Canada’s economy shrank by 1.6 per cent in the second quarter in annual terms, the country’s statutory authority said. Analysts surveyed by Trading Economics expected a more moderate decline of 0.6%. Relative to the previous quarter, Canadian GDP fell by 0.4 per cent.
According to the revised data, the Canadian economy fell 2% in the first quarter on an annualised basis, but grew 0.5% on a quarterly basis. Canadian exports fell 7.5% in the April-June period, while imports fell 1.3%.
Meanwhile, consumer spending rose by 1.1% and government spending by 1.8%.