Canada’s GDP Weakens in 2nd Quarter

Statistics Canada today said that Canada’s Gross Domestic Product (GDP) fell by nearly a percentage point in the second quarter to 0.5 percent from 1.4 percent in the first quarter. Stats Canada pointed to a slow-down in consumer spending on goods and services, as well as cut-backs in business investment on residential structures as the primary reasons for the decline.

On an annualized basis, GDP grew by 2 percent in the second quarter, after expanding by 5.8 in the first quarter.

Source: The Canadian Press

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