Shrinking GDP Suggests Canada Hit by Global Slowdown

tsx

The Canadian economy shrank in August — the first time in six months — which economists suggested is a sign the global economic crisis is dragging on Canada.

Figures released Wednesday showed that Canada’s real gross domestic product shrank by 0.1 per cent, which is equal to about a $2 billion loss to the Canadian economy.

The news came as a surprise, after economists predicted growth of about 0.2 per cent.

“It’s below average, a little bit slow for comfort, and I think the headline here is the global slowdown is starting to affect the Canadian economy,” BMO senior economist Doug Porter told CTV News.

Shrinking GDP suggests Canada hit by global slowdown | CTV News.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s