Economics
Canada’s Economy Unexpectedly Contracts 1.1%; Loonie Weakens
- Second-quarter GDP surprise raises doubts about resiliency
- Worries mount as country grapples with fourth wave of Covid-19
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Canada’s rebound unexpectedly stalled through spring and early summer, raising questions about the resiliency of the nation’s economy.
Gross domestic product fell at an annualized 1.1% pace from April to June, Statistics Canada reported on Tuesday, down from a revised 5.5% gain in the first three months of the year. Economists in a Bloomberg survey were anticipating a 2.5% expansion.