March 2020 year-to-date retail trade is down by -2.5% over the same period in 2019.

• Sub-sectors that posted increases were: Electronics and appliance stores (9.3%), Health and personal care stores (9.6%), Grocery stores (4.3%), Beer, wine and liquor stores (8.5%), and General merchandise stores (3.7%).
• Sub-sectors that posted declines were: New car dealers (-6.8%), Used car dealers (-20.9%), Gasoline stations (-9.1%), Furniture and home furnishings stores (-10.5%), Building material and garden equipment and supplies dealers (-8.5%), Clothing and clothing accessories stores (-15.4%), Sporting goods, hobby, book and music stores (-12.0%), and All other (-3.6%).               

March 2020 year-to-date new motor vehicle sales were down -16.0% from March 2019. New minivans, sport-utility vehicles, light and heavy trucks, vans and buses sales were down -13.4% while New passenger cars sales were down -33.6%.

March 2020 year-to-date restaurant receipts were down -10.3% over the same period in 2019. Within restaurant receipts, Special food services (0.6%) increased. At the same time, declines were noted in Drinking places (alcoholic beverages) (-20.4%), Full-service restaurants (-19.3%), and Limited-service eating places (-3.0%).

March 2020 year-to-date manufacturing sales were down by -16.5% over the same period in 2019.

• Sub-sectors that posted increases were: Machinery manufacturing sales (4.4%) and Fabricated metal product manufacturing sales (10.0%).
• Sub-sectors that posted decreases were: Food manufacturing sales (-17.8%) and All other Manufacturing sales (-20.8%).

March 2020 year-to-date wholesale trade was down -6.8% over the same period in 2019.

• Sub-sectors that posted increases were: Farm product merchant wholesalers (4.8%) and All other (21.0%).
• Sub-sectors that posted declines were: Food, beverage and tobacco merchant wholesalers (-9.3%), Machinery, equipment and supplies merchant wholesalers (-13.8%), and Building material and supplies merchant wholesalers (-2.5%).

Total International merchandise exports were up 0.7% year-to-date April 2020 over April 2019.

• Sub-sectors that posted increases were: Farm, fishing and intermediate food products (14.5%), Industrial machinery, equipment and parts (7.1%), Electronic and electrical equipment and parts (3.0%), Motor vehicles and parts (16.4%), and Aircraft and other transportation equipment and parts (3.1%).
• Sub-sectors that posted decreases were: Energy products (-11.2%), Metal ores and non-metallic minerals (-6.9%), Metal and non-metallic mineral products (-71.9%), Basic and industrial chemical, plastic and rubber products (-7.7%), Forestry products and building and packaging materials (-12.0%), Consumer goods (-3.0%), and Special transactions (-10.2%).

With weak housing and residential building permit activity, construction employment declined throughout 2019. In the first 5 months of 2020, this trend continued, despite signs of life in residential housing starts. Year-to-date May construction employment was down by 7,200 positions or 16.2% from the same period in 2019.

Recovering from an exceptionally soft 2019, May 2020 total year-to-date housing starts were up by 248 units or 42.0%.

• Year-to-date increases were observed in: singles (28 units or 9.2%), row (1 unit or 1.0%), and apartment and other types (232 units or 181.3%).
• Year-to-date declines were noted in: semi-detached (-13 units or -22.0%).

Year over year (May 2020 vs. May 2019) saw total starts decline by -3.8% or 7 units.

April 2020 year-to-date building permits were down -22.6% over the same period in 2019.

• Sub-sectors that posted increases was limited to: residential (10.7%).
• Sub-sectors that posted declines were: industrial (-47.8%), commercial (-28.6%), and institutional and governmental (-69.7%).

May 2020 year-to-date Information, culture and recreation employment was down 6.0% or 1,240 positions over the same period in 2019.

2020 Q1 provincial population was up 1.0% over 2019 Q1 to an all-time high of 1,181,666 on the strength of a 3,562 person surge in international in-migration.

In 3 dramatic rate cuts on March 4th, 13th, and 27th, 2020, the Bank of Canada cut its benchmark interest rate to 0.25%. The Central Bank initially cut its rate to 1.25% at a previously scheduled meeting on March 4th to help counteract the impact of the novel coronavirus, COVID-19. The unscheduled rate decisions on March 13th and 27th shaved a further percentage point from the rate as a proactive measure to boost the economy amid COVID-19 fears.

In its pre-pandemic Winter 2020 forecast, the Conference Board of Canada's forecast for 2020 was for 1% growth in real GDP and 1.7% in 2021. In its Spring 2020 forecast, accounting for pandemic impacts, the Conference Board now predicts a 5% decline in the province's GDP in 2020, with employment in the province expected to fall by 2.8%. The report expects both GDP and employment to rebound in 2021, by 5.4% and 2.9%, respectively.