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Canada Slips Into Technical Recession as Economy Stalls in Q1: StatCan
Higher gold imports and a weak March for resource extraction weighed on activity, while Statistics Canada’s April estimate points to 0.4% growth.
- Statistics Canada reported Canada's Real GDP declined at an annualized rate of 0.1 per cent in the first quarter, following a downwardly revised one per cent contraction in the fourth quarter of last year.
- Two consecutive quarters of annualized decline meet the definition of a technical recession, though quarterly growth was essentially unchanged, closely escaping the definition on a quarter-on-quarter basis.
- Analysts polled by Reuters and the Bank had predicted the first quarter growth at annual rates at a robust 1.5 per cent, missing the actual performance reported by StatCan.
- StatCan blames higher imports of gold and a weak month for resource extraction industries for dragging down recent economic activity, despite positive growth in the four months preceding the decline.
- Early estimates for Real GDP call for a sharp rebound to 0.4 per cent growth in April as mining, quarrying, and oil and gas sectors returned to growth, signaling potential recovery.
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Canada slips into technical recession as economic growth stalls in 1st quarter
Canada's economy contracted in the first quarter of the year on an annualized basis, Statistics Canada data showed on Friday, making it two consecutive quarters of annualized decline, which some would call a technical recession.
·Canada
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Economic growth stagnated in the first quarter of the country, according to Statistics Canada, while real gross domestic product (GDP) declined slightly in annualized terms.
·Montreal, Canada
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The country's economic growth stagnated in the first quarter and real GDP showed a slight annualized decline, according to Statistics Canada.
·Montreal, Canada
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Total News Sources16
Leaning Left7Leaning Right0Center7Last UpdatedBias Distribution50% Left, 50% Center
Bias Distribution
- 50% of the sources lean Left, 50% of the sources are Center
50% Center
L 50%
C 50%
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