StatsCan addresses recession

Economic data released Tuesday is providing long-awaited confirmation of whether Canada was mired in recession for the first half of 2015.

Statistics Canada is reporting that GDP fell in the second quarter, confirming fears that the economy was in recession for the first half of 2015.

StatsCan says the economy contracted at an annual pace of 0.5% in the second quarter of the year which is slightly less than analyst estimates and also lower than the 0.8% decline in Q1.

June ended the GDP's five-month losing strak with a 0.5% gain. Most notable was a 3.1% increase in natural resources extraction suggesting oil prices could be near a bottom.

While this contraction over the first half of the year isn't anywhere near the contraction during the Great Recession of 2009 -- an 8.7% decline in first quarter and 3.6% decline in second -- it does provide interesting conversation for leaders of the three major political parties on the road to the October 19 election.

The recession conversation continues.

Files by CP
 

Recent articles & video

Manitoba government reinstates 1:1 apprenticeship ratio

Two-thirds of Canadian organizations expecting cybersecurity incident

Training leaders to address chronic pain issues

Employee relocation to another province

Most Read Articles

RCMP called after suspected employee fraud in federal government

Province introducing paid sick leave as of Oct. 1

Lecturer fired for misogynistic paper published in his name