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

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.