Canadian economy shrinks in second quarter
Canada’s economy shrank last quarter, the first such drop since 2008-2009. The dip was marginal: real GDP fell 0.4 per cent from the first quarter. Most analysts blame one-off events, such the Japanese earthquake and wildfires in Alberta, for the slowdown, although continued turmoil in the U.S. and Europe likely played a large role. Finance Minister Jim Flaherty is in Toronto Wednesday for a funding announcement at Ryerson University, where he is expected to address the GDP question after the event. On Tuesday, at a Liberal Party summit, interim Liberal leader Bob Rae blasted the Conservatives’ handling of the economy, accusing the Tories of focusing too much on cuts and not enough on jobs.
[Photo by Caitlin Thompson/Flickr]
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