Shrinking GDP Suggests Canada Hit by Global Slowdown


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.