Recession concerns grow as GDP falls again
OTTAWA -- Concerns about a possible recession are growing after Statistics Canada said Tuesday that the economy contracted in April, marking the fourth consecutive monthly decline.
Statistics Canada said Tuesday that the country's real gross domestic product, hurt by weakness in the mining and energy sectors, edged down 0.1 per cent for the month.
Economists had expected the country's real gross domestic product to gain 0.1 per cent, according to Thomson Reuters.
"The surprise contraction in April GDP leaves open the probability that the second quarter as a whole could be negative, which would technically put the economy in recession," CIBC senior economist Andrew Grantham wrote.
"Although the Bank of Canada was already very cautious regarding its expectations for growth during the first half of the year in its April monetary policy report, the actual numbers are clearly coming in even worse and could spark concern that the hit from oil isn't as 'front-loaded' as previously assumed."
READ MORE: http://www.ctvnews.ca/business/recession-concerns-grow-as-gdp-falls-again-1.2447081
Statistics Canada said Tuesday that the country's real gross domestic product, hurt by weakness in the mining and energy sectors, edged down 0.1 per cent for the month.
Economists had expected the country's real gross domestic product to gain 0.1 per cent, according to Thomson Reuters.
"The surprise contraction in April GDP leaves open the probability that the second quarter as a whole could be negative, which would technically put the economy in recession," CIBC senior economist Andrew Grantham wrote.
"Although the Bank of Canada was already very cautious regarding its expectations for growth during the first half of the year in its April monetary policy report, the actual numbers are clearly coming in even worse and could spark concern that the hit from oil isn't as 'front-loaded' as previously assumed."
READ MORE: http://www.ctvnews.ca/business/recession-concerns-grow-as-gdp-falls-again-1.2447081
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