Canada in a “technical recession” – What the GDP numbers say about Canada’s great economic divide
September 1, 2015
StatsCan’s GDP report shows—again—that Canadian households are the only thing keeping the economy afloat, while business investment has gone AWOL
Rise and be heralded, ye acquirers of quartz countertops. Take a bow, brave homebuyers from coast to frothy coast. Hear, hear, to the multitudes driving off dealer lots in your new Bimmers and F-150s. If it weren’t for you, plucky Canadian consumer, this country’s economy would really be in a pickle. Oh, sure, Canada tripped into a technical recession. You didn’t completely rescue us from that. But we’re not blaming you. At least you tried. Please check your mailboxes in the coming weeks for an exciting new credit card offer from your bank.
That Statistics Canada’s second-quarter GDP report confirmed a recession was upon us in the first half of the year didn’t come as much of a surprise. Between April and June, the economy shrank by 0.5 per cent on an annualized basis, after contracting by 0.8 per cent in the first quarter. And, as expected, the news has been taken up by opposition parties in the election campaign to attack the Conservatives, while the Conservatives seized on a one-month GDP gain in June to assure voters everything is just fine.
Read more at: http://www.macleans.ca/economy/economicanalysis/what-the-gdp-numbers-say-about-canadas-great-economic-divide/
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