StatsCan addresses recession

by Will Ashworth | 01 Sep 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.