changes in GDP in Canada for 2020. (Stats Canada)

Some of the industries highlighted by Stats Canada in Alberta for 2020 were:

• Crop production: +8.9 per cent
• Finance and insurance: +5.5 per cent
• Retail trade: -4 per cent
• Health and social assistance: -6.3 per cent
• Oil and gas extraction: -6.4 per cent
• Educational services: -7.4 per cent
• Wholesale trade: -7.5 per cent
• Manufacturing: -9.8 per cent
• Truck transportation: -11.8 per cent