Canada’s Economy Shows Signs of Life Beneath Oil-Fire Damage

1 Sep 2016   Canada, Tar Sands

Output grows 0.6% in June to cap grim second-quarter result Data suggests GDP ‘to get a nice lift in the third quarter’ Canada’s economy grew at the fastest pace in three years in June, regaining momentum after Alberta wildfires led to the biggest quarterly contraction since 2009. While crimped oil production cut second-quarter output by a 1.6 percent annualized pace, Statistics Canada said Wednesday from Ottawa, gross domestic product grew 0.6 percent in June, exceeding consensus expectations for a 0.4 percent expansion. Economists often put more weight on the last month of a quarter as a sign of future growth. “We know that second quarter growth would have been marginally positive without the impact of the fire in Alberta, and we are going to get a nice lift in the […]

Tags:

Comments are closed.