Canada Oil-Fire Damage Brings Biggest GDP Drop Since ’09

Wildfires that hit northern Alberta’s oilsands region in early May accounted for most of the 0.6 percent percent slump in Canadian gross domestic product that month, Statistics Canada reported Friday. The contraction was the largest since March 2009, but even without the 22 percent drop in non-conventional oil output, GDP would have still fallen by 0.1 percent for the third negative reading in five months.

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