Economics
Second-Quarter Canadian GDP Looks Grim and It’s Not Just Oil
- Exports and business investment show deteriorating outlook
- Economists see output contracting between April and June
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Canada’s economy was already on track to crumble in the second quarter as the Alberta wildfires last month took more than 1 million barrels of oil a day out of production. When you add in details from Tuesday’s report on first-quarter gross domestic product, the outlook becomes dismal.
Here are some of the reasons the economy doesn’t appear to have much going for it: